Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:The broth market is projected to gain lucrative revenue growth on account of evolving dietary pattern and increasing popularity of ready to eat food products. Consumers are steadily switching to animal-based broth and stock products as it offers a number of health benefits. Rapid urbanization and increasing ageing population could play a crucial role in broadening the business horizon for broth manufacturers. A report published by Global Market Insights, Inc., estimates that the global broth market could reach USD 3 billion by the year 2026.
Increasing focus on personal fitness among adults and young populations could boost the demand and consumption of broths. These products offer remarkable health benefits like enhanced metabolism and immunity, as well as improved bone strength.
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Various manufacturers are investing in R&D activities to improve the functionality and benefits of broth. Citing an instance, Canada-based broth maker, Broya collaborated with Niagara College’s Canadian Food and Wine Institute to develop new beef broth that is tastier and has a longer shelf life. The team managed to come up with two new flavors namely, Sriracha & Chili Chicken Broth and Tomato & Smoked Paprika Beef Broth.
On the basis of refrigerated type products, the broth market is bifurcated into poultry, beef, and vegetable. Out of these, the beef segment is anticipated to record a growth rate of more than 3.5% by the end of the forecast timeframe. Rising beef production and consumption, especially across countries like China, U.S., Argentina and Brazil could propel the industry growth over the forthcoming years.
According to 2019 estimates, United States beef per capita domestic consumption was more than 57.2 pounds. Continuous improvement in beef import and export could proliferate the demand for refrigerated beef broths.
On the topographical front, North America is regarded as a promising market for broth manufacturers. Earlier in 2019, the regional market had grossed more than USD 585 million and is anticipated to attain a growth rate of 2.5% during the analysis period. This growth can be attributed to mounting consumption of ready-made food products supported by evolving lifestyle and high disposable income.
Prominent industry players like Del Monte, Campbell Soup Company, General Mills, Knorr, Manischewitz and Pacific Foods of Oregon are taking part in strategic growth plans such as mergers, acquisitions and new product launches to expand their geographical reach and consumer base. Taking January 2020 for instance, Bare Bones expanded its line of Bone Broth Instant Beverage Mix with a new chicken flavor. This addition would expand its product portfolio and boost sales.
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Kpọtụrụ Anyị
Arun Hegde
Ahịa ụlọ ọrụ, USA
Global Market Insights, Inc.
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