Market Overview
Bouillon cubes are savory liquids available in a cube format. These cubes are also known as broth cubes and stock cubes. They are being made in vegan and vegetarian formats. They are used as a flavoring agent in various dishes and contain hydrogenated fat, salt, seasoning, dehydrating vegetables or meat. The global bouillon cubes market report by Market Research Future (MRFR) contains drivers, factors, and drawbacks to be faced by players during the period between 2019 and 2024 (forecast period).
Market Scope
The global bouillon cubes market is expected to touch a value of USD 5.9 billion by 2024. It is expected to exhibit a CAGR of 4% from 2019 to 2024. Long shelf life of the product is expected to drive global market growth. The rising working population has induced the need for instant food or on-the-go foods which can be prepared quickly using stock cubes. High demand for instant noodles, instant pasta, and soups is expected to drive the bouillon cubes market demand till 2024.
Rise of veganism has created the need for flavoring agents for the population preferring to not consume non-vegetarian food. The large growing vegan population can provide tremendous opportunities to the global bouillon cubes market. The rich nutritious content of stock cubes and their ingredient content of vitamins, minerals, and proteins coupled with the consumer demand for healthy foods can bode well for stock cube manufacturers.
Inclination of consumers to defer from the use of refrigerators for storage and new lifestyle changes of customers can spur the global bouillon cubes market growth.
Segmental Analysis
The global bouillon cubes market is segmented by type and distribution channel.
By type, it is segmented into vegetable, beef, chicken, fish, and others. Beef cubes is predicted to dominate the market demand followed by chicken cubes. The vegetable cubes segment is predicted to capture a significant share of the global bouillon cubes market due to the growing popularity of veganism. In addition, preference for vegetarian food among the urban crowd in North America can drive the demand for vegetable cubes.
By distribution channel, it is segmented into store-based and non-store-based. The store-based segment is further segmented into convenience stores, supermarkets & hypermarkets, and others. The store-based segment can capture a significant share of the global bouillon cubes market due to a majority of customers preferring to shop for their daily needs at convenience stores. Wide availability of products as well as a wide range of choices can drive the segment demand in the global market. On the other hand, the non-store-based segment can command a heavy market share as well due to ecommerce stores offering lucrative offers on foods.
Regional Analysis
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are regions covered in the global bouillon market report.
Europe is predicted to dominate the global bouillon cubes market till 2024 due to large consumption of foods containing stock cubes. The trend witnessed of growing veganism in the region can contribute to the global market growth.
North America is expected to account for a significant market share in the market due to consumption of instant foods and fast foods by the populace at large. The U.S. in particular can drive the market growth due to a large working pool and high expendable income levels of consumers.
The APAC is predicted to exhibit the highest growth rate during the forecast period due to expansion plans of several players in the region.
Competitive Dynamics
Nestlé S.A., Ariake Group, Bell Food Group, Bou Brands LLC, International Dehydrated Foods, Inc., Hormel Foods, Premier Foods plc, Unilever, Kraft Heinz Company, and Jiande Jianxing Condiment Co Ltd are prominent players of the global bouillon cubes market.
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