The global chilled soup market is valued at USD 801 Million in 2023 and is projected to grow at a CAGR of 5% during the forecast period, reaching a value of USD 1304.74 Million by 2033.
The global chilled soup market is expected to grow significantly due to the growing acceptance of frozen foods across the globe. Manufacturers are introducing frozen confectioneries, yogurts, and other snacks to meet this growing demand.
The global chilled soup market has been flooded with fruit-flavored soups that promote health and taste as a healthy and tasty snack. The companies have positioned drinkable chilled soups as a form of cold-pressed, sweet-tasting soup. It seems that consumers have different preferences, and they prefer vegetables or even savory options to reduce their sugar intake.
In recent years, healthy snacking served chilled has gained traction among consumers around the world, especially during the summer season. Of the various flavors available, fruit-flavored soups have gained new popularity among consumers seeking new sensory perceptions through soup consumption.
Due to the demand for tasty and healthy snacks, sweet-tasting soups have gained traction over the years. This market is experiencing growth due to increasing demand for savory options.
A trend of personalization adopted by chilled soup brands has opened up new avenues in the chilled soup market in recent times. The rise of organized retail formats is enhancing the prospects of players in the chilled soup market.
However, market players struggle in some developing regions with fragile distribution channels. This may partly result from the emergence of organized retail, and partially from a lack of awareness of soup brands' branding.
In recent years, chilled soup has gained popularity across a range of demographics in developing economies due to the growing popularity of ready-to-eat snacks and beverages. Furthermore, there has been a notable increase in demand for such products in urban areas of emerging economies due to specialty distribution channels.
| Attribute | Details |
|---|---|
| Chilled Soup Market Size Value in 2023 | USD 801 Million |
| Market Forecast Value in 2033 | USD 1304.74 Million |
| Market CAGR Global Growth Rate (2023 to 2033) | 5% |
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By 2033, the chilled soup market is predicted by FMI to reach over USD 1304.74 Million. In the first half of 2022, the global market increased at a CAGR of 6.1% which is the market share valued at USD 762.86 Million. Though not equally distributed throughout all regions, this growth is stronger in developing markets, where it is predicted to reach at the end of 2023 valued at USD 801 Million with a CAGR of 5%.
Short Term (2022 to 2025): The chilled soup market is expected to grow in the medium term as product varieties increase, health and wellness products are consumed, and market players promote their products actively. In addition, the demand for healthier food products is expected to drive chilled soup demand.
Medium Term (2025 to 2028): It is due to the high number of promotional expenditures made by key players in the market that they hold such high market dominance. Furthermore, companies also gain competitive advantages by improving product taste and quality by focusing on branding strategies.
Long Term (2028 to 2033): Almost half of the global chilled soup market's sales are through organized retail chains. As the global economy has grown, the retail chain has flourished, providing a boost to the chilled soup market in both developed and emerging economies. Retailers have begun to create their chilled soup brands with various flavors to support worldwide chilled soup market growth.
| Historical CAGR (2017 to 2022) | 6.1% |
|---|---|
| Historical Market Value (2022) | USD 762.86 Million |
| Forecast CAGR | 5% |
Convenience Foods are becoming Increasingly Popular
Changing lifestyles are leading to an increase in the demand for convenience foods. The convenience of chilled soups, which are healthier and tastier alternatives, supports consumers' fast-paced lifestyles.
In addition, with the increasing demand for convenience food, companies are developing packaging formats that are easy to use and dispose of. The Campbell Soup Company, for example, offers soup in cups, which is a more suitable packaging format than powdered soup in regular packets.
Snacks that are Refrigerated or Chilled are Consumed More Often
The global chilled soup market is growing rapidly as frozen foods gain acceptance across the globe. Manufacturers are responding by launching frozen confectioneries, yogurts, and other snacks. To promote their consumption as a healthy and tasty snack, several companies in the global chilled soup market have introduced fruit-flavored soups.
As a result of marketing campaigns, drinkable chilled soup has been positioned as sweet-tasting, cold-pressed soup. Consumers, however, demand savory or vegetable options to reduce sugar consumption
Retailers Offering their Own Chilled Soup Brand
Global chilled soup sales are heavily dominated by organized retail formats as the international economy continues to grow. As a result, both developed and emerging economies have witnessed significant growth in the chilled soup market.
As a result of the growing interest in chilled soup, retailers have started creating their brands with varying flavors to support global growth in the chilled soup market. These examples include supermarkets such as Tesco, Sainsbury's, and Woolworths.
In addition to its brand soups, Marks and Spencer also sells French Onion, Butternut Squash, and Pea & Ham soup in chilled form. Almost one-fifth of all grocery sales in the United Kingdom came from Tesco alone, which had more than 3500 stores in 2015.
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Local chilled soup markets in countries such as Brazil and China have a weak distribution network. This forces manufacturers to rely on selective distribution channels such as specific retail outlets or online selling to reach a larger audience.
In addition, chilled soup has a shorter shelf life of fewer than 50 days, making it comparatively more expensive than traditional soup. These factors are expected to be the biggest restraints on chilled soup in the global market.
By packaging type, the market is segmented into PET Bottles, carton packaging, cups/tubs, and pouches.
Globally, the US, Canada, Japan, China, and Europe will drive the 5% CAGR reported for the pouches segment, with the USA driving the segment more than any other country. As a result of these changes, the market size of the pouch segment is expected to reach a projected value of USD 172.83 Million by the end of the analysis period in 2023, which represents a market value of USD 281.53 Million in 2033.
Cups / Tubs, one of the segments analyzed in the report, is projected to record a 4.8% CAGR. It is estimated to reach USD 1055.38 Million by the end of the analysis period. Taking into account the ongoing post-pandemic recovery, growth in the Pet Bottles segment is readjusted to a revised 5.5% CAGR for the next ten years.
In the market, the distribution channel is segmented into supermarkets/hypermarkets, convenience stores, online, direct selling, and other distribution channels.
Supermarkets are the most popular distribution channel in the global chilled soup market. This is because it enables manufacturers to provide diverse soup varieties under one roof, improving shelf space and visibility, and overcoming distribution and shelf-life concerns. In 2016, ZÜPA NOMA launched in 1000 USA stores a chilled, organic soup that is ready to drink.
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Throughout the forecast period, it is anticipated that the chilled soup market in Europe will continue to contribute a relatively large amount to the global chilled soup market. In Europe, chilled soup is expected to grow in revenue because consumers are increasingly seeking on-the-go breakfast products, which is expected to support revenue growth. By the end of 2033, Europe chilled soup market is anticipated to account for a 48% share of the global chilled soup market in terms of value.
Based on a relatively high CAGR of 6.8%, the chilled soup market in Europe is projected to reach USD 547.95 Million in 2023. It should reach about USD 1057.92 Million by the end of 2033.
An absolute dollar opportunity can be exploited in 2023 over 2022 with an incremental opportunity of over USD 509.97 Million between 2023 and 2033.
The chilled soup market in the USA currently holds the largest number of shares and registered a market valuation of USD 325.41 million in 2023. The market is projected to reach a valuation of USD 530.06 Million by the end of 2033.
The changing perception of soups as a healthier food choice and preference toward soup as a quick meal, coupled with the introduction of premium, clean-label, and novel flavors, will likely propel the market in the US.
There is an increasing demand for ready-to-go meals in countries like the USA which is driving the growth of the North American soup market. Additionally, innovation in soup products by manufacturers, in line with current snacking trends, and stocking the right soup variety for their customers are driving sales.
Within Europe chilled soup market, the UK is the main market to target as it has a high CAGR of 8.1% in terms of value. Currently, the UK is the leading country in this region and is accountable for the maximum market valuation.
Organized retail chains have seen rapid expansion in the market, creating a large opportunity for chilled soup brands to expand. Moreover, the growing number of consumers who want to eat chilled soups for breakfast has bolstered the demand in the region.
China, the world`s second-largest economy, is forecast to reach a projected market size of USD 467.87 Million by the year 2033, growing at a CAGR of 7.7% over the analysis period 2023 to 2033. The country is currently holding a market valuation of USD 222.83 Million in 2023.
Packaging manufacturers are also seeing new opportunities in the regional market as the snacking industry and on-the-go soup industry make advancements.
New and existing manufacturers in the chilled soup market are concerned about the low shelf life of chilled soups. Top soup makers are targeting popular distribution channels to gain a high market share.
There have been numerous alliances between manufacturers and packaging manufacturers to overcome this constraint. Several makers of on-the-go breakfast products are targeting millennials and office workers to gain a competitive edge over their peers.
As a result of the presence of several dominant players in the global market, the overall structure of the market is moderately organized. There are many manufacturers of chilled soups that are focusing their efforts on the production of innovative products to keep up with the prevailing trend in this industry. As the demand for chilled soup grows, there are an increasing number of new companies entering the market.
Investing in research and development activities is essential for these companies to stay abreast of consumer preferences and the demands of the end-use industries to remain competitive. Efforts are being made to strengthen their foothold in the industry. This will allow them to increase their visibility within the forum. In addition, it will help enhance the further development of chilled soup by enhancing its visibility within the forum.
Since several international and regional players compete in the chilled soup market, the market is highly competitive. There are several prominent players in the market, such as Campbell Soup Company, Unilever, General Mills, Nestle SA, and Kraft Heinz Company.
These players hold the majority share of the market, making it a highly consolidated one. To achieve prominent market shares, companies are focusing on strategic initiatives based on price, quality, ingredients, and promotions.
To expand their presence and maintain their position in the market, these companies are increasing their investments in research and development (R&D) to develop innovative flavors and ingredients in line with consumer needs. Key players operating the global chilled soup market include:
Numerous companies operating in this market have launched new products and are increasing their product offerings. For instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2023 |
| Market Analysis | USD Billion for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Chile, Peru, Germany, UK, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Turkey |
| Key Segments Covered | Packaging Type, Distribution Channel, Region |
| Key Companies Profiled | Campbell Soup Company; PepsiCo, Inc.; Sonoma Brands; Soupologie; The Billington Group; The Hain Daniels Group Ltd.; Tio Gazpacho; Woolworths Group Limited. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The chilled soup market is expected to increase at a CAGR of around 5% over the forecast period.
The chilled soup market’s growth potential can be valued at USD 1304.74 Million by 2033.
The chilled soup market is expected to reach a value of USD 801 Million by 2023 end.
Europe dominates the market for chilled soups.
The global chilled soups market is highly fragmented with the presence of various leading and emerging players including Campbell Soup Company, Sonoma brands, etc.
1. Executive Summary | Chilled Soup Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Packaging 5.1. Pet Bottles 5.2. Carton Packaging 5.3. Cups/Tubs 5.4. Pouches 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Supermarket/Hypermarket 6.2. Premium Grocery Stores 6.3. Online Retail 6.4. Direct Selling 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. The Billington Group 15.2. The Hain Daniels Group Limited 15.3. Soupologie Limited 15.4. Sonoma Brands 15.5. Tio Gazpacho LLC 15.6. Campbell Soup Company 15.7. Woolworths Limited 15.8. PepsiCo, Inc. 15.9. Kapadiya Expo Company 15.10. Baxters Food Group Limited 16. Assumptions & Acronyms Used 17. Research Methodology
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Chilled Soup Market
