The Market For Frozen Soup Is Expected To Reach US$ 212.9 Mn By The End Of The 2021-2031

Posted on 2022-11-03 by Fact.MR in Food & Beverage // 0 Comments

A recently published Fact.MR report projects that demand for frozen soup is expected to reach US$ 212.9 Mn by the end of the 2021-2031 forecast period, expanding at a CAGR of 6.5%. Demand is likely to receive a significant push amid growing preference for health boosting instant foods and beverages.

The market experienced steady growth from 2016 to 2020, clocking a CAGR worth 5%, closing in at US$ 107.2 Mn. Sales spiked significantly amidst the COVID-19 pandemic, as the imposition of stringent lockdowns curtailed outdoor dining activities, prompting an increase in home delivery options for soups and other instant food products.

A growing market for RTE products on the market boosted the demand for several traditional flavors of frozen soup in supermarket aisles. The progression of advertising in these modern stores prompted consumers to purchase these soups in the market and made them more appealing. As a result, the market for frozen soup has grown significantly in recent years.

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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
S to remain the dominant market for frozen soup, accumulating a revenue share worth 45%
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

“Prevalence of fast-paced lifestyles and the consequent increase in demand for health boosting instant foods is immensely widening the scope for frozen soup products in the global market, “says a Fact.MR analyst.

Shifting Lifestyle Patterns Enhancing Frozen Soup Consumption in the U.S?

As consumers lead increasingly fast-paced lifestyles, demand for on-demand instant food products is increasing substantially across the U.S. This is providing major traction to frozen soup consumption in various formats. Due to the high levels of sodium and preservatives found in canned soups, consumers prefer to buy soups that are either refrigerated or frozen.

Additionally, frozen soup consumption is inclining due to shifting dietary preferences towards more health boosting foods. According to data published by the U.S Centers for Disease Control & Prevention, total obesity prevalence was 42.4% from 2017-2018. This was largely an end product of excessive intake of unhealthy and overly processed foods, combined with physical inactivity.

Growing sales of soup varieties in the market have presented opportunities for new players who may want to enter these markets. Increasing demand for RTE food in these regions has become one of the highest demands for frozen soups on the market. Increasing demand for vegan diets and vegan products has increased the demand for vegan soups in the market. The region is likely to account for 45% of demand across North America.

Category-wise Insights

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.

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Competitive Landscape

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.
In December 2020, Baxter Food Group completed the acquisition of Trutt Bross. With this acquisition, Baxter Food Group will be able to enter and expand its business into the U.S. markets. As Trutt is regarded to be the industry innovator, this acquisition will also help to satisfy the demands of customers with a variety of products.
In September 2021, Nomads Food Limited completed the acquisition of Fortenova Group’s part of the frozen food business at the purchasing price of €615 million. With this acquisition, Nomad Food will obtain the good fortune of the Fortenova group and will be able to expand its business with a variety of frozen food products.

Key Segments Covered

Product Type

Traditional Frozen Soup
Light Frozen Soup
Vegetarian Classics Frozen Soup
Non Vegetarian Frozen Soup
Organic Frozen Soup
Noodle Frozen Soup
Other Frozen Soup Types

Sales Channel

Frozen Soup Sales via Wholesale/ Distributors/Direct
Frozen Soup Sales via Supermarket/Hypermarket
Frozen Soup Sales via Convenience Stores
Frozen Soup Sales via Online Retailers
Frozen Soup Sales via Other Retail Formats

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