The Broth Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Broth Global Market Report 2024, The broth market size has grown strongly in recent years. It will grow from $4.83 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to rising interest in natural and organic foods, health and wellness trends, convenience and ready-to-eat foods, focus on sustainability and ethical sourcing, culinary trends and fusion cuisine.
The broth market size is expected to see strong growth in the next few years. It will grow to $6.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to plant-based and alternative broths, e-commerce and online retailing, functional and health-boosting ingredients, globalization of culinary preferences, rise of broth-based beverages. Major trends in the forecast period include innovative packaging solutions, collaborations and limited edition offerings, broth subscription services, transparency in labeling and sourcing, broth-based snacks and condiments.
The rising fortified food and beverage industry is expected to propel the growth of the broth market going forward. Fortified food and beverage refer to products enriched with additional nutrients that are not naturally present or are present in insufficient amounts. Broth, especially bone broth, is perceived as a nutritious and natural source of vitamins, minerals, and proteins, which drives its popularity among health-conscious consumers. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a Canada-based government agency, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, In addition, they are projected to reach $79.1 billion in 2025, up 3.5% compared to 2021. Therefore, the rising fortified food and beverage industry drives the broth market.
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The broth market covered in this report is segmented –
1) By Type: Chicken Broth, Beef Broth, Vegetable Broth, Seafood Broth, Other Types
2) By Category: Organic, Conventional
3) By Nature: Shelf Stable, Refrigerated
4) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Retail, Other Distribution Channels
Product innovation is the key trend gaining popularity in the broth market. Major companies operating in the broth market are concentrating on creating innovative products to strengthen their position in the market. For instance, in March 2023, Z Natural Foods, a US-based company specializing in natural and organic food products, introduced its instant chicken bone broth soup base powder, offering a convenient way to enjoy the health benefits of bone broth. This natural product contains organic ingredients such as chicken bone broth, carrots, tomatoes, shiitake mushrooms, and onions. With this nutritious and flavorful blend, creating delicious soups, stews, sauces, and other culinary creations becomes effortless.
The broth market report table of contents includes:
1. Executive Summary
- Broth Market Characteristics
- Broth Market Trends And Strategies
- Broth Market – Macro Economic Scenario
- Global Broth Market Size and Growth
. - Global Broth Market Competitive Benchmarking
- Global Broth Market Competitive Dashboard
- Key Mergers And Acquisitions In The Broth Market
- Broth Market Future Outlook and Potential Analysis
- Appendix
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