The global refrigerated and frozen soup market is projected to be valued at USD 2.6 billion in 2024 and further record a CAGR of 9.1% during the assessment period. Global sales of refrigerated and frozen soups are slated to total USD 6.3 billion by 2034.
Frozen soup is globally popular. It held a notable share of 58% in 2023 and continues to expand through the forecast period. Its demand is mainly driven by its convenience, longer shelf life, and other benefits.
Convenience is fueling the product’s popularity and rapid sales. Frozen soups is a go-to option for individuals leading busy lives. Busy and hectic lifestyles and growing need for quick and easy meal options are making refrigerated and frozen soups an attractive choice for consumers, leading to sales growth.
Frozen and refrigerated soups require minimal preparation, often just heating. This is making them highly attractive for busy schedules.
Many soup varieties in the frozen segment, including onion soup, miso soup, potato soup, and clam chowder soup enjoy popularity among consumers. Moreover, players are continuously increasing their portfolio of chilled soups made with innovative flavors and ingredients to increase their market penetration.
Global Refrigerated and Frozen Soup Industry Assessment
| Attributes | Description |
|---|---|
| Estimated Global Refrigerated and Frozen Soup Market Size (2024E) | USD 2.6 billion |
| Projected Global Refrigerated and Frozen Soup Market Value (2034F) | USD 6.3 billion |
| Value-based CAGR (2024 to 2034) | 9.1% |
Frozen soup players are transforming the culinary landscape. They are doing so by providing convenience, variety, quality, and nutrition in a single packet. This motivates consumers for future purchases. Further, the demand for RTE soups, especially the frozen varieties, due to their longer shelf life, is expected to boost companies' revenues.
Emerging and grave concerns about food insecurity and a focus on lowering food wastage are top factors that are expected to create opportunities for manufacturers. Since these convenience soups have extended shelf life as opposed to fresh counterparts, they help to reduce food wastage.
Hotels, cafes, and restaurants extensively use these soup varieties as they are easy to prepare, highly nutritious, and have an extended shelf life. Increasing interest in organic soup variations will also drive the sector forward during the forecast period.
Innovation in refrigerated and frozen soup industry is leading to development of exciting flavors and healthy choices. These innovations are expected to positively enhance industry share through 2034.
Right from classic options like chicken noodles and tomato basil to novel flavors like Thai coconut curry, there is a soup to fit every palate. Leading players are focusing on preparing frozen soups with high-quality ingredients and minimal preservatives.
Industry players are shifting their focus towards eco-friendly packaging for their refrigerated and frozen soup products. For instance, several companies are using compostable or recycled packaging to reduce plastic waste. This will help them to attract eco-conscious consumers
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Growing Demand for Ready-to-heat Meals Boosting Growth
Changing lifestyles and busy schedules are directing consumers towards ready-to-heat meals. This will continue to play a key role in boosting the refrigerated and frozen soup industry during the forecast period.
Refrigerated and frozen soups are a type of ready-to-heat meal or readymade soups that are easy to prepare and therefore help consumers save time and effort. These soups have a longer shelf life, making them highly popular among consumers.
Increasing Interest in Frozen Soups with Natural Ingredients Influencing Sales
There is an ongoing interest in refrigerated and chilled soups made from natural and healthy ingredients. This is expected to impact sales growth over the next ten years positively.
Consumers, especially in developed regions, are inclined towards eating healthy and avoiding processed foods. This is putting refrigerated and frozen soups made with natural ingredients into the limelight and fueling their demand.
Leading players are incorporating fresh herbs and vegetables into soups. Many companies are also adding additional proteins and essential vitamins into their products. Further, thawing and rewarming methods are widely used to ensure that nutrients are not compromised.
Competition from Fresh Soups Limiting Growth
There is no doubt that frozen and refrigerated soups offer optimum convenience. However, the industry is facing certain limitations that are expected to limit its growth. One such factor is the high consumption of fresh alternatives.
Amid increased emphasis on fresh ingredients and healthy eating, many consumers are using quick and easy meals like pre-marinated meats and pre-chopped vegetables to make homemade soups. This can negatively impact industry growth.
Several consumers also consider frozen soups less healthy and flavorful. As a result, they prefer fresh soups made from scratch.
Global refrigerated and frozen soup sales increased at a CAGR of 11.6% between 2019 and 2023. This robust growth was fueled by increased demand for convenience foods.
Refrigerated and frozen soups gained immense traction between 2019 and 2023. Their sales rose rapidly, especially during the COVID-19 pandemic when people were working from home and preferred to consume convenience foods.
Convenient meal options like chilled soups can be quickly heated and served. This convenience factor played a pivotal role in fueling sales of refrigerated and frozen soups during the historical period.
Looking ahead, the global frozen and refrigerated soup market is set to register a CAGR of 9.1%, indicating a slight reduction compared to the historical growth rate. This decreased growth rate can be due to high adoption of fresh alternatives.
Prominent growth factors influencing the refrigerated and frozen soup sector include growing demand for ready-to-eat meals, rising health and wellness trends, and increasing popularity of freezable soup recipes. Surging interest in vegan soups will also benefit the sector.
Today, consumers are increasingly seeking efficient ways to enjoy wholesome meals without compromising on quality and taste. This is driving demand for frozen and refrigerated soups as they meet the requirements of busy consumers.
Growing health and wellness trends are prompting consumers to look for healthier and convenient food options. Soups, especially frozen ones, are often considered nutritious meals. Demand will particularly remain high for chilled soups with organic, natural, and clean-label ingredients.
Consumers are also demanding soups that are low in sodium and contain functional ingredients like vitamins, superfoods, and probiotics. Companies are responding by creating soups that are organic, healthy, and free from artificial ingredients.
Principal Consultant
Tier 1 companies comprising Campbell Soup Company, Conagra Foods, Kraft Heinz, and Nestle, among others, capture a significant industry share. These leaders are focused on upgrading their portfolios through innovative product launches. They are introducing new varieties of frozen soups with exotic flavors and functional ingredients.
Tier 1 companies have well-established manufacturing and distribution facilities globally. They are utilizing these facilities to meet growing consumer demand for ready-to-eat soups and other frozen foods. Developing vegan frozen soups is becoming a priority for dominant companies to attract soup enthusiasts, especially those looking for plant-based foods.
Leading players are employing advanced freezing and preservative technologies to maintain the taste, quality, and nutritional value of chilled soups. They possess improved cold chain facilities.
Tier 2 companies, including Blount Fine Foods and Ivar's Soup & Sauce Company, have presence in specific regions. They are striving to educate consumers about the health, environmental, and nutritional benefits of frozen and refrigerated soups.
Tier 3 companies, including start-ups are changing the perception of people regarding frozen foods by creating healthier and nutrient-dense products. They are launching new innovative soups with exotic flavors to compete with established leaders. For instance, recently, Soupologie introduced the new Souper Cube range in the United Kingdom.
New players are also targeting vegans to expand their customer base and increase revenue. For this purpose, new plant-based frozen soups, including frozen tomato soup, low-fat vegetable soup, coriander soup, and frozen carrot soup, are being developed.
The below section depicts growth forecast across various countries. South Korea and Japan are poised to experience significant growth, exhibiting CAGRs of 11.3% and 10.8%, respectively, through 2034.
Growing consumer preference for chilled soups is boosting growth across nations like the United States and the United Kingdom. Similarly, surging demand for convenience foods is influencing market growth of frozen soups in developed nations.
The refrigerated soup market forecast in emerging nations like India, China, and Korea looks promising. This can be attributed to rising health awareness, growing food security concerns, and increasing consumer interest in frozen foods.
Europe is also offering lucrative opportunities to frozen soup brands. Growing interest in ready-to-eat meals is driving regional demand for frozen soups
| Countries | CAGR 2024 to 2034 |
|---|---|
| United States | 9.4% |
| China | 9.9% |
| United Kingdom | 10.4% |
| Japan | 10.8% |
| South Korea | 11.3% |
Sales of refrigerated and frozen soups in the United States are projected to surge at 9.4% CAGR, totaling USD 1.1 billion by 2034. One prominent factor behind this growth is the surging popularity and consumption of convenience foods.
The busy and hectic lifestyle of Americans is prompting them to seek quick and easy meal options. This will likely propel demand for refrigerated and frozen soups as they offer a convenient solution, requiring minimal preparation.
Presence of leading frozen food brands and easy availability of frozen soups in a variety of channels is also improving the United States’ refrigeration and frozen soup industry share. From classic chicken noodles to more adventurous bisques, groscery stores and other retail stores in the United States offer a wide variety of frozen soups.
The United Kingdom refrigerated and frozen soup market is slated to experience a CAGR of 10.4% during the assessment period, with total value reaching USD 254.5 million in 2034. This is attributable to growing interest in healthy lifestyles and eating habits.
People in the United Kingdom are inclined towards consuming convenient and healthy foods. This is leading to increasing sales of refrigerated and frozen soups as they are considered more healthier than fast foods.
Emerging trends in refrigerated soup industry, including growing demand for frozen soups with clean-label ingredients, are positively impacting growth. Consumers in the nation are continuously seeking soups made from fresh, natural, and nutritious ingredients.
There is also a rising demand for vegan and vegetarian soups in the United Kingdom due to growing popularity of veganism. This is prompting companies to use plant-based ingredients like beans, lentils, and other vegetables in their products.
China is anticipated to emerge as a highly lucrative pocket for refrigeration and frozen soup manufacturers. It will likely experience a CAGR of 9.9% during the assessment period owing to factors like rapid urbanization and surging demand for non-veg frozen soups.
Innovation in refrigerated and frozen and soup products is throwing a new light into the industry. Leading China-based players are constantly introducing new soups with new and exciting flavors and ingredients to woo customers. This will likely provide an additional thrust to sales growth.
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The section below sheds some light on leading segments. Detailed refrigerated and frozen soup industry segmentation can help players invest in popular products to boost revenues and stay ahead.
Frozen soup segment leads from the forefront, holding a value share of 58% in 2023. Based on application, super/hypermarkets segment accounted for a value share of 46% in 2023.
| Segment | Frozen Soup (Type) |
|---|---|
| Value Share (2023) | 58% |
Currently, frozen soup category holds a bigger piece of pie in the global industry. This is attributable to longer shelf life, convenience, and other benefits of frozen soups. In the next ten years, demand for frozen soups is projected to increase at 8.8% CAGR.
Frozen soups give consumers more flexibility and reduce waste owing to their extended shelf life. These soups can last for months in freezers, giving them a slight edge over refrigerated ones.
Chilled soups allow for more innovation and exotic options, leading to availability of a wider variety of products with different ingredients and flavors. These soups also need minimal preparation, making them a quick and easy meal solution.
| Segment | Supermarkets/Hypermarkets (Application) |
|---|---|
| Value Share (2023) | 46% |
When it comes to application, the supermarkets segment dominates the global industry, accounting for a value share of 46% in 2023. For the projection period, a CAGR of 8.6% has been assigned for the same segment.
Supermarkets and hypermarkets house a wide range of refrigerated and frozen soups. This is making it convenient for busy consumers to find specific frozen soups in one place.
Supermarkets also have large storage space for refrigerated and frozen items, including soups. Based on these factors, the target segment will likely retain its dominance during the assessment period.
Key players in the refrigerated and frozen soup market are focusing on offering a wide range of soups, including healthier options, ethnic flavors, and single-serve portions for customers. Industry leaders are inclined towards using fresh, natural ingredients with minimal processing to attract health-conscious consumers.
Frozen soups with functional benefits are making way into the sector. Companies are developing novel soups to address specific needs of consumers. For instance, soups with immunity boosting properties are being launched by players.
Several companies are focused on employing branding strategies to stay relevant in the sector. For instance, they are educating consumers about the convenience, quality, and health benefits of frozen soups through packaging and digital marketing (including social media and online advertising).
Prominent players are selling frozen soups through different channels, including convenience stores, grocery stores, and online platforms. Providing coupons and discounts is also helping companies to attract and retain customers.
Many companies are also partnering with restaurants, hotels, and meal delivery services to offer frozen soups as a part of a meal option. Similarly, strategies like acquisitions, distribution agreements, new facility expansions, and mergers are making the competitive landscape of the refrigerated and frozen soup sector fiercer.
Industry Updates
Based on type, the industry is segmented into refrigerated soup and frozen soup.
In terms of applications, the sector is segmented into supermarkets/hypermarkets, foodservice, retail, and others.
Frozen and refrigerated soup industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
Global revenue is forecast to total USD 2.6 billion in 2024.
Sales are forecast to soar at a CAGR of 9.1% CAGR through 2034.
By 2034, the global industry value is projected to total USD 6.3 billion.
Frozen soup.
Blount Fine Foods, Campbell Soup Company, Kettle Cuisine, and Tabatchnick.
Development of organic soups and usage of exotic flavors are key soup market trends.
Around three months.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Type
6.2. Application
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
7.1. Refrigerated Soup
7.2. Frozen Soup
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Applications
8.1. Supermarkets/Hypermarket
8.2. Foodservice
8.3. Retail
8.4. Others
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia
9.5. East Asia
9.6. Eastern Europe
9.7. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Type and Applications for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. Blount Fine Foods
19.2. Campbell Soup Company
19.3. Kettle Cuisine
19.4. Tabatchnick
19.5. Conagra Foods
19.6. Ivar's Soup & Sauce Company
19.7. The Schwan Food Company
19.8. SpringGlen Fresh Food
19.9. Boulder Organic Foods
19.10. Amy's Kitchen
19.11. Progresso
19.12. Kraft Heinz
19.13. Nestle
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Refrigerated and Frozen Soup Market
