Growing demand for convenient and quick preparation of food products will continue to impact growth of the global market significantly. In addition, 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.
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Factors Fuelling Growth of the Global Market
Growth of the global market of frozen soup market is likely to be bound by several macro-economic, and micro-economic factors. Consumption of the 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 short time. As the frozen soup products are considered healthy, demand for the frozen soup in parallel to frozen food is projected to increase. Offering frozen soup continues to remain a cost-effective deal for manufacturers as production of frozen soup results in reduced wastage of ingredients. Moreover, surge in demand for on-the-go food products is likely to impact growth of the global market during the forecast period.
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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.
In an attempt to attract customers, and expand their brand name, the market players are mainly focusing on launching new products, and add to their product line. Major players in the global market are also concentrating on investments for product innovation, and research and development. These factors are further projected to contribute towards growth of the global market of frozen soup market.
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Although the overall outlook on growth of the global market looks positive, several factors are likely to dip demand for frozen soup products. Increasing availability of alternative products such as canned soup is projected to inhibit growth of the global market of frozen soup market during the forecast period.
Vegetarian Classic to Represent a Major Segment
Increasing preference for vegetarian soup has revved up demand for the vegetarian frozen soup products globally. The vegetarian classic soup is projected to sell more than the other frozen soup products. Currently, the vegetarian classic soup product type is projected to represent more than US$ 8 Mn by 2023-end. In addition to significant revenue growth, the vegetarian classic soup is projected to reflect a relatively high CAGR through 2023.
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By sales channel, the wholesale/distributor/direct segment is projected to represent the highest growth in terms of revenue, recording more than US$ 8 Mn by 2017-end. Sales of the frozen soup is projected to witness a relatively fast growth through online stores in the global market through 2023.
Major players in the global market of frozen soup are The Kraft Heinz Co., Campbell Soup Co., Tabatchnick Fine Foods, Inc., Kettle Cuisine, LLC, and Conagra Brands, Inc.
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