The global broth market size is expected to reach USD 6,315.40 million by 2028; registering at a CAGR of 3.4% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Consumer Inclination Toward Nutritional Food to Drives Broth Market
The COVID-19 pandemic also had a favorable impact on the broth market to a certain extent. A few broth types of help support digestive and immune health. Amid the health crisis, consumers gravitated toward immunity-boosting and nutritious products. Further, bone broth was recognized to have a complementary effect on the recovery of COVID-19 patients, as it increases glutathione levels (one of the main antioxidants in the body). In 2021, economies of various countries showed signs of resurgence as governments announced relaxations in the previously imposed restrictions, which subsequently boosted the global marketplace. Several governments permitted manufacturers to operate at full capacities; this helped them overcome demand and supply gaps, and other repercussions. Moreover, vast percentages of people from many countries were fully vaccinated by 2021. As a result of overall progress in the global marketplace, broth manufacturers focused on scaling up their production to revive their businesses. This factor drives the broth market growth.
Broth Market Breakdown – by Region
Broth Market 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)
Broth Market Size, Share and Growth Report 2028
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Key players operating in the global broth market include Manischewits Co.; Barebones Ventures LLC.; Bonafide Provisions 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.; and Epic Provisions LLC. These companies have a widespread global presence, which allows them to serve a large range of customers, subsequently contributing to the expansion of their market share. They focus on new products launch and geographical expansion to expand their product range in specialty portfolios. Thus, strategic alliances such as product development by key players further drives the broth market growth.
Impact of COVID-19 Pandemic on Broth Market
Before the onset of the COVID-19 pandemic, the rising demand for healthy convenience food, and the growing popularity of healthy, nutritional, proteinaceous food products have been key growth enablers of the broth market. However, industries faced unprecedented challenges during the pandemic in 2020. The broth manufacturers faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. Disruptions in supply chains resulted in a shortage of raw materials, which affected the production and distribution of various products, eventually leading to price hikes.
In North America, disruptions in slaughtering and raw material sourcing operations hampered the growth of the broth market during the COVID-19 pandemic. A pause in manufacturing, and research and development activities hindered product development activities in the broth market. Hence, hampering the broth market growth. However, due to the rising focus of consumers on health and wellness, the demand for immunity-boosting and protein-rich food products and nutraceuticals (such as broth) has increased dramatically in North American countries.
In 2021, the marketplace in North America started recovering from financial losses incurred in 2020. The US government relaxed various restrictions, while manufacturing units resumed functioning with partial or full employee strength. These favorable conditions encouraged companies in the broth market in North America to increase their production volumes to overcome the demand and supply gap created during the peak pandemic period.
The report segments the broth market as follows:
Based on type, the broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. Based on category, the market is segmented into organic and conventional. In terms of distribution channel, the broth market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. Based on geography, the broth market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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