Chilled Soup Market: Overview
Healthy snacking served chill is a key trend gaining traction among consumers worldwide, especially the demand for healthy snacking for summer season. Of the wide variety of flavors, fruit-flavored soups have earned new preferences among consumers looking for new sensory perceptions from the consumption of soup. Over the years, sweet tasting soups are gaining traction on the back of demand for tasty as well healthy snacks. Growing demand for savory options is bolstering the growth of the market.
A variety of packaging types are tested for preserving the taste and shelf life of the overall products for longer duration. Some of the major types of packaging preferred by manufacturers of chilled soup are pet bottles, carton packaging, cups/tubs, and pouches. Key distribution channels targeted by players in the chilled soup market are supermarkets/hypermarkets, premium grocery stores, online retail, and direct selling.
The study on the chilled soup market presents a critical evaluation of the shares of key manufacturers, level of concentration, barrier entry, and the extent of market influence. The analysts hope to offer evidence-based insights into market attractiveness of new distribution channels and the trend that will sustain the momentum in next 10 years. The research also offers insights into the changing consumer preference and untapped avenues for new entrants as well as incumbent players in the chilled soup market.
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Chilled Soup Market: Key Trends
Strides made in organized retail format are strengthening the prospects of players in the chilled soup market. Moreover, trend personalization adopted by chilled soup brands has opened new avenues in the chilled soup market in recent times. However, in several parts of developing regions, market players struggle with a fragile distribution channel. A part of this may be due to still emerging organized retail, while another crucial factor is the lack of awareness of the branding of such soup makers.
Nevertheless, the growing popularity of ready-to-eat snacks and beverages has boosted the popularity of chilled soup across various demographics in developing economies in recent years. Moreover, the demand for such products has seen notable rise in specialty distribution channel in urban areas of emerging economies.
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Chilled Soup Market: Competitive Analysis and Key Developments
The lower shelf life of chilled soup is a key concern for existing and new manufacturers in the chilled soup market. Top soup makers are targeting popular distribution channels to garner high shares. Numerous makers have entered into alliances with packaging manufacturers to overcome this constraint. Several makers of on-the-go breakfast products are targeting millennials and office goers in order to gain a competitive edge over their peers in the chilled soup market.
Some of the key players in the chilled soup market are PepsiCo, Inc., Woolworths Group Limited, Campbell Soup Company, Tio Gazpacho LLC, Sonoma Brands, Soupologie Limited, The Hain Daniels Group Limited, and The Billington Group. These players are keeping a keen eye on changing sensory characteristics of consumers of soups in order to gain early-mover advantage in near future.
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Chilled Soup Market: Regional Assessment
On the regional front, Europe has emerged as the hotbed of opportunities. The growth has been witnessing huge undercurrent due to growing popularity of on-the-go snacking. Further, the regional market has seen the trend of rapidly expanding organized retain chains. These chains house substantial opportunities for the branding of chilled soups. Further, growing consumers who want to consume chilled soups in breakfasts has also bolstered the growth of the regional demand. The U.K. has emerged as the country of substantial revenue potential during the assessment period of 2020 – 2030.
On the other hand, Asia Pacific has emerged as a promising regional market. The growth is propelled by strides being made by snacking industry and on-the-go soups. Packaging manufacturers are also seeing new avenues in the regional market. India, China, and Brazil are promising markets.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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