New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Broth Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Chicken Broth, Beef Broth, Seafood Broth, Vegetable Broth, and Others), Category (Organic, Conventional), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others)”; The global broth market growth is consumer inclination toward nutritional food, growing popularity of paleo diet and proliferation of e-commerce industry.
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Global Broth Market – Report Scope
| Market Size Value in | USD 5.18 Billion in 2022 |
| Market Size Value by | USD 6.31 Billion by 2028 |
| Growth rate | CAGR of 3.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 166 |
| No. of Tables | 93 |
| No. of Charts & Figures | 91 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Distribution Channel |
Global Broth Market: Competitive Landscape
Manischewitz Co.; Barebones Ventures LLC.; The Hain Celestial Group, Inc.; Look's Gourmet Food Company, Inc.; Kettle & Fire, Inc.; Del Monte Foods, Inc.; Zoup Specialty Products LLC.; Campbell Soup Co.; Epic Provisions LLC.; and Bonafide Provisions LLC are among the players operating in the broth market. These players are emphasizing new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies in the world helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.
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Innovative Packaging Solutions to Provide Lucrative Growth Opportunities to Global Broth Market Players:
The style of broth packaging is undergoing notable changes with a shift in consumer preferences. Broth cartons in single-serve and larger reclosable sizes have replaced broth cans, which were more common in aisles at malls, supermarkets, etc. Bone broths are being offered in boxes, cartons, spouted gusset pouches, glass containers, and K-cups. Manufacturers are focused on developing packaging solutions to avoid leakages. For instance, Bluebird Provisions has launched a new pouch with an iron-clad triple wall construction to minimize leakages. The pouches have pouring spouts that ease opening and pouring activities. Some brands have developed packaging methods that can help prolong broth shelf life by 0.5–2 years.
Cartons are packaging solutions that are convenient to use and easy to recycle. They require lower space during transport and reduce the overall weight of a shipment. Gourmetfleisch, a German meat boutique, has come up with small bags (like tea bags) containing beef broth. Its sachets come in a box that imitates a small butchery, with each small package hanging on hooks, like pieces of real meat. This type of premium packaging is creative and attractive, and grabs the attention of consumers, especially the younger generations. Thus, such innovations in packaging solutions are expected to create lucrative growth opportunities for companies in the broth market during the forecast period.
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The broth market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The adoption of cross-cultural cuisine and changes in the dietary preferences of people from middle-income countries trigger the demand for broth in this region. In addition, broths prepared from fresh vegetables have gained tremendous popularity in countries such as India, as a large percentage of the Indian population is vegetarian. Moreover, consumers in Asia Pacific countries are more inclined toward broth and other protein-based food products due to their high nutritional value. The easy digestibility of broths also makes them suitable for geriatric people. According to the United Nations 2019 report, India’s geriatric population is anticipated to increase by 20% by 2050. With such an increase in the geriatric population, the demand for broth is anticipated to grow in Asia Pacific in the coming years. Hence, it drives the broth market growth.
Impact of COVID-19 Pandemic on Global Broth Market Growth:
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of various countries in Europe, Asia Pacific, and North America on international travel compelled companies to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of cariuos markets such as broth.
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