Seafood broths are stock made from simmering seafood and shells in water and other seasonings. The seafood commonly used includes shrimp, fish bones, and shells. It is used to add flavor and nutrients to soups, stews, rice, noodles and other seafood dishes. Seafood broths provide a concentrated seafood flavor and add nutritional value to dishes without adding extra calories. Due to busy lifestyle, consumers prefer easy-to-cook and nutrient-rich seafood broths.

The global seafood broth market is estimated to be valued at US$ 862.39 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growth of the seafood broth market is the increasing demand from the food processing industry. With changing dietary habits, consumers are consuming more soup-based products and seafood dishes. This is increasing the demand for seafood broth from food manufacturers and restaurants.According to statistics, soup consumption has increased by 30% from 2014 to 2018 globally. Additionally, seafood broths add authentic seafood flavor to products without adding extra calories making them preferred by health-conscious consumers. Thus, growing demand for healthful and flavorful food products is also fueling the seafood broth market growth. The market is witnessing numerous product innovations with companies offering organic, low-sodium and gluten-free broth options.

SWOT Analysis
Strength: Seafood broth market boasts immense popularity among health-conscious consumers. The broth is rich in nutrients like proteins, vitamins and minerals. It provides delicate sea flavors that enhance the appeal of various cuisines. The broth also possesses anti-inflammatory properties and boosts immunity. Seafood broth manufacturers utilize fresh seafood heads and bones that are otherwise discarded to extract maximum nutrients and flavors.
Weakness: Seafood broth has high sodium content which is unhealthy for people with high blood pressure. The presence of fats, cholesterol and calories in broth made from whole seafood also restrict its consumption by health enthusiasts. It requires proper cooking to avoid risks of food poisoning. The odor during production process can be unpleasant for some.
Opportunity: Rising health trends like keto and paleo diets have bolstered demand for low-carb broth options. Seafood broth producers can explore certified organic broth variants and focus on removing sodium through innovation. Expanding seafood dining culture in developing nations presents new markets. E-commerce growth offers an effective sales platform for international brands.
Threats: Price volatility of raw seafood hampers consistent profits. Strict trade policies and fishing regulations pose supply constraints. Competition intensifies from plant-based broth companies promoting vegan labels. Natural calamities damage fisheries raising procurement costs.

Key Takeaways

The global Seafood Broth Market Share is expected to witness high growth over the forecast period of 2024 to 2031 on account of rising health consciousness among consumers. The global seafood broth market is estimated to be valued at US$ 862.39 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Regional analysis indicates that Asia Pacific currently dominates the market and is expected to maintain its position due to growing seafood consumption in China, Japan and South East Asian countries. North America is expected to emerge as the fastest growing region owing to increasing popularity of seafood broth in the US and Canada.

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 global footprint through strategic collaborations and mergers.

For more insights, read- https://www.pressreleasebulletin.com/seafood-broth-market-trends-size-and-share-analysis/

For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html