Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Broth Market Share, Size, Trends, Industry Analysis Report, By Type, By Category, By Distribution Channel, By Region, Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.
The global broth market is poised to attain a significant market size of USD 10.86 billion by 2032. This comprehensive report offers detailed insights into current market dynamics and presents an analysis of future growth prospects.
The rising demand for plant-based diets is a primary driver behind the growth of the broth market. This demand has led to the emergence of vegetable-based broths, which are crafted from plant-based ingredients and cater to those following a vegan or vegetarian diet.
Developing countries are witnessing a growing need for and acceptance of plant-based food products. In India, for instance, there is a rising demand for plant-based alternatives, with 34% of Indian consumers expressing a desire to transition to a fully plant-based diet, according to a study published by Financial Express. The demand for plant-based alternatives to traditional animal-based broths is on the rise.
Furthermore, the growing popularity of the bone broth diet trend has significantly fueled the broth market. Consumers are increasingly incorporating bone broth into their diets as they seek to enhance their health and well-being. The bone broth diet trend has gained significant attention on platforms like TikTok, garnering over 155 million views.
It has also received endorsements from celebrities such as Gwyneth Paltrow and Kylie Jenner. Claims about its potential benefits, including weight loss, reduced bloating, and improved skin health, have contributed to its popularity. As a result, beverages made from animal bones are becoming more readily available in supermarkets and health food stores, further boosting market growth.
Drivers and Opportunities:
- Growing interest in the role of the gut microbiome in overall health.
- Rising adoption of probiotics and prebiotics.
Restraints and Challenges:
- Stringent government regulations during meat processing.
Broth Market Report Highlights:
- Chicken Broth Segment: The chicken broth segment is expected to witness rapid growth due to its popularity and the increasing consumer preference for natural and organic products.
- Conventional Segment: The conventional segment has accounted for a higher growth rate owing to its widespread availability and ongoing product innovation.
- Supermarkets and Hypermarkets Segment: This segment is projected to experience a larger revenue share due to attractive promotional offers.
- Asia-Pacific Growth: The Asia-Pacific region has garnered the highest growth rate due to the growing demand for plant-based broths resulting from reduced meat consumption in the region.
- North America and Europe: These regions are expected to have a larger revenue share due to the increasing health consciousness prompted by the pandemic.
Key Global Players:
Leading global players in the broth market include Ancient Nutrition, Osius Bone Broth, Manischewits, The Hain Celestial, Look's Gourmet Food Company, Del Monte Foods, Zoup Specialty Products, Unilever, Knorr, General Mills, and Epic Provisions.
The broth market report is segmented based on type, category, distribution channel, and region:
- Chicken Broth
- Beef Broth
- Seafood Broth
- Vegetable Broth
Distribution Channel Outlook:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
- Latin America (Argentina, Brazil, Mexico)
- Middle East & Africa (UAE, Saudi Arabia, Israel, South Africa)
|No. of Pages||115|
|Forecast Period||2023 - 2032|
|Estimated Market Value (USD) in 2023||$8.03 billion|
|Forecasted Market Value (USD) by 2032||$10.86 billion|
|Compound Annual Growth Rate||3.4%|
For more information about this report visit https://www.researchandmarkets.com/r/bmueey
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plant-based hain celestial