Global Broth Market - 2023-2030

Global Broth Market - 2023-2030

The Global Broth Market reached US$ 5.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 6.7 billion by 2030. The market is growing at a CAGR of 3.4% during the forecast period 2023-2030.

The broth market is expanding toward the vegan and vegetarian populations. Plant-based broths are gaining traction as a flavorful and nutrient-rich alternative to conventional meat-based broths. With the increasing adoption of plant-based diets, the demand for vegetable broths is anticipated to rise, contributing to overall broth market growth.

Convenience plays a vital role in the growth of the broth market. Ready-to-use liquid broths and powdered broth mixes offer convenience and time-saving solutions for consumers. The demand for such products is expected to remain strong, particularly among busy individuals and those looking for quick and easy meal options, which further expands market growth.

Market Dynamics

Growing Vegan and Vegetarian Population Drive the Market Growth

The rise of the vegan and vegetarian population is leading to a consumer base for broth products. As individuals are embracing plant-based diets, the market for vegan and vegetarian broths is expanding and attracting consumers seeking flavorful and nutritious alternatives to animal-based broths.

The increasing number of individuals adopting vegan and vegetarian lifestyles is creating a demand for plant-based alternatives to traditional meat-based broths. Manufacturers are responding to this market opportunity by developing vegetable-based broths and expanding the product range available in the broth market.

The Increasing Demand for Convenient and Easy-To-Use Products Drives Market Growth

Consumers particularly those with busy lifestyles, are seeking convenience in their food choices. The demand for convenient and easy-to-use broth products is growing rapidly as consumers look for quick and hassle-free meal solutions. This expanding market is presenting opportunities for broth manufacturers to cater to the needs of convenience-seeking consumers.

Ready-to-use liquid broths eliminate the need for time-consuming preparations. They are convenient for consumers who want to save time and effort in cooking. The availability of a wide range of ready-to-use liquid broth products in the market is catering to this demand for convenience.

Availability of Broth Substitutes Hamper the Market Growth

Broth substitutes are often more affordable than traditional broth products. Price-conscious consumers are choosing substitutes as a cost-effective option, especially when using larger quantities or for everyday cooking. The availability of lower-priced alternatives is limiting the market potential for higher-priced broth products.

Broth substitutes often have longer shelf lives and can be stored for extended periods without refrigeration. This characteristic can be appealing to consumers who prefer to stock their pantry with long-lasting products. The extended shelf stability of substitutes can impact the demand for fresh or refrigerated broth, limiting the market growth.

COVID-19 Impact Analysis

The closure and limited operations of restaurants, cafes, and other food service establishments significantly impacted the demand for broth products in the food service sector. The decline in out-of-home dining resulted in reduced orders from the food service industry, affecting the overall market.

However, the pandemic has heightened consumer awareness of health and wellness. The broth is often perceived as a nutritious and immune-boosting food due to its potential health benefits. This perception drove demand for broth as consumers sought to support their well-being during the pandemic.

Artificial Intelligence Impact Analysis

Artificial intelligence (AI) can enhance supply chain management by improving inventory management, demand forecasting, and logistics optimization. AI algorithms can analyze historical sales data, market trends, and external factors to predict demand patterns, optimize inventory levels, and streamline distribution channels. This can help manufacturers reduce costs, minimize stockouts, and improve overall supply chain efficiency.

AI-powered analytics can enable personalized marketing strategies for broth manufacturers. By analyzing consumer data and preferences, AI algorithms can help identify target audiences, develop targeted marketing campaigns, and deliver personalized product recommendations to consumers. AI-powered chatbots and virtual assistants can also enhance customer engagement by providing personalized assistance, answering queries, and offering cooking suggestions.

Segment Analysis

The global broth market is segmented based on type, nature, distribution channel, and region.

Increasing Demand for Long-Standing Chicken Broth

The chicken broth segment holds the largest share of the global broth market, indicating its strong position and popularity among consumers worldwide. Chicken broth has a long-standing culinary tradition in many cultures, making it a staple ingredient in numerous recipes. It’s familiarity and established reputation are contributing to its widespread acceptance and demand in the market.

The availability and convenience of chicken broth products are contributing to its market dominance. Manufacturers are offering a wide range of chicken broth options. These products cater to consumers' preferences for convenience, enabling them to easily incorporate chicken broth into their cooking without the need for extensive preparation, which further expands the segment’s growth.

Geographical Analysis

Increasing Consumer Preference Towards Culinary Broth in Asia Pacific

Asia Pacific region dominates the largest share of the global broth market, establishing its supremacy in the industry. The market dynamics in Asia, driven by factors such as cultural preferences, a large population, and a flourishing food industry, contribute to its market dominance. With a rich culinary heritage that heavily relies on broths as essential ingredients, Asian countries have a strong demand for broth products.

The region's sizable population, particularly in countries like China and India, is creating a substantial consumer base for broth products. The availability and variety of broth options tailored to Asian tastes further fuel the market's growth. Manufacturers are offering a wide range of broth options tailored to the specific tastes and preferences of Asian consumers.

Competitive Landscape

The major global broth market players include The Manischewitz Co., Barebones Ventures LLC, Bonafide Provisions LLC, Kettle & Fire Inc., Zoup Specialty Products LLC, Campbell Soup Co., Epic Provisions LLC, Pacific Foods of Oregon, LLC, General Mills, and Progresso.

Why Purchase the Report?
• To visualize the global broth market segmentation based on type, nature, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the broth market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global broth market report would provide approximately 61 tables, 61 figures, and 122 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies