May 21, 2024
Seafood Broth Market

Seafood Broth Market Witnesses High Growth Due to Rising Demand for Ready to Drink Beverages

Seafood broth is a flavorful liquid made from simmering seafood and aromatics in water. It provides a wide range of health benefits due to the presence of important nutrients like protein, vitamins, minerals, and collagen. The high nutritional profile of seafood broth has led to increased demand for ready-to-drink beverages and soups.

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 of 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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
The seafood broth market provides numerous opportunities such as rising demand for healthy and nutritious convenience food and growth in the food service industry. Technological advancements such as use of advanced filtration systems are helping manufacturers offer clearer broths and remove particulates.

Market Drivers

The main driver for the seafood broth market is the increasing health consciousness among consumers. People are shifting towards nutrient-rich food that provides numerous health benefits. Seafood broth is low in calories and saturated fat but high in proteins, vitamins, and minerals. It supports bone health, brain function, heart health, weight management and overall well-being. The convenient packaging of seafood broth in form of ready-to-drink beverages and soups has further fueled its demand. The rising demand for seafood broth from the food service industry for preparing soups and sauces is also propelling the market growth.

Current challenges in Seafood Broth Market:

The seafood broth market is facing challenges due to volatile seafood supply and prices. As seafood is harvested from natural habitats, factors like weather conditions, overfishing and pollution can impact the availability and cost of raw materials. Additionally, demand for authenticity and traceability in ingredients is rising amongst consumers. This necessitates adherence to stringent quality and sustainability standards through the supply chain which increases operational complexity and cost of production for manufacturers.

SWOT Analysis

Strength: Seafood broth has high nutritional value due to the presence of proteins, minerals and vitamins. It tastes delicious and adds flavor to various cuisines.
Weakness: Maintaining consistent quality and flavor profiles of seafood broth can be difficult due to variation in raw material. High raw material cost also affects profitability.
Opportunity: Growing popularity of seafood dishes worldwide is driving the demand for seafood broth. Manufacturers can explore opportunities in e-commerce and ready-to-eat broth formats.
Threats: Competition from plant-based broth alternatives. Environmental regulations become stricter regarding sustainable seafood sourcing.

Geographical regions of concentration

The Asia Pacific region holds the major share of the global seafood broth market in terms of value sales. This is attributed to the high consumption of seafood in countries like China, Japan and South Korea. The tradition of using seafood broth to enhance the flavors of various local dishes is deeply ingrained in the culinary practices of the region.

Fastest growing geographical region

Europe is projected to be the fastest growing regional market for seafood broth during the forecast period. Improving disposable incomes and rising health consciousness is driving the demand for nutritious and premium food ingredients like seafood broth in European countries. Moreover, the increasing popularity of Asian cuisine is contributing to the growth of seafood broth consumption in Europe.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.