The Europe broth market is expected to grow from US$ 2,161.49 million in 2019 to US$ 2,974.33 million by 2027; it is estimated to grow at a CAGR of 4.4% from 2020 to 2027.
The Europe broth market is anticipated to account for a remarkable share of the global broth market during the forecast period. The expansion of the retail industry along with high consumer reliability drives the growth of the Europe broth market. The retail foot traffic in both mall stores and stand-alone stores has been reduced in the past few years, and it is likely to continue during the forecast period. Amazon and other online retail companies hold a massive share in a slew of retail categories. Brands are now able to sell their products directly to consumers. Customer relationships are also now becoming digital-centric as consumers spend, on average, almost six hours on digital media daily. Digital channels are becoming the primary source for customers to purchase products, thus the retail market is growing. Although the e-commerce sector is growing rapidly across the region, physical stores are expected to remain an important part of customers’ shopping experience in the coming years.
In terms of product type, the bone broth segment led the Europe broth market in 2019. Bone broth is a soup that is made by using bone and bone cartilage of chicken or beef. The demand for bone broth is increasing due to its versatile nutritional composition and high protein content. This type of broth offers various health benefits such as weight loss, joint pain relief, skin wrinkling and aging protection, and appetite reduction. The bone broth products also contain the highest amount of minerals—such as calcium and magnesium—than other animal protein-based products, giving a competitive edge over other animal protein sources resulting in growing demand. Thus, the rising demand for healthy food and beverage products drives the growth of the bone broth market in Europe.
Bare Bone Broth, Del Monte Foods Inc., Paleo Broth Company, Campbell Soup Company, McCormick & Company Inc., Unilever, and Hain Celestial Group are a few players operating in the Europe broth market.
At present, major countries in Europe are under lockdown due to the COVID-19 outbreak. Italy is the hardest-hit country in Europe as it recorded the highest number of COVID-19 cases. The country is experiencing an economic downturn due to the lack of revenue from various industries. Other European countries are also implementing drastic measures and travel restrictions by partially closing their borders. Also, isolation and social distancing measures have been imposed in the high-impact countries in the region. The lesser production of goods and commodities is hampering the growth of the Europe broth market as the demand for these products is witnessing decline since past couple of months.
The overall Europe broth market size has been derived using 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. The process also serves the purpose of obtaining an overview and forecast for the Europe broth market with respect to all the segments pertaining to the region. 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 associated with 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 Europe broth market.