by Paragraph: Seafood broth is a flavored liquid extracted from seafood components such as fish, shrimp, and shellfish. It is used as a base for soups, stews, sauces, and gravies. The rising popularity of seafood broth can be attributed to the growing demand for convenient and ready-to-eat meals. It provides intense seafood flavor without the work of preparing stock. Common varieties of seafood broth include fish broth, shrimp broth, and lobster broth. Seafood broth is often sold in convenient formats such as cartons, bottles, and pouches that can be stored for a long period.
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 of 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for convenient and ready-to-eat meals is expected to drive the Seafood Broth Market over the forecast period. Due to busy lifestyles, consumers prefer food items that can be easily prepared with minimal effort. Seafood broth provides intense seafood flavor to various dishes with just heating and is gaining popularity among time-pressed consumers. In addition, seafood broth can be stored for a long period owing to minimal preservatives and convenient packaging formats such as pouches and cartons. This allows buyers to stock up products for future use. However, pricing pressure on market players due to fierce competition may hamper the growth of the seafood broth market during the forecast period.
Segment Analysis
The global seafood broth market is dominated by the fish sub segment. Fish contributes around 60% of the total seafood broth market owing to wide availability and high consumption of fish across various regions. Fish based broths find extensive usage in preparing soups, sauces and other seafood delicacies. The shellfish sub segment which includes crustaceans and molluscs is the second largest segment and is growing at a faster rate due to rising preference for variety in seafood dishes.
PEST Analysis
Political: The seafood broth market is influenced by regulations pertaining to sustainability of fishing. Favourable policies supporting sustainable fishing practices are boosting the supply of seafood ingredients.
Economic: Rising disposable income and growing affluent population is driving the demand for premium seafood products. This is positively impacting the seafood broth market.
Social: Changing lifestyle and demand for convenience foods is propelling the demand for ready to use broths and stock cubes. Growing health consciousness is also favoring the seafood broth market.
Technological: Advancements in minimal processing and increased shelf life of seafood products through packaging innovations is supporting the growth of seafood broth market.
Key Takeaways
The global Seafood Broth Market Share is expected to witness high growth over the forecast period of 2024 to 2031 supported by factors like rising incomes, changing diets and expanding urbanization. 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 of 2024 to 2031.
Regionally, Asia Pacific dominates the market and is expected to maintain its lead position during the forecast period. China, Japana and South Asian countries are major markets driving the regional demand.
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. ATMAN and Equinix dominate with their diversified product portfolio and widespread distribution network across countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
