Considering how nutritional food products cease to lose their demand in the world, manufacturers of food products are making efforts to offer such products in easy-to-consume formats. Moreover, consumption of frozen, chilled or refrigerated food products is gaining traction, particularly in urban settings. Persistence Market Research’s latest study reveals that factors as such have played an instrumental role in driving the sales of chilled soup in several regions. According to the study, the global market for chilled soup will be valued at nearly US$ 790 Mn in 2017, and will expand steadily at 6.2% CAGR to reach US$ 1,326.2 Mn by the end of 2025.
In the report, titled “Chilled Soup Market: Global Industry Analysis and Forecast, 2017-2025,” increasing preference on young consumers for succulent breakfast products is cited as a key trend treading in the global chilled soup market.
Retail chains offering chilled soup at their stores is also becoming an advantage for key players in the global chilled soup market. The report has profiled companies such as The Billington Group, The Hain Daniels Group Limited, Soupologie Limited, Sonoma Brands, Tio Gazpacho LLC, Campbell Soup Company, Woolworths Limited, PepsiCo, Inc. as leading participants in the global market for chilled soup.
The report also delivers prominent trends encompassing the growth of global chilled soup market, which include:
- The Bowl-to-Bottle Transition – Manufacturers are focusing on chilled soup in bottles rather than in bowls as the hectic daily grind & on-the-go lifestyle of consumers demand convenient and portable meals
- Controlling Sugar Content – Considering the rise in health conscious consumers and surging demand for products with low sugar content, manufacturers are now offering low sugar chilled soups to create presence among consumers that prefer low calorie healthy food products
- Preference to High Fiber Soups – Chilled soups are rich in protein and fiber, making them a top choice for consumers particularly in countries such as the US and the UK
The report also reveals the growth of global chilled soup market in terms of volume. In 2016, the global chilled soup consumption stood at sales of 426 Mn units. This figure is expected to touch 700 Mn units by the end of forecast period, exhibiting a balanced CAGR of 5.3% in terms of volume. The report further reveals that manufacturers of chilled soup products are adopting innovative packaging techniques to attract customers and enhance their customer base. In 2017, cups/tubs is estimated to remain a dominant packaging segment in the global chilled soup market, accounting for global sales of over 240 Mn units. Demand for PET bottle packaging is also expected to surge in the global chilled soup market, revenues from which are expected to attain 6.3% CAGR over the forecast period.
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In many countries such as Japan, China, and Brazil, the distribution networks for chilled soup products is observed to be weak. In order to reach out to consumers, manufacturers are using a selective modes of distribution channel such as online selling or use of selective retail outlets. The report cites that supermarkets or hypermarkets will continue to be the largest distribution channel in the global market for chilled soup products by account for more than 55% revenue share throughout the forecast period.
The market is also expected to be dominated by North America and Europe as these regions will collectively account for more than 80% of global chilled soup sales. Europe’s chilled soup market, in particular, will showcase fastest value growth by reflecting a 6.8% CAGR between 2017 and 2025.