North America Broth Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Chicken Broth, Beef Broth, Seafood Broth, Vegetable Broth, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarke

North America Broth Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Chicken Broth, Beef Broth, Seafood Broth, Vegetable Broth, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)

The North America broth market is expected to grow from US$ 1,916.79 million in 2022 to US$ 2,262.18 million by 2028. It is estimated to grow at a CAGR of 2.8% from 2022 to 2028.

Proliferation of E-Commerce Industry is Driving the North America Broth Market

The organized retail sector has undergone a massive transformation in recent years. The popularity of e-commerce has increased considerably due to its ability to transform the shopping experience of customers. Further, a rise in the penetration of the internet and smartphones, easy access to emerging technologies, a surge in the purchasing power of people, and the convenience of shopping from anywhere and anytime using online retail platforms are among the key factors bolstering the growth of e-commerce. According to the US Department of Commerce Retail Indicator Division, sales through e-commerce in the country were valued at US$ 870 billion in 2021, recording a rise of 14.2% compared to sales in 2020. Thus, with the rising penetration of e-commerce platforms in the region, the sale of various food and beverages, such as broth, is increasing through these platforms. People prefer online retail platforms to buy these products owing to the availability of varieties of different brands at affordable prices, coupled with detailed product descriptions, consumer ratings and reviews, and home delivery services. Moreover, broth manufacturers prefer e-commerce platforms over physical stores to sell their products to have a large customer reach with minimal investments. Thus, the flourishment of e-commerce platforms provides a lucrative opportunity to broth manufacturers to expand their sales and reach a more extensive consumer base.

North America Broth Market Overview

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. Thus, the rising demand for healthy food and beverages and increasing consumption of convenience food among the consumers across the region is fueling the demand for broth. Broth is widely consumed due to its nutritional composition with high protein content. According to the SPINS Data, the retail sales of shelf-stable bone broth increased by US$ 5.83 million in 2017 compared to the sales recorded in the previous year. A few of the key players operating in the North America broth market are Bare Bone Broth, Bonafide Provisions LLC, Kettle Fire & Inc., etc. Thus, broth manufacturing companies in North America are continuously enhancing their product portfolio and adopting strategic development initiatives such as business expansions to meet the customers' demands. For instance, in 2019, Lonolife, a California-based company, announced the launch of a new line of bone broth products. Such expansion of businesses by key market players is expected to boost the market growth during the forecast period.

North America Broth Market Revenue and Forecast to 2028 (US$ Million)

North America Broth Market Segmentation

The North America broth market is segmented into type, category, distribution channel, and country.

Based on type, the North America broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. In 2022, the chicken broth segment registered a largest share in the North America broth market.

Based on category, the North America broth market is bifurcated into organic and conventional. In 2022, the conventional segment registered a larger share in the North America broth market.

Based on distribution channel, the North America broth market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In 2022, the supermarkets and hypermarkets segment registered a largest share in the North America broth market.

Based on country, the North America broth market is segmented into the US, Canada, and Mexico. In 2022, the US segment registered a largest share in the North America broth market.

Barebones Ventures LLC; Bonafide Provisions LLC; Campbell Soup Co; Del monte Foods Inc; Epic Provisions LLC; Kettle & Fire Inc; Look's Gourmet Food Company Inc; The Hain Celestial Group Inc; The Manischewits Co; and Zoup Specialty Products LLC are the leading companies operating in the North America broth market.

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