The global broth market was valued at US$ 7,387.20 million in 2019 and is projected to reach US$ 10,221.07 million by 2027; it is expected to grow at a CAGR of 4.5% from 2020 to 2027.
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.
The broth market, based on product type, is segmented into chicken broth, beef broth, vegetable broth, and bone broth. The bone broth segment accounted for the largest share of the market in 2019, followed by chicken broth. Chicken broth contains glycosaminoglycan. Glucosamine is a natural human metabolite of the components of connective tissuessuch as glycosaminoglycans, glycoproteins, and proteoglycans. It is commonly prescribed as a supplement to cure joint pain as it stimulates collagen production, repairs joints, and reduces pain and inflammations. It also contains amino acid glycine which is closely related to the immune and digestive system, and an important building block for many different acids that keep the body healthy. These health benefits of glycosaminoglycan content drives the market for chicken broth.
The broth market is segmented into North America, Europe, AsiaPacific (APAC), South America, and the Middle East and Africa (MEA). Europe held the largest share ofthe market in 2019, followed by North America and Asia Pacific, respectively. Increasing prevalence of leaky gut syndrome and arthritis among adults, owing to poor diet, support the demand for nutritious foodstuffs such as broth in Europe. Also, a general trend of consuming healthy food to avoid long-term medical expenses is also anticipated to fuel liquid stock size during the forecast period.
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 are among the well-established players in the global broth market.
As of September 2020, the US, Russia, India, Brazil, Mexico, and South Africa are among the worst-affected countries in terms of positive COVID-19 cases and reported deaths. According to the WHO figures updated in September 2020, ~29,734,104 confirmed cases and ~939,279 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food and beverages is one the world’s major industries suffering serious disruptions in the form of 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 broth market size has been derived in accordance with to both 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 and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the broth market.