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Global Broth Market Is Expected to Reach USD 7.40 Billion by 2028 : Fior Markets

Broth Market by Product Type (Vegetable Broth, Beef Broth, Poultry Broth and Bone Broth), Nature (Shelf Stable and Refrigerated), Distribution Channel, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

Newark, NJ, Feb. 05, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global broth market is expected to grow from USD 4.86 billion in 2020 and to reach USD 7.40 billion by 2028, growing at a CAGR of 4.79% during the forecast period 2021-2028.

The increasing inclination towards the adoption of a healthy lifestyle has led to the growth of the broth market. Therefore, the demand for healthy food products has surged in recent years. The consumption of broth satisfied the nutritional requirements of the body, and thus is beneficial for bodybuilders and athletes. The broth recipes are becoming popular around the world as it is good in taste and is nutritious as well. There are many new vendors who are willing to enter the market due to the growing popularity of broth in the preparation of dishes.

Broth is referred to as the liquid, which is prepared by adding simmered meat or vegetables in it. It is thick in texture and is used as an important ingredient in the preparation of many dishes. It contains different flavors and thus enhances the taste of dishes in which it is being used. These flavors arise from aromatic vegetables, herbs and spices. Also, it does not get chilled when refrigerated, which makes it suitable to be used even after a few days. As the broth is seasoned and salted, it is even considered to be a dish in itself.

The increasing technological advancements in the food and beverages industry will drive the growth of the market further. These advancements led to the development of enhanced automation lines, especially for specialty food products such as broth. The innovative preparation styles have helped to aid the market demand. Apart from this, the growing demand for packaged food products has propelled the use of broth. However, the stringent norms regarding the processing of meat products leads to a rise in production cost.

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Key players operating in the broth market are Progresso, Pacific Foods of Oregon, Paleo Broth Company, Campbell Soup Company, College Inn, Manischewitz, Bare Bones Broth, Knorr, Del Monte Food Inc., Hain Celestial Group, Bonafide Provisions, The Stock Merchant, Belcampo, Kettle & Fire, among others. The major players in the broth market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global broth market. Campbell Soup Company and Progresso Systems are some of the biggest manufacturers and suppliers of broth worldwide.

The poultry both dominated the market and held the largest market share of 39.86% in the year 2020

Based on the product type segment, the global broth market includes vegetable broth, beef broth, poultry broth and bone broth. The poultry both dominated the market and held the largest market share of 39.86% in the year 2020. The demand for poultry products such as chicken meat and eggs is high among fitness enthusiasts; thus, as a result, these consumers prefer to consume broth made from such products. However, the demand for bone broth is expected to register a high growth rate during 2021-2028. It is rich in nutrition, such as magnesium and calcium. Also, the protein content in bone broth is relatively higher.

The shelf-stable segment is expected to grow by 4.87% CAGR during the year 2021-2028

Based on the nature segment, the global broth market includes shelf-stable and refrigerated. The shelf-stable segment is expected to grow by 4.87% CAGR during the forecasted year. The shelf-stable broth is widely available in specialty stores. Also, the demand for it is increasing due to its organic nature and high quality of taste. With the increase in consumer awareness, their preferences are also shifting, which is working in favor of the segment.

The multi-outlet dominated the market and held the largest market share of 34.19% in the year 2020

Based on the distribution channel segment, the global broth market includes specialty gourmet, multi-outlet, club retailers, grocery retailers, and online. The multi-outlet dominated the market and held the largest market share of 34.19% in the year 2020. Multi-outlets have an extensive presence in many regions around the globe. Due to their wide presence, the consumers find it convenient to visit such stores on a frequent basis. However, the presence of specialty gourmets is increasing. These channels offer a lot of options for the consumer to choose from based upon their requirements and taste.

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Regional Segment Analysis of the Broth Market

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global broth market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America accounted for a significant market share of 37.30% in the year 2020. The local population of the region has an inclination towards convenience food products. With the use of broth, many instant packaged food products can be made flavourful. Thus, the demand for meat-based broth is increasing rapidly in countries such as the US and Canada. However, Asia-Pacific is expected to witness a lucrative growth rate during 2021-2028. The growing health consciousness, coupled with increasing per capita income, is accelerating the growth of the market in many countries of the region like India, China, Japan and Malaysia. Also, the consumption of meat has increased in the region, which has prompted many manufacturers to expand their base in these countries.

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About the report: 

The global broth market is analyzed based on value (USD Billion), volume (grams), export (grams), and import (grams). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the market's key insight. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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About Fior Markets

Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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