Rockville, MD., July 30, 2024 (GLOBE NEWSWIRE) -- According to a new industry report compiled by skilled analysts at Fact.MR, worldwide revenue from the Chilled Soup Market is projected to reach US$ 840.4 million in 2024 and thereafter increase at a CAGR of 5.1% from 2024 to 2034.
Given the increasing demand for products featuring multiple flavors or complex ingredient combinations globally, chilled soup manufacturers are intensifying their focus on innovation. Companies are exploring fusion and unconventional flavors that resonate with diverse culinary traditions. Incorporating superfoods like chia seeds, quinoa, kale, and other trendy ingredients enhances not only nutritional value but also aligns with dietary and health trends.
The North American region is set to lead the global chilled soup market, driven by rising popularity of chilled soups in the United States and Canada. Concurrently, manufacturers are also strategically targeting East Asia, leveraging the region's rising demand for convenient food options amid busy lifestyles.
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Key Takeaways from the Chilled Soup Market Study:
- The global market for chilled soups is projected to reach US$ 1.38 billion by 2034.
- North America is estimated to hold 24.3% of the global market share by 2034.
- The market in the United States is expected to generate revenue worth US$ 89.4 million in 2024.
- The market in South Korea is projected to expand at a CAGR of 5.8% through 2034.
- The market in China is forecasted to reach a size of US$ 151.6 million by the end of 2034.
- Based on distribution channels, supermarkets/hypermarkets are expected to account for 51.8% of the global market share in 2024.
“Leading manufacturers are focusing on producing chilled soups made from plant-based or vegan ingredients. Moreover, increased acceptance and demand for frozen foods in various countries are fueling the expansion of the chilled soup market,” says a Fact.MR analyst.
Key Market Players Driving the Chilled Soup Market:
Some of the leading players in the chilled soup industry include PepsiCo, Inc.; The Hain Daniels Group Ltd.; Woolworths Group Limited; Tio Gazpacho; Sonoma Brands; Campbell Soup Company; Soupologie; The Billington; Nestle S.A.; Baxters Food Group Limited; Premier Foods Group Inc.
Chilled Soup Industry News:
Companies are continuously focusing on inventing new flavors, utilizing diverse ingredients, and enhancing packaging to attract consumers and meet their needs.
In September 2023, Campbell's Foodservice introduced Campbell's Culinary Reserve, repositioning its frozen soup line to include over 60 chef-inspired soups. This new line, which combines Campbell's Foodservice's Signature and Reserve frozen soup offerings, provides operators with a convenient one-stop shop for premium soups. The soups come in 4-pound frozen tubs of condensed soup and 4-pound frozen pouches of ready-to-eat or ready-to-cook soup.
In November 2022, Brakes, a prominent foodservice wholesaler based in the United Kingdom, launched a new range of frozen soups under the Sysco Classic brand. This line features four vegan-friendly soup varieties, packaged in 275-gram pouches.
Supermarkets & Hypermarkets Generating Substantial Revenue:
Supermarkets and hypermarkets lead in chilled soup sales compared to other distribution channels due to their extensive selection of brands, attracting a large customer base for food and other purchases. These stores maintain superior refrigeration systems that preserve the freshness and quality of chilled soups, essential for maintaining their appeal as convenient, ready-to-eat meals.
Supermarkets and hypermarkets frequently offer special deals, discounts, and promotions on chilled soups to appeal to budget-conscious customers and stimulate trial purchases. The availability and accessibility of chilled soups in these large retail settings further enhance their attractiveness, allowing customers to easily find and purchase them during routine shopping trips.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Type
- Chunky Soup
- Crème Soup
- Other Types
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Packaging
- PET Bottles
- Cartons
- Cups/Tubs
- Pouches
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Distribution Channel
- Supermarkets/Hypermarkets
- Premium Grocery Stores
- Online Retail
- Direct Selling
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the chilled soup market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (chunky soup, crème soup, other types), packaging (pet bottles, cartons, cups/tubs, pouches), and distribution channel (supermarkets/hypermarkets, premium grocery stores, online retail, direct selling), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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