Market Overview:
Seafood broth is a flavorful liquid made by simmering seafood scraps, shells, bones and vegetables in water. It is used for enhancing seafood dishes by adding more taste and aroma. Seafood broths retains and intensifies the flavor of seafood whereas providing moisture and complexity to soups, stews and other dishes.
Market key trends:
One of the key trend in the seafood broth market is the growing demand for organic and natural seafood broth products. Consumers are increasingly preferring organic foods due to rising awareness regarding health benefits of chemical-free foods. Organic seafood broth containing natural ingredients and no artificial preservatives or flavors are gaining popularity among health conscious consumers. Additionally, rapid urbanization coupled with rising disposable income has increased the consumption of convenience and ready-to-eat food products globally. This has propelled the demand for ready-to-use seafood broth which saves time for working population.
SWOT Analysis
Strength: Seafood broth provides various health benefits like improving immunity, heart health and bone strength due to presence of minerals like iodine, selenium, vitamins and proteins. It is easy and quick to prepare at home with raw or cooked seafood scraps.
Weakness: Seafood broth contains high sodium content which can increase blood pressure in consumers with sodium sensitivity. Quality of seafood broth may vary considerably depending on base ingredients used by manufacturers.
Opportunity: Rising health consciousness and preference for nutritious ready-to-eat food products present an opportunity for seafood broth manufacturers to introduce lower sodium and organic options. Growing culinary industry also offers scope to develop new seafood broth recipes.
Threats: Stringent food safety regulations globally for seafood products threaten small players. Intense competition from plant-based broth makers also poses challenge to market growth.
The global Seafood Broth Market Demand is estimated to be valued at US$ 748.6 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global seafood broth market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing consumption of convenience seafood products.
Regional analysis
North America dominates the global seafood broth market currently due to presence of major manufacturers and high health awareness. Asia Pacific is expected to exhibit fastest growth in seafood broth market during the forecast period driven by rising disposable incomes, growing demand for nutrition-rich food in China and India.
Key players operating in the seafood broth market are Campbell Soup Company, Nestle S.A., The Kraft Heinz Company, Pacific Foods of Oregon, Bar Harbor Foods, BUMBLE BEE Seafoods, More Than Gourmet, Kettle Cuisine, Bonafide Provisions, College Inn. Campbell Soup Company and Nestle S.A dominate the market with new product launches catering to changing consumer preferences for clean label and organic options.
Read More:
http://insightskies.weebly.com/blog/the-increasing-demand-for-convenient-ready-to-eat-seafood-products-is-anticipated-to-openup-the-new-avenue-for-seafood-broth-market
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