LONDON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s broth global market report 2023, the global broth market is set to witness robust growth, with a projected increase from $4.55 billion in 2022 to $4.83 billion in 2023, showcasing a Compound Annual Growth Rate (CAGR) of 6.1%. The trajectory continues upward, with the broth market expected to reach $5.91 billion in 2027, maintaining a CAGR of 5.1%.
Driving Factors: Fortified Food and Beverage Industry
The surge in the fortified food and beverage sector is a key driver propelling the broth market's expansion. Fortified products, enriched with essential nutrients, have seen a significant uptick. Broths, especially bone broths, are recognized as natural sources of vital nutrients. As reported by Agriculture and Agri-Food Canada, the retail sales value of fortified foods in the U.S. increased to $68.9 billion in 2021, further emphasizing the growing demand for nutritious options. This trend acts as a catalyst for the flourishing broth market.
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Industry Trend: Product Innovation Takes Center Stage
Innovation stands out as a pivotal trend in the broth market, with major players focusing on creating novel products. For instance, Z Natural Foods introduced an instant chicken bone broth soup base powder, providing a convenient way to enjoy the health benefits of bone broth. This highlights the industry's commitment to offering consumers innovative and nutritionally rich options.
Market Landscape: Major Players and Strategic Moves
Key players in the broth market include Unilever plc, Ajinomoto Co. Inc., Campbell Soup Company, and Del Monte Foods Inc. The market is witnessing strategic acquisitions, such as Del Monte's acquisition of Kitchen Basics from McCormick & Co., indicating a drive for portfolio expansion and market presence.
Regional Dynamics
In 2022, North America led the broth market, while Asia Pacific emerges as the fastest-growing region in the forecast period.
Market Segmentation
- By Type: Chicken Broth, Beef Broth, Vegetable Broth, Seafood Broth, Other Types
- By Category: Organic, Conventional
- By Nature: Shelf Stable, Refrigerated
- By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Other Distribution Channels
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As the broth market continues to flourish, players can leverage the insights from the Broth Global Market Report 2023 to make informed decisions. With a focus on innovation, strategic acquisitions, and understanding regional dynamics, businesses can position themselves for success in this growing market.
Broth Global Market Report 2023 by The Business Research Company provides insights on the broth market size, broth market segments, broth market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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