Seafood Broth Market Will Grow At Highest Pace Owing To Changing Dietary Habits

 

Seafood Broth Market

Seafood broth is a flavored liquid made by simmering fish, shellfish, bones or other seafood scraps in water. Seafood broths are rich in protein, vitamins, minerals and collagen. They are a great source of umami and are often used to enhance the flavor of various seafood dishes. Seafood broth manufacturers are also offering ready-to-drink and instant powder formats of their products to cater to the growing demand for convenience foods. The global seafood broth market is growing rapidly owing to changing dietary habits and growing preference for light, healthy yet flavorful meals.

The global seafood broth market is estimated to be valued at US$ 862.39 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

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. Leading seafood broth manufacturers are focusing on product innovation and incorporating new flavors to cater to evolving consumer tastes. The demand for seafood broth is growing in the foodservice industry due to its use in various soups, risottos, seafood dishes and more. Technological advancements like aseptic filling and longer shelf life formulations are helping manufacturers reach more markets.

Market Trends

The trend of clean label and organic products is gaining traction in the seafood broth market. Consumers are looking for products made from natural ingredients without any artificial preservatives or colors. To capitalize on this trend, manufacturers are developing clean label and organic certified seafood broths. Another key trend is customization - companies are offering customization options to business buyers so they can brand the seafood broth bottles according to their needs. This is helping foodservice providers and restaurants promote their offerings.

Market Opportunities

The growing demand for healthy convenience foods presents a major opportunity for seafood broth market players. The market potential for ready-to-drink and instant formats is huge given the fast-paced lifestyles. Companies can also tap opportunities in new geographic regions by forming strategic partnerships with local players or strengthening their distribution networks. Offering private label production is another avenue to explore. With proper marketing highlighting the health benefits, seafood broth has opportunities to increase its penetration in retail as well as foodservice industries.

Impact of COVID-19 on Seafood Broth Market growth

The COVID-19 pandemic has negatively impacted the growth of the global seafood broth market. During the initial lockdown periods across various countries, the supply chain and operations of seafood broth manufacturers were disrupted. There was a decline in the demand for seafood broths from hotels, restaurants and cafes(HoReCa) as they were shut or facing low footfall. At the same time, retail demand partially compensated for the decline, as people shifted to at-home consumption. However, overall demand fell significantly during the initial months of the pandemic.

Post pandemic, the seafood broth market is recovering gradually. As restrictions are lifted and the HoReCa sector resumes operations, demand from this channel is picking up. Manufacturers are scaling up production and strengthening supply chains. At the retail level, demand continues to remain high as people have developed the habit of cooking at home. However, uncertainties around future virus outbreaks continue to pose challenges. Companies need to focus on adopting safety protocols, flexible production strategies, and online sales channels to cater to demand fluctuations. International trade is also improving compared to 2020.

Geographical regions with concentrated Seafood Broth market value

The Asia Pacific region accounts for the largest share of the global seafood broth market in terms of value. This is attributed to high seafood consumption and abundant availability of different types of seafood in several APAC countries, especially China, Japan, South Korea and India. These countries have a culture of using seafood broths extensively in cuisines. The easy availability of raw materials at competitive prices also contributes to APAC's leading position.

North America is another major geographical region where the seafood broth market is highly concentrated. The United States, being one of the largest seafood consumers globally, dominates the North American market. Changing demographic profiles and rising health consciousness are fueling the demand for nutritional seafood broths in the region.

Fastest growing region for Seafood Broth Market

Europe is expected to witness the fastest growth in the seafood broth market over the forecast period. This growth can be attributed to growing awareness about the health benefits of seafood, increasing preference for convenience seafood products and rising penetration of international cuisine cultures in European countries. Additionally, initiatives by European nations to promote sustainable fishing are increasing the supply of quality seafood, enabling increased broth production. Advancements in packaging and cold chain logistics are further aiding market expansion across Europe.

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