According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of chilled soup are estimated to expand from US$ 801 Mn in 2023 to US$ 1304.74 Mn in 2033, surging at a 5% CAGR through the decade.
There is a growing acceptance of frozen foods throughout the world, which is driving the growth of the chilled soup market worldwide. Manufacturers are introducing frozen confectioneries, yogurts, and other snacks to meet this rising demand.
There has been a flood of fruit-flavoured chilled soups that promote health and taste as a tasty snack. Companies are positioning drinkable chilled soups as cold-pressed, sweet soups. As far as reducing sugar intake is concerned, consumers seem to prefer vegetables or even savoury options.
Over the past several years, consumers around the world have become increasingly interested in healthy snacking served chilled, especially during the summer months. Of the many flavours available, fruit-flavoured soup has gained new popularity among consumers who wish to experience new sensory perceptions through the consumption of soup.
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This market is experiencing growth due to the increasing demand for savoruy options. Soups with a sweet taste have gained traction over the years due to the growing demand for healthy snacks.
Due to the growing popularity of ready-to-eat snacks and beverages in developing economies, chilled soup has become increasingly popular among a variety of demographics. As a result of specialty distribution channels in urban areas of emerging economies, demand for such products has increased significantly.
“A trend of personalization adopted by chilled soup brands has opened up new avenues in the market in recent times. The rise of organized retail formats is enhancing the prospects of players in the chilled soup market.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The market for chilled soup is expected to grow at a CAGR of 5% over the forecast period.
- According to estimates, the chilled soup market in the United States will remain strong throughout the length of the forecast period.
- In the market, the pouches segment of the packaging classification appears to be predicted to lead through 2033. PET bottles have also gained a lot of attention.
- Supermarkets are the most popular distribution channel in the global chilled soup market.
- It is expected that the chilled soup market in China will demonstrate a high level of growth by the year 2033.
Competitive Landscape:
In the chilled soup market, there are numerous international and regional players competing, making it highly competitive. Several prominent companies dominate this market, including Campbell Soup Company, Unilever, General Mills, Nestle SA, Kraft Heinz Company, PepsiCo, Inc., Sonoma Brands, Soupologie, The Billington Group, Tio Gazpacho, and Woolworths Group Limited.
It is a highly consolidated market, with these players holding the majority share. Companies are focusing on price, quality, ingredients, and promotions to gain a dominant market share.
These companies are investing more in research and development (R&D) to develop consumer-driven flavors and ingredients to expand their presence and maintain their position in the market.
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Recent Developments:
- An organic and chilled soup that can be consumed right away was introduced by ZÜPA NOMA in 1000 U.S. stores in 2016.
- In 2021, Pacific Foods, a subsidiary of Campbell Soup Company, introduced plant-based soups and broths that are vegan and organic, and are certified by the USDA as vegan and organic.
- Clarity Food Ventures LLC introduced a product line of refrigerated soup kits in 2020. These soups take less than three minutes to make and come in different flavors.
- Kikkoman Corporation inaugurated a dedicated research & development center in Japan to reinforce the focus on the taste and innovations of sauces in the country in August 2019.
Chilled Soup Market by Category
By Packing Type, the Chilled Soups Market is Segmented as:
- PET Bottles
- Carton Packaging
- Cups/Tubs
- Pouches
By Distribution Channel, Chilled Soup Market is Segmented as:
- Supermarket/Hypermarket
- Premium Grocery Stores
- Online Retail
- Direct Selling
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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