Rockville, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global frozen soup market size is expected to grow from US$ 113.42 Million in 2021 to US$ 212.9 Million by 2031. Overall sales of frozen soups are expected to accelerate at a CAGR of 6.5% between 2021 and 2031.
Rising consumer demand for ready-to-heat meals across the world due to changing lifestyles and busy schedules is a key factor driving the frozen soup market forward and the trend is likely to continue during the forecast period.
Frozen soups are a type of ready-to-heat meal or ready-to-eat soup that are easy to prepare and therefore helps consumers to save time and effort. These soups typically have a longer shelf life which makes them highly popular among consumers.
Consumers can easily get high-quality, ready-to-heat soups by incorporating organic, fresh elements into frozen soups, thereby simplifying the process and cost of assembling and preparing meals at home.
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There's been a lot of interest lately in incorporating fresh herbs and vegetables into soups. Moreover, thawing and rewarming methods are widely used to ensure that nutrients are not compromised.
The global sales of frozen soups are increasing due to growing consumer demand for fresh and delicious foods with real ingredients. Similarly, increasing demand for ready-to-eat meals and on-the-go foods will help the global frozen soup market to thrive at a robust pace throughout the forecast period.
Frozen soups are widely used in cafes, hotels, and restaurants because they are easy to prepare, highly nutritious, and have a long shelf life. In addition, various product innovations such as the growth of organic soup variations will drive the market forward during the forecast period.
Other factors such as increasing demand for frozen soups with clean ingredients in sustainable and renewable packaging solutions and increasing acceptance of vegan diets are expected to boost the market over the projection period.
Additionally, growing health consciousness and increasing promotional activities and campaigns of various frozen soup brands will create growth prospects for the market.
Demand remains particularly high for vegetarian classic frozen soups due to growing consumer focus on living a healthy lifestyle. Vegetarian classic frozen soups contain high amounts of nutrients like vitamins and minerals. Therefore, consumers are getting more inclined towards these products.
Key Takeaways:
- By product type, the vegetarian classic frozen soup segment is expected to grow at a CAGR of 5.5% throughout the forecast period (2021-2031).
- In terms of sales channel, the wholesale segment is anticipated to account for over 40% share of the global market during the forecast period.
- China is likely to generate around 20% of the global frozen soup demand during the forecast period.
- Around 45% of frozen soup sales are expected to rise across the U.S. until 2031.
- The U.K. is anticipated to hold nearly 30% share of the global market by the end of the projection period.
Growth Drivers:
- Growing demand for ready-to-cook and on-the-go convenience food products is a key factor spurring growth in the global frozen soup market.
- Rising interest in healthy lifestyles and eating habits will boost the sales of frozen soups during the projection period.
- Increasing promotional activities and campaigns by different frozen soup brands is likely to boost the market.
Restraints:
- High cost of frozen foods and increasing competition from alternatives such as canned foods are the limiting the expansion of frozen soups market.
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Competitive Landscape:
Key manufacturers are utilizing an array of strategies such as new product launches, partnerships, collaborations, acquisitions, and strengthening distribution channels to gain a competitive edge in the market. Further, they are integrating advanced manufacturing and freezing technologies in their facilities.
For instance,
- In 2022, Soupologie launched a new line of Souper Cubes. Each Souper Cube provides consumers with six 150g frozen cubes and 3 full servings.
- In 2022, Brakes under its Sysco Classic brand launched a new range of frozen soups that can be cooked from frozen.
Key Companies Profiled by Fact.MR
- Campbell Soup Co.
- The Kraft Heinz Co.
- Conagra Brands Inc.
- Tabatchnick Fine Foods Inc.
- Phillips Foods Inc.
- Kettle Cuisine LLC
More Valuable Insights on Frozen Soup Market
In its latest research, Fact.MR reveals the key factors driving the growth of the frozen soup market during the forecast period. The study provides an in-depth study of the opportunities and growth drivers anticipated to increase the revenue of the frozen soup market through segmentation as follows:
Product Type:
- Traditional Frozen Soup
- Light Frozen Soup
- Vegetarian Classics Frozen Soup
- Non Vegetarian Frozen Soup
- Organic Frozen Soup
- Noodle Frozen Soup
- Other Frozen Soup Types
Sales Channel:
- Wholesale/ Distributors/Direct
- Supermarket/Hypermarket
- Convenience Stores
- Online Retailers
- Other Retail Formats
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Key Questions Covered in the Frozen Soup Market Report
- What will be the demand outlook for the frozen soup market during the forecast period?
- Which are the challenges faced in the frozen soup market?
- Which region will lead the growth in the frozen soup market during 2021-2031?
- What is the projected market valuation of the frozen soup market in 2031?
- Which are the factors driving the frozen soup market during 2021-2031?
- Which sales channel will generate maximum revenue in frozen soup market?
Explore Fact.MR’s Coverage on the Food & Beverages Domain
Ready-to-Eat Wet Soup Market: As per Fact.MR, the global ready-to-eat wet soup market currently holds around 10% share of the overall soup market and it is poised to grow at a strong pace during the forecast period. Factors such growing popularity of ready-to-eat packaged meals, especially among Millennials, and rapid growth of HoReCa sector are driving the sales of ready-to-eat wet soups globally.
Low Fat Soups Market: The global low-fat soup market is expected to grow at a robust CAGR of 6.5% throughout the forecast period (2021-2031) owing to the rising consumer preference for low-fat foods. Similarly, introduction of low-fat soups with innovative flavors and increasing consumption of snacks in urban areas are expected to boost the low fat soups market through 2032.
Low Fat Vegetable Soups Market: Fact.MR predicts the overall demand for low fat vegetables soup to surge at a healthy pace during the projection period (2021-2031) owing to the growing consumer interest in low-calorie foods, rising trend of veganism, and increasing incidence of lifestyle diseases like obesity and overweight. Since low-fat vegetable soups are healthy and high in protein, people are showing a keen inclination towards consuming these products.
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