Global revenue in the chilled soup segment is projected to reach US$840.4 million (€777.2 million) in 2024 and increase at a CAGR of 5.1% to 2034, according to a new report from Fact.MR.
North America will hold 24.3% of the global market share in chilled soups by 2034, data showed.
Moreover, the category is expected to generate revenue worth US$89.4 million (€82.7 million) in 2024 in the United States.
The report also projected a CAGR of 5.8% for chilled soups in South Korea over the next decade to 2034, while in China, it is expected to reach US$151.6 million (€140.2 million) in the same timeframe.
Focus On Innovation
Chilled soup manufacturers are intensifying their focus on innovation following the increased demand for products featuring multiple flavours or complex ingredient combinations, the report noted.
Companies are exploring fusion and unconventional flavours that resonate with diverse culinary traditions and incorporating superfoods such as chia seeds, quinoa, kale, and other ingredients to enhance nutritional value and align the products to meet dietary and health requirements.
Last year, Campbell's Foodservice repositioned its frozen soup line to include over 60 chef-inspired soups under the new Campbell's Culinary Reserve range.
Elsewhere, UK-based foodservice wholesaler Brakes launched a new range of frozen soups featuring four vegan-friendly soup varieties in 275-gram pouches under the Sysco Classic brand in 2022.
'Leading manufacturers are focusing on producing chilled soups made from plant-based or vegan ingredients. Moreover, increased acceptance and demand for frozen foods in various countries are fueling the expansion of the chilled soup market,' an analyst at Fact.MR added.
Distribution Channels
Supermarkets and hypermarkets are expected to account for 51.8% of the global market share for chilled soups in 2024, the study found.
Both formats have an advantage over other distribution channels as their extensive selection of brands attracts a large customer base for food and other purchases.
Moreover, these stores maintain superior refrigeration systems that preserve the freshness and quality of chilled soups, essential for maintaining their appeal as convenient, ready-to-eat meals.
They also offer special deals, discounts, and promotions on chilled soups to appeal to budget-conscious customers and encourage trial purchases.
