According to a recently released Fact.MR analysis, demand for frozen soup is predicted to grow at a CAGR of 6.5% to reach US$ 212.9 Mn by the end of the forecast period of 2021–2031. Given the rising popularity of rapid foods and beverages that promote good health, demand is projected to increase significantly.
From 2016 to 2020, the market expanded steadily with a 5% CAGR, reaching a total value of US$ 107.2 Mn. Due to the rigorous lockdowns imposed in response to the COVID-19 epidemic, which restricted outside dining, sales of soups and other instant meal products increased considerably.
The demand for numerous conventional kinds of frozen soup in supermarket isles increased due to a growing market for RTE products on the market. Customers were encouraged to buy these soups in the market and made them more desirable by the development of advertising in these contemporary retailers. The demand for frozen soup has increased dramatically over the past few years as a result.
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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
Strategic partnerships can help manufacturers and distributors grow their revenue and market share. The advantages of organic products will soon be accessible to end users thanks to new products and technologies. An organization’s production may grow as a result of a strategic collaboration.
- The purchase of Trutt Bross by Baxter Food Group was finished in December 2020. Baxter Food Group will be able to enter and grow its operations in the American markets thanks to this acquisition. Due to Trutt’s reputation as the industry’s inventor, this acquisition will also assist in meeting client expectations for a range of products.
- At a cost of €615 million, Nomads Food Limited finalised the acquisition of the frozen food division of Fortenova Group in September 2021. With this acquisition, Nomad Food will benefit from the success of the Fortenova group and be able to grow its company by offering a range of frozen food items.
Shifting Lifestyle Patterns Enhancing Frozen Soup Consumption in the U.S?
The demand for on-demand instant food products is significantly rising across the United States as consumers lead increasingly fast-paced lifestyles. This is giving the eating of frozen soup in a variety of styles significant traction. Customers prefer to purchase frozen or refrigerated soups due to the high sodium content and preservatives in canned soups.
Additionally, as dietary preferences move in favour of items that promote health, the consumption of frozen soup is rising. The prevalence of obesity overall was 42.4% between 2017 and 2018, according to data released by the US Centers for Disease Control & Prevention. This was primarily a result of consuming unhealthy meals in huge quantities and having a sedentary lifestyle.
Opportunities for new companies who might want to enter these markets have arisen as a result of the market’s expanding sales of soup variants. These areas now have one of the largest demands on the market for frozen soups due to the rising need for RTE meals. Market demand for vegan soups has increased as a result of rising interest in vegan diets and goods. The area is probably responsible for 45% of North America’s demand.