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January 2024
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Market Overview:
Seafood broth is a flavorful liquid made by simmering seafood bones, skin, shells and other components in water. It is commonly used as a base for soups or seafood rice and pasta dishes to enhance their taste and richness. Canned and packet seafood broths are gaining popularity among consumers due to their longer shelf life and convenience of use. Popular seafood varieties used for making broth include fish, shrimp, shellfish and salmon. Market Dynamics: Increasing demand for ready-to-eat seafood products: The fast-paced lifestyle of consumers has sparked a rise in demand for convenient ready-to-eat food items that can be prepared easily. Canned or packet seafood broths can be heated and used as a base to make dishes quickly at home without much effort. This factor is expected to drive the seafood broth market growth over the forecast period. Growing health consciousness: Consumers are increasingly becoming health conscious and prefer food items that offer nutritional benefits. Seafood broth being low in calories and high in protein, vitamins and minerals appeals to such health-minded consumers. This is expected to boost the product demand in the coming years. However, fluctuations in prices of raw materials used to make seafood broth can hamper the market growth. The global Seafood Broth Market Demand is estimated to be valued at US$ 748.6 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Segment Analysis The Seafood Broth market is dominated by the shellfish broth sub segment. This is because shellfish such as shrimp and crab have high demand across the world and their broth is very rich in taste and nutrition. The shellfish broth sub segment accounts for around 45% of the overall Seafood Broth market share. PEST Analysis Political: There are no significant trade barriers or restrictions affecting the Seafood Broth market globally. However, policies around seafood harvesting and sustainability practices could impact supply. Economic: The overall economic growth is driving higher disposable incomes and increased demand for premium products like Seafood Broth. Fluctuations in commodity prices can affect input costs for manufacturers. Social: Changing dietary habits and preferences towards health nutrition is increasing the popularity of Seafood Broth. However, issues around sustainability may impact consumer perception of certain seafood options. Technological: Advanced processing and packaging solutions help increase the shelf-life of Seafood Broth and open opportunities in export markets. Innovation in tastes and offerings also drives demand. Key Takeaways The global Seafood Broth market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing health consciousness among consumers. The market size for Seafood Broth is estimated to reach US$ 1,020.7 Mn by 2030. Regional analysis: The Asia Pacific region dominates the Seafood Broth market currently due to high seafood consumption. Within Asia Pacific, China and Japan account for more than 50% market share currently. North America is the fastest growing market for Seafood Broth driven by rising demand in the US. Key players: Key players operating in the Seafood Broth market are Campbell Soup Company, Nestle S.A., The Kraft Heinz Company, Pacific Foods of Oregon, Bar Harbor Foods, BUMBLE BEE Seafoods, More Than Gourmet, Kettle Cuisine, Bonafide Provisions, College Inn. Campbell Soup Company currently leads the market due to its wide product portfolio and global distribution network. Read More: https://www.rapidwebwire.com/seafood-broth-market-estimated-to-witness-high-growth-owing-to-rising-demand-for-convenience-food-products/
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