Increased
consumption of refrigerated and chilled snacks key driver of market
growth
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.
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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