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,

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)

The broth market is projected to reach US$ 6,315.40 million by 2028 from US$ 5,180.51 million in 2022. It is expected to register a CAGR of 3.4% from 2022 to 2028.

The broth is a savory liquid that has a thin consistency. It is made by boiling meat, fish, vegetables, bones, and other ingredients such as seasonings and flavors in water. Broths serve as rich sources of protein and are usually consumed before or during meals. They possess unique flavors and aromas, which is adding to their popularity among consumers who are concerned about their health but don’t want to compromise on taste and flavor.

Based on type, the broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. The chicken broth segment accounted for the largest share of the market in 2022, and the vegetable broth segment is expected to register the highest CAGR during the forecast period. The food and beverage industry are one of the prominent end users of broths. As the broth is extensively used in food & beverage industry, it further drives the broth market growth.

In the Middle East & Africa, South Africa recorded the highest number of COVID-19 cases, followed by Saudi Arabia and the UAE. Lockdowns imposed by governments of the MEA countries caused notable disruptions in distribution networks, affecting the sales of various companies. However, the sales of immunity-boosting and healthy products have increased in these countries. The broth market across the region is projected to register growth in the coming years owing to the rising awareness regarding the benefits of broth and the increasing popularity of packaged food and beverages. Moreover, the increased popularity of convenience food during the pandemic has added to the demand for broth in the Middle East & Africa.

Based on region, the broth market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, North America held the largest share of the broth market, and Asia Pacific is estimated to register the fastest CAGR over the forecast period. The broth market in North America is segmented into the US, Canada, and Mexico. The North America broth market is segmented into the US, Canada, and Mexico. A majority of the population in the region is adopting a healthy lifestyle. They prefer consuming food and beverages with high nutritional value that provide immunity boost and other health benefits, especially after the onset of the COVID-19 pandemic. For example, broth is mainly consumed due to its nutritional composition with high protein content. Thus, the North America broth market is growing due to the rising demand for healthy food and beverages among the consumers across the region. Moreover, the rising consumption of convenience food in the region further accelerate the demand for broth. According to the SPINS Data, the retail sales of shelf stable bone broth increased by US$ 5.83 million in 2017 than the sales in previous year. Thus, such increasing demand for bone broth is further expected to drive the broth market growth in the region.

The key players operating in the broth market include Manischewitz 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 are focused on new product launches and geographic expansions to meet the growing consumer demand worldwide.

The overall broth market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs; business development managers; market intelligence managers; national sales managers; and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the broth market.

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