Growing demand for convenient and quick preparation of food products will continue to impact the growth of the global market significantly. In addition, the 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
The growth of the global market of frozen soup market is likely to be bound by several macro-economic, and micro-economic factors. Consumption of 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 a short time.
As frozen soup products are considered healthy, demand for frozen soup in parallel to frozen food is projected to increase. Offering frozen soup continues to remain a cost-effective deal for manufacturers as the production of frozen soup results in reduced wastage of ingredients. Moreover, the surge in demand for on-the-go food products is likely to impact the growth of the global market during the forecast period.
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 to the growth of the global market of frozen soup market.
Although the overall outlook on the growth of the global market looks positive, several factors are likely to dip demand for frozen soup products. The increasing availability of alternative products such as canned soup is projected to inhibit the growth of the global market of frozen soup market during the forecast period.
Key Segments Covered
- Traditional Frozen Soup
- Light Frozen Soup
- Vegetarian Classics Frozen Soup
- Non Vegetarian Frozen Soup
- Organic Frozen Soup
- Noodle Frozen Soup
- Other Frozen Soup Types
- 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
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.