The seafood broth market consists of a variety of broth and soup preparations that are made by thorough simmering of seafood scrap parts like shells, bones, heads and tails in water. The broth derived has a rich and intense seafood flavor that is used for making soups, rice, noodles and other seafood preparations. Seafood broths are enriched with vitamins, minerals and other nutrients from bones, shells and cartilage. They are low in calories and fats making them a healthy option for diet conscious individuals. Factors like the growing health-conscious population and awareness about nutrition benefits of seafood broths are driving significant demand in the market.
The Global Seafood Broth Market is estimated to be valued at US$ 862.39 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the seafood broth market are ATM S.A. (ATMAN), Equinix, Inc., Aruba S.p.A., Beyond.pl, EdgeConneX Inc., Virtua Operator, Exea Data Center, Comarch SA, OVH, T-Mobile Polska, SNP Poland Sp. z o.o. These players are focusing on expanding their production capacities and capabilities to meet the growing demand.
The increasing population of health-conscious individuals is driving significant demand for nutrition-rich seafood broths. Consumer awareness about various health benefits of seafood consumption is also boosting the market.
Technological advancements in automated broth preparation processes have improved yield and product consistency. New products fortified with additional minerals, proteins and herbal extracts are gaining traction.
Market Trends
Online Retail - Growing internet and smartphone penetration are boosting the online sales of packaged seafood broths through e-commerce websites and brands’ own sites. This opens large market access for brands across geographies.
Fortified Products - Demand is increasing for seafood broth products fortified with additional nutrients like vitamins, proteins and medicinal herbs to enhance their health value. Products with emphasis on immunity, bone health are gaining traction.
Market Opportunities
Ready-to-Drink Bottled Broths - Convenience driven buyers prefer ready-to-drink bottled seafood broths that can be consumed directly without requirement of additional preparation. This offers potential for new product development.
Institutional Sales - Increased seafood consumption in cafeterias, company canteens, nursing homes provides scope for institutional sales of seafood broths through B2B tie-ups. This ensures stable demand and revenues.
Impact of COVID-19 on Seafood Broth Market Growth
The outbreak of the COVID-19 pandemic has hugely impacted the global seafood broth market. During the initial lockdown phases, the supply chain disruptions led to a decline in the production and availability of seafood broth products. This was mainly due to shortage of raw materials, workforce, and transportation difficulties. However, with people spending more time at home, the demand for ready-to-eat food items including seafood broth increased. This has driven many manufacturers to improve their online distribution channels and home delivery services. Although production volumes reduced during the early months of pandemic, players are now implementing strategies to meet the rising demands. Governments in various countries have also eased restrictions to normalize business operations while ensuring necessary safety protocols. In the future, emphasis on health and immunity boosting foods may further boost the demand for seafood broth products globally. Companies need to focus on digital marketing, innovative packaging solutions, and expanding e-commerce presence to cater growing needs of consumers.
Europe has traditionally been the largest regional market for seafood broth owing to high seafood consumption. Countries like France, Italy, Spain and the UK account for a major share of the European seafood broth market in terms of value. With growing health and wellness trends, demands have steadily risen across different European nations. The Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like China, Japan, Indonesia, Vietnam and Philippines are major producers and consumers of seafood. Rising incomes, expanding middle-class population and growing awareness about nutritional benefits are driving demands in the Asia Pacific seafood broth market. North America is another prominent geographical region due to high seafood consumption in countries like the US and Canada.
Geographical regions concentrated in terms of value:
Europe has traditionally been the Seafood Broth Market Demand largest and most valuable regional market for seafood broth globally. Countries like France, Italy, Spain and UK account for a major share of the European seafood broth market worth hundreds of million dollars combined. With growing health awareness and high seafood consumptions, demands have steadily grown across different European nations over the past decade.
Fastest growing region:
The Asia Pacific region is projected to be the fastest growing market for seafood broth during the forecast period. Major factors influencing growth include rising disposable incomes, expanding middle-class population, and growing health consciousness among consumers in countries like China, Japan, Indonesia, Vietnam and the Philippines. These nations also have a strong seafood culture and production base, which is accelerating market demands. The market value in Asia Pacific is estimated to double in the next 5-7 years.
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