Chilled Soups Market Driven by Increased Consumption of Refrigerated & Chilled Snacks
Frozen foods are rapidly gaining acceptance across the globe, boosting the prospects of the global chilled soup market. Manufacturers are racing to cater to this demand by unveiling frozen confectioneries, yogurts and other snacks. A number of companies in the global chilled soup market have come out with fruit-flavored soups to encourage their consumption as a healthy and tasty snack. The companies have positioned drinkable chilled soup as a form of cold press, sweet tasting soup. Consumers seem to have different preferences though, and they seek out vegetable or even savory options in order to reduce their sugar intake.
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Retailers offering own brand of chilled soup at their retail outlets
A large percentage of sales in the global chilled soup market is via the organized retail format. With the growth of the global economy, the retail chain has boomed and this has driven the chilled soup market in both developed and emerging economies. Retailers have begun to create their own chilled soup brands with various flavors to support the global chilled soup market growth during the forecast period. Some examples of this include supermarket majors such as Tesco, Sainsbury’s, and Woolworths Ltd. Even Marks and Spencer has three chilled soups sold under its own brand. These are French Onion, Butternut Squash, and Pea & Ham soup. In the U.K., Tesco had more than 3500 outlets distributed across the country in 2015. Tesco alone accounted for almost 1/5th of all grocery sales by value.
Weak distribution and lower shelf life concerns overcome by supermarkets
In a number of countries such as Brazil and China, the distribution network of the local chilled soup market is quite weak. Manufacturers rely on selective distribution channels such as specific retail outlets or online selling to cater to a maximum number of customers. In addition to this, chilled soup is comparatively more expensive than traditional soup and it has a lower shelf life of less than 50 days. This is expected to be the biggest restraint in the global chilled soup market. Supermarkets are the most popular distribution channel in the global chilled soup market because they permit manufacturers to provide diverse soup varieties under one roof with improved shelf space and visibility, overcoming distribution and shelf life concerns. In 2016, ZÜPA NOMA launched a ready-to-drink, organic chilled soup in 1000 stores across the U.S.
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Europe to account for the largest portion of the global chilled soup market
Revenue contribution from the chilled soup market in Europe to the global chilled soup market is anticipated to remain comparatively high throughout the forecast period. This may be attributed to an increasing consumer demand for on-the-go breakfast products, which is expected to support revenue growth of the chilled soup market in Europe. By the end of 2017, the Europe chilled soup market is anticipated to account for 45% share of the global chilled soup market in terms of value. With a 220 BPS gain and a Y-o-Y growth of 7.2%, manufacturers would be well advised to focus their attention on this part of the globe. In 2016, the Europe chilled soup market was valued at a little over US$ 350 Mn and this should reach about US$ 625 Mn by the end of 2025 due to a relatively high CAGR of 6.8%. An absolute dollar opportunity of approximately US$ 18 Mn can be exploited in 2017 over 2016 with an incremental opportunity of over US$ 255 Mn between 2017 and 2025. Within the Europe chilled soup market, the U.K. is the main market to target as it has a high CAGR of 8.1% in terms of value.
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