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.
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.
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.