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Broth market size worth over $3 billion by 2026
Published Date: September 16, 2020Broth Market size is set to surpass USD 3 Billion by 2026, according to a new research report by Global Market Insights Inc. Rising ready to eat food consumption predominantly due to rising working population and busy lifestyle will further expand market size.
Rapid shift in consumer food preferences along with rising health concerns should promote broth market growth. Health benefits including hydration, improved immunity, muscle protein synthesis, anti-aging and weight loss properties should promote product demand.
Increasing leaky gut syndrome & arthritis prevalence among adults owing to unbalanced diet regimes will further boost product demand. According to Arthritis Foundation, more than 54 million Americans with arthritis problem were diagnosed in 2019. By 2040, the U.S. population aged over 65, suffering from arthritis accounting for over 20% of total population. Increasing preference for healthy food across the globe in order to mitigate long-term medical expenses is also expected to propel the broth market growth.
Growing refrigerated type broth utilization will have a positive influence on market advancement
Refrigerated type broth market is expected to register 3.5% CAGR through 2026. Shift in manufacturer preference for chilled and frozen meals to enhance product shelf life and avoid losses is expected to fuel the broth market segment growth. Persistent refrigeration techniques improvement and growing processed foods demand in developing countries expected to propel industry size over the forecast period.
Browse key industry insights spread across 230 pages with 337 market data tables and 11 figures & charts from the report, “Broth Market By Type (Shelf Stable [By Product {Beef, Poultry, Vegetable}, By Distribution Channel {Multi Outlet, Specialty Gourmet Channel}], Refrigerated [By Product {Beef, Poultry, Vegetable}, By Distribution Channel {Multi Outlet, Specialty Gourmet Channel}]), Industry Analysis Report, Regional Outlook” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/broth-market
“According to market analysis and trends, refrigerated type broth market from Multi-outlet distribution channel is expected to grow at CAGR of over 3.5% from 2020 to 2026.”
Fostering Multi-outlet distribution channel will stimulate industry expansion.
Refrigerated type broth market from Multi-outlet distribution channel is expected to exceed USD 315 million by 2026. Expansion of retail industry along with high consumer reliability has fueled the product demand through this channel. Factors including promotional strategies pertaining to discount and improved buying convenience are propelling product sales. In addition, rising living standard along with increasing number of stores globally will provide lucrative opportunities for the broth market expansion.
Rising geriatric population in the region should foster market expansion
Europe broth market is expected to exceed USD 1.5 billion by 2026 and is forecast to grow over 3.5% through 2026. Rising geriatric population and increasing health care services expenditures will support demand for the additional healthy food products. According to Eurostat, people aged 65 and above accounted for over 19% of the population in 2016. Key beneficial attributes including healing of joint pain, enhanced bone strength and improved metabolism will promote product sales.
Key manufacturers in the broth industry are Campbell Soup Company, Del Monte, Knorr, General Mills, Pacific Foods of Oregon and Manischewitz are funding into latest product releases to enhance product portfolios. In February 2018, General mills announced the acquisition of Blue Buffalo Pet Products. This strategy would help the company in accelerating the portfolio reshaping plan and also in the fast production of products in the overall pet food market.
In June 2017, International Dehydrated Foods introduced CHiKPURE, an organic chicken protein powder for kids, senior, and family member. This strategy was to extend product range along with improve market share of company.