June 13, 2024
Seafood Broth Market

Seafood Broth Market to Witness High Growth Owing to Rising Health Conscious Consumers

Seafood broth is a flavorful soups made from simmering the bones, cartilage, and leftover flesh of seafood in water. It is rich in micronutrients and adds depth of flavor to various cuisines. Seafood broth has high nutritional value as it is a good source of proteins, minerals, and vitamins. It helps boost immunity, improve digestion, and support heart health. The growing health-conscious trend among consumers has increased the demand for healthy food products like seafood broth.

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. Key players are focusing on offering organic and low-sodium seafood broth products to cater to the evolving consumer preferences.
The market provides opportunities for new players to enter with innovative packaging and flavors. Companies are investing in R&D to develop seafood broth made from fresh and sustainable seafood sources.
Globally, the seafood broth market is expanding in Asia Pacific and Latin America due to rising disposable income, changing food habits, and growing demand for convenience food in these regions.

Market Drivers

Rising health conscious consumer base is the major market driver. The increasing number of consumers preferring healthy diet rich in nutrients, minerals and low calories is propelling the demand of seafood broth globally. Additionally, growing working population demanding healthy and easy to make food options on daily basis is also boosting the market growth.

PEST Analysis

Political: The production and sales of seafood broth are regulated by federal and local government agencies regarding sustainability, environmental policies, and food safety standards to protect consumers. New regulations can impact the costs of production and distribution.
Economic: Rising disposable income levels and growing health consciousness are increasing the demand for nutrient-rich seafood broth globally. However, fluctuations in currency exchange rates and global economic downturns can negatively impact the industry.
Social: Changing demographics, urbanization, and increasing awareness about the health benefits of seafood broth are the key social drivers of industry growth. However, concerns around overfishing and environmental impact can reduce consumption.
Technological: Advancements in fish farming technologies, processing equipment, and cold chain logistics are helping producers enhance productivity and expand into new markets. Use of automation and digital solutions allow for traceability and quality checks across the supply chain.

The market in terms of value is concentrated primarily in Asia Pacific regions due to higher production and consumption levels, especially in China, Japan, and South Korea. North America and Europe are other lucrative markets driven by rising health trends.
The fastest growing regional market for seafood broth is expected to be Latin America due to growing health awareness, rising incomes, and penetration of global brands promoting use of seafood broth in various cuisines. Countries like Brazil and Mexico are predicted to be major contributors to growth.

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