The scope of our recent study titled "Broth Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Chicken Broth, Beef Broth, Seafood Broth, Vegetable Broth, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

The broth market is projected to reach US$ 6,315.40 million by 2028 from US$ 5,180.51 million in 2022. It is expected to register a CAGR of 3.4% from 2022 to 2028.

The broth is a clear, nutrient-dense soup made by cooking (simmering) animal bones, cartilage, and meat in water. Broth can be made with chicken, beef, pork, seafood, or vegetables. It is typically seasoned, and it finishes as a thin, flavorful liquid that does not require gel when chilled. Although it can be consumed as is, it is widely used to prepare soups, gravies, and sauces.

Based on type, the broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. The chicken broth segment held the largest share of the broth market in 2022, and the vegetable broth segment is projected to register the fastest CAGR during the forecast period. Vegetable broth is made by simmering vegetables in water. It is a rich source of fiber and contains essential nutrients such as vitamins, minerals, and proteins. Vegetable broth contains a high amount of vitamin A that enhances vision and helps prevent eye diseases such as cataracts and glaucoma. The macronutrients and micronutrients content, and high protein concentration are expected to fuel the demand for vegetable broth in the coming years.

The broth market is segmented into five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America held the largest share of the market in 2022, and Asia Pacific is expected to register the fastest CAGR during the forecast period. The market in North America is segmented into the US, Canada, and Mexico. A majority of the population in the region is focused on adopting a healthy lifestyle, especially after the onset of the COVID-19 pandemic. They prefer consuming food and beverages with high nutritional value to boost immunity. In addition, the rising consumption of convenience food in the region accelerates the demand for broth in this region. Thus, such increasing demand for bone broth is further expected to drive broth market growth in North America.

Impact of COVID-19 Pandemic on Broth Market

Amid lockdowns, travel restrictions, trade limitations, manufacturing unit shutdowns, and other government restrictions, the food & beverages industry in Europe faced significant challenges in the form of raw material and manpower shortages, elevated raw material prices, and disrupted distribution networks. On the other hand, the demand for broth increased due to people's inclination toward immunity-boosting products and awareness about the health benefits associated with broth. Moreover, e-commerce grabbed significant growth opportunities upon the onset of the COVID-19 pandemic as people were mandated to stay at home, and many brick-and-mortar stores were shut down in the region in 2020. Thus, online retailers witnessed tremendous demand for packaged food products and beverages owing to their home delivery services.

In 2021, the European marketplace witnessed a positive recovery as governments of various countries announced relaxations in previously imposed restrictions and permitted manufacturers to work at full capacities. Thus, increased production volumes and improved supply chain operations have bolstered the broth market growth across Europe.

The report segments the broth market as follows:

Based on type, the broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. Based on category, the market is segmented into organic and conventional. In terms of distribution channel, the broth market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. Based on geography, the broth market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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