May 22, 2024
Seafood Broth Market

Seafood Broth Market Poised for Significant Growth Due to Rising Popularity of Healthier Cuisine

Seafood broth market comprises stock or broth made from seafood bones and residue. It is a rich source of collagen, minerals, and protein. Seafood broth enhances the taste and nutrients value of soups, stews, and other dishes. It reduces bones and skin from fish and shellfish into a nutrient dense liquid. 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 2030.

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. Key opportunities in the market include rising demand for premium products and expanding online distribution channels. Technological advancements such as aseptic packaging and new flavors development are further fueling the market growth.

Market drivers: The global Seafood Broth Market Demand is driven by the increasing consumer preference for healthier cuisine options. Rising health consciousness and awareness about nutritional benefits of seafood are positively influencing the market demand. Growing popularity of Asian cuisines like Ramen soup using seafood broth as a major ingredient is another key factor boosting the market growth. Ease of preparation from leftover seafood ingredients is supporting the uptake of seafood broth among home cooks and restaurants.

Current Challenges in Seafood Broth Market:

With increasing demand for seafood products globally, supply chain has become a major challenge for seafood broth market players. Complex international supply chains involve multiple stakeholders across geographies, which increases risks. Maintaining quality and safety standards during long-distance transportation needs improved monitoring systems. Overfishing is another concern impacting availability of raw materials. Environmental agencies have imposed stringent fishing quotas to prevent depletion of fish stock. This affects production planning for broth manufacturers.

SWOT Analysis

Strength: Nutritious profile with high protein content drivesproduct demand. Easy to prepare format makes it very convenient to use.
Weakness: High susceptibility to quality issues during handling and shipment process. Price fluctuations in raw material markets impacts operating costs.
Opportunity: Growing health-conscious consumer base favors broth made from natural ingredients. Innovation inplant-based broth varieties expands addressable market.
Threats: Rising environmental regulations on fishing activities. Alternative packaged soups gaining traction especially in developed markets.

North America accounts for the largest share of global seafood broth market, both in terms of value and volume. This is attributed to increased consumption of seafood products in the US, Canada and Mexico. Asia Pacific region is expected to witness fastest growth during forecast period owing to rising living standards, growing health awareness, and expanding ready-to-eat food industry in major countries like China and India.

Europe holds second position in terms of value contribution to the overall market led by countries such as Germany, UK, France and Italy. Wellness culture coupled with aggressive promotional activities by manufacturers have propelled sales of seafood broth products in European markets. Japan also represents one of the fastest growing regional markets due to aging population’s preference for nutritious light meals.

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