Growing demand for convenient and quick preparation of food products will continue to impact the growth of the global market significantly. In addition, the surge in consumption of on-the-go products is further projected to rev up demand for frozen soup globally. A recently compiled report by Fact.MR, the global frozen soup market is projected to reflect a CAGR of 5.8% over the forecast period.
Factors Fuelling Growth of the Global Market
The growth of the global market of frozen soup market is likely to be bound by several macro-economic, and micro-economic factors. Consumption of frozen soup products is likely to remain concentrated in the food and beverages industry.
With increasing time crunch, consumers prefer frozen soup products that can be prepared in a short time. As frozen soup products are considered healthy, demand for frozen soup in parallel to frozen food is projected to increase. Offering frozen soup continues to remain a cost-effective deal for manufacturers as the production of frozen soup results in reduced wastage of ingredients. Moreover, the surge in demand for on-the-go food products is likely to impact the growth of the global market during the forecast period.
Demand for frozen soup will also continue to increase in the food and beverage industry attributed to the healthy ingredients blended in the products. Manufacturers mainly pick up vegetables that are at the peak of the season for producing frozen soup and prefer freezing the ingredients in their natural form. Further, manufacturers also include several out-of-season food ingredients during the production of the frozen soup. Bound to these factors, demand for frozen food will continue to increase in the food and beverages industry.
Why are Vegetarian Classic Frozen Soups in High Demand?
The growing demand for a healthy lifestyle is one of the major reasons behind the rapid growth of vegetarian classics in the global frozen soup market. The vegetarian classics include high nutrient values to food along with a perfect amount of vitamins and minerals. Therefore, consumers are getting more inclined towards vegetarian classics.
In recent years, soup brands have introduced products that use ingredients and flavors inspired by a variety of international cuisines, such as Indian, Latin, African, and Middle Eastern cuisines. According to Fact.MR, the segment is anticipated to register a CAGR of 5.5% throughout the forecast period ranging from 2021-2031.
Wholesale Frozen Soup Demand to Remain Dominant?
By distribution channel, Fact.MR anticipates the wholesale segment to generate bulk of all frozen soup industry revenue across the 2021-2031 forecast period. A market share exceeding 40% is projected for wholesale distribution. Rising demand from commercial food sectors is broadening prospects for wholesale frozen soup distributors.
While outdoor restaurant dining has significantly reduced, thanks to the COVID-19 pandemic, demand across commercial foodservice providers will remain elevated. This largely due to the increased reliance on online home delivery oriented foodservice applications. Hence, food processing companies and restaurants are demanding higher quantities of frozen soup mixes, instant soup packets and refrigerated soup containers.
Wholesales/ Distributor/ DirectSupermarket/HypermarketConvenience StoreOnline RetailersOther Retail Format
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 June 2021, The Kraft Heinz Company completed the acquisition of Assan Foods from Turkish Conglomerate Kiber Holdings. With this acquisition, Kraft Heinz will expand its presence over the world. Assan Foods’ famous sauced and tomato products would also help Kraft Heinz to gain a competitive advantage in the global market.
In December 2001, B&G Foods, Inc. completed the full acquisition of the Iconic Crisco Brand. With this acquisition, B&G Foods also gained the warehouse and manufacturing facilities of Crisco in Cincinnati, Ohio. This will also help B7G Foods to realize more or less $74 million tax benefits in the next fiscal year. It would also help to meet the demand of the consumers in the post-pandemic situation.
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