Report : Broth Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (Chicken Broth, Beef Broth, Vegetable Broth, and Bone Broth); Sales Channel (DTC, Specialty Channel Retailers, Mass
Consumer Preference for Nutritious Food to Boost BrothMarketGrowth at4.5%CAGR during 2020–2027
According to our latest market study on “Global Broth Market to 2027 – COVID-19 Impact and Analysis – byProduct Type (Chicken Broth, Beef Broth, Vegetable Broth, and Bone Broth); Sales Channel (DTC, Specialty Channel Retailers, Mass Market Retailers, Club Retailers, Conventional Grocery Retailers, and Foodservice); Nature (Organic andConventional), and Geography,” the market is accounted for US$ 7,387.20 million in 2019and is expected to grow at CAGR of 4.5%during 2020–2027, to account for US$ 10,221.07 million by 2027. The report highlights key factors driving the market growth and the prominent players, along with their key market developments.
Broth is savory liquid that is made by simmering bones, meat, and vegetables in water. It can either be consumed as is or used as a base in soups, gravies, and sauces. Sometimes,roasted bones are used to add a darker color and caramelized flavor. Broths are known for versatile nutrient composition and high protein content. The rising demand for health and wellness consumables and the increase in awareness regarding the health benefits of broths drive the global broth market. On the basis of product type, the market is segmented into chicken broth, beef broth, vegetable broth, and bone broth. In 2019, the bone broth segment held a major market share. Bone broth is the reduction of the mixture of animal bones, cartilages, and connective tissue simmered in water with some added flavors. It is known for high micronutrient and macronutrient. it is a source of gelatin, which may break down into collagen in the body. The collagen can improve knee joint issues, such as pain, stiffness, and poorer physical function, in people with osteoarthritis.Bone broth is available in beef, chicken, and fish varieties in the market.
Rapid shift in consumer food preferences, along with increasing health concerns, is supporting the broth market growth. Health benefits conferred by broths—such as improved immunity, hydration, muscle protein synthesis, weight maintenance, and delayed aging—influence the demand for the same. According to a Nielsen Global Health and Wellness report,50% of the global respondents believe that they are overweight and the remaining respondents are trying to lose weight. People seek fresh products that are natural, organic, and minimally processed. Youngsters are most willing to purchase premium goods due to health attributes and are ready to accept healthier nutrition to transform their food habits.
The North America broth market is expected to grow at the highest CAGR during 2020–2027. The US is dominating the regional market, followed by other countries such as Canada and Mexico. The increasing health concerns among consumers drive the growth of the broth market in North America. Also, broth product manufacturing companies in North America are continuously enhancing their product portfolio to meet the customers demand.A few of the key broth providers in the region are Bare Bone Broth, Bonafide Provisions LLC, and Kettle Fire & Inc.The bone broth is further processed into powder to form an animal protein additive. The rising demand for health and wellness consumables in this region is expected to result in the steady growth of the bone broth market.
The COVID-19 outbreak has affected economies and industries in various countries due to government-imposed, as well as self-imposed, lockdowns, travel bans, and business shutdowns. Food processing is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The global market collapse due to the spread of COVID-19 is also affecting the growth of the broth market.
The global broth market is concentrated with several well-established players. The key players operating in the global broth market include Bare Bone Broth, Bonafide Provisions LLC, Kettle & Fire Inc., Del Monte Foods Inc., Paleo Broth Company, Zoup! Speciality Products, Campbell Soup Company, McCormick & Company Inc., Unilever, Hain Celestial Group, The Manischewitz Company, and Epic Provisions LLC.
Report Segments Global Broth Market asFollows:
Broth Market, by Product Type
Broth Market, by Nature
Broth Market, by Distribution Channel
Global Broth Market,by Geography