SELBYVILLE, Del., September 17, 2020 (Newswire.com) - Based on Global Market Insights Inc.'s report, the global broth market was estimated at $2.5 billion in 2019 and is slated to surpass $3 billion by 2026, registering a CAGR of 3.5% from 2020 to 2026. The report provides an in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations, as well as size.
Shifting consumer preference towards animal-based stock and broth products will propel the broth market's growth. Increasing consumer health consciousness coupled with rising spending on food products will support the industry demand. Factors including an increasing aging population along with rapid urbanization are expected to boost the market growth.
Growing personal fitness awareness among the young and adults will propel the broth market share. Key health benefits offered by this product include improved bone strength, enhanced immunity and metabolism. Rising consumption of rich nutrient beverages as a substitute for the utilization of health supplements and medicines will result in opening lucrative opportunities for industry growth.
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Refrigerated beef is expected to grow over 3.5% by the end of 2026. Increasing beef consumption and production, particularly in U.S., China, Brazil and Argentina, will fuel the segment's growth. As per estimates, U.S. beef per capita domestic consumption was over 57.2 pounds in 2019. Persistent improvement in beef export and import will also play a major role in influencing the overall broth market share over the forecast period.
According to market analysis, North America was over USD 585 million in 2019 and is expected to grow over 2.5% by the end of 2026. Rising consumption of ready-to-eat food due to changing lifestyles, along with high disposable incomes, will propel regional industry size. The rising demand for soups and the packaged food products market in the U.S. should accelerate the broth market growth.
The soup industry in the U.S. is expected to surpass USD 7 billion by 2025. Proliferating demand for the healthy canned food offering enhanced content will positively impact the broth market. Increasing preference towards chilled soup is owed to healthier and fresh content compared to other counterparts.
Shelf-stable type vegetable broth market is expected to grow over 3% by the end of 2026. Increasing product utilization owing to beneficial constituents offered including phytochemicals, antioxidants, anti-inflammatories, and vital minerals. These constituents present on consumption helps in boost human immunity which should accelerate product demand. Also, with the rising vegan population across the globe, there has been consumer trends towards substituting animal broth with vegetable-based broth should further boost the market growth.
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some major findings of the broth market report include:
· Rising demand for soups & packaged food products will foster industry growth
· Shifting trend towards healthy value-based food consumption will foster market growth
· Some of the key manufacturers in the market include Campbell Soup Company, Del Monte, Knorr, General Mills, Pacific Foods of Oregon and Manischewitz
· Product market from refrigerated type witnessed highest growth potential and the sector is further anticipated to grow due to persuading attributes including high preservation, enhanced shelf life and food safety during transportation
· Europe holds a substantial share in the market and is further forecasted to grow owing to rising geriatric population
Key manufacturers in the broth industry include Campbell Soup Company, Del Monte, Knorr, General Mills, Pacific Foods of Oregon and Manischewitz. Companies are implementing strategic initiatives including new product launch, mergers and acquisitions to enhance market share. For example, in February 2018, Pacific Foods launched two new products Organic Duck Bone Broth and Organic Poultry Bone Broth in the category of Organic Bone Broths. This helped them to expand their product portfolio.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights, Inc.