A recently published Fact.MR report projects that demand for frozen soup is expected to reach US$ 212.9 Mn by the end of the 2021-2031 forecast period, expanding at a CAGR of 6.5%. Demand is likely to receive a significant push amid growing preference for health boosting instant foods and beverages.
The market experienced steady growth from 2016 to 2020, clocking a CAGR worth 5%, closing in at US$ 107.2 Mn. Sales spiked significantly amidst the COVID-19 pandemic, as the imposition of stringent lockdowns curtailed outdoor dining activities, prompting an increase in home delivery options for soups and other instant food products.
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A growing market for RTE products on the market boosted the demand for several traditional flavors of frozen soup in supermarket aisles. The progression of advertising in these modern stores prompted consumers to purchase these soups in the market and made them more appealing. As a result, the market for frozen soup has grown significantly in recent years.
Key Takeaways from the Market Study
- By product type, classic vegetarian frozen soup to experience fastest growth, at a CAGR of 5.5%
- Sales across wholesale distribution channels to remain prominent, capturing 40% of total revenue
- U.S to remain the dominant market for frozen soup, accumulating a revenue share worth 45%
- U.K to be the 2nd largest market for frozen soup, generating 30% revenue
- 1/5th of global market revenue for frozen soup to be generated by China
- By 2021, frozen soup market is expected to reach US$ 113.42 Mn
“Prevalence of fast-paced lifestyles and the consequent increase in demand for health boosting instant foods is immensely widening the scope for frozen soup products in the global market, “says a Fact.MR analyst.
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Competitive Landscape
Manufacturers and distributors can increase revenue and market share through strategic collaborations. In the near future, new products and technologies will empower end-users to enjoy the benefits of organic products. The result of a strategic collaboration can help an organization to increase its production.
- In December 2020, Baxter Food Group completed the acquisition of Trutt Bross. With this acquisition, Baxter Food Group will be able to enter and expand its business into the U.S. markets. As Trutt is regarded to be the industry innovator, this acquisition will also help to satisfy the demands of customers with a variety of products.
- In September 2021, Nomads Food Limited completed the acquisition of Fortenova Group’s part of the frozen food business at the purchasing price of €615 million. With this acquisition, Nomad Food will obtain the good fortune of the Fortenova group and will be able to expand its business with a variety of frozen food products.
More Insights Available
Fact.MR’s, in its new offering, presents an unbiased analysis of the frozen soups market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (traditional, light, vegetarian classic, non-vegetarian, organic, noodle and other product types) and sales channel (wholesales/distributor/direct, supermarkets/hypermarket, convenience store, online retailers, and other retail format) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Key players analyzed in the frozen soup market study:
- Campbell Soup Co.
- The Kraft Heinz Co.
- Conagra Brands Inc.
- Tabatchnick Fine Foods Inc.
- Phillips Foods Inc.
- Kettle Cuisine LLC
On the basis of region, the frozen soup market study contains:
- U.S
- Canada
- Brazil
- Mexico
- Argentina
- Germany
- U.K
- France
- Spain
- Italy
- Nordic
- China
- Japan
- India
- Thailand
- Malaysia
- Singapore
- Australia
- GCC
- South Africa
- Nigeria
- Israel
Key Segments Covered
-
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
- Frozen Soup Sales via Wholesale/ Distributors/Direct
- Frozen Soup Sales via Supermarket/Hypermarket
- Frozen Soup Sales via Convenience Stores
- Frozen Soup Sales via Online Retailers
- Frozen Soup Sales via Other Retail Formats
The report covers following Frozen soup Market insights and assessment that are helpful for all participants involved in the Frozen soup market:
- Data on recently introduced regulations and their impact on key industries and on demand Frozen soup Market
- Latest industry Analysis on Frozen soup Market, with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Frozen soup Market and changing consumer preferences in major industries.
- Changing Frozen soup demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Frozen soup major players
- Frozen soup Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Frozen soup demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
Key Questions in Frozen soup Market Research Report:
- What are the current scenarios and key trends in Frozen soup Market Industry?
- What key strategies are companies adopting to grow their consumer base?
- What are the key categories and future potential of Frozen soup Market?
- What are the key Frozen soup Market drivers and what are their projected impacts in the short, medium and long term?
- What is the size of the Frozen soup Market and what are the opportunities for the key players?
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