SEAFOOD BROTH MARKET ANALYSIS

Global Seafood Broth Market reached US$ 748.6 million in 2023 and is expected to reach US$ 978.5 million by 2030 and is expected to grow with a CAGR of 3.9% during the forecast period 2023-2030.The growth of the seafood broth market is driven by the increasing demand for healthy and nutritious food options. Seafood broth is a good source of protein, omega-3 fatty acids, vitamins, and minerals. It is also low in saturated fat and calories.

The rising interest in global cuisines is also contributing to the growth of the seafood broth market. Seafood broth is used in a variety of dishes from different cuisines, such as bouillabaisse, cioppino, and pho.

Seafood Broth Market Regional Insights

• North America is the largest market for seafood broth, accounting for 35% of the global market share in 2022. The region is home to a large number of consumers who are health-conscious and looking for natural and nutritious food options. The increasing popularity of Asian cuisine in the region is also driving the demand for seafood broth.
• Asia-Pacific is the fastest-growing market for seafood broth, with a CAGR of 4.2% from 2022 to 2030. The region is home to a large number of seafood-producing countries, such as China, India, and Indonesia. The rising disposable income and growing awareness about the health benefits of seafood are driving the demand for seafood broth in the region.
• Europe is the third-largest market for seafood broth, accounting for 20% of the global market share in 2022. The region is home to a large number of consumers who are health-conscious and looking for natural and nutritious food options. The increasing popularity of seafood broth in the region is also being driven by the rising popularity of fusion cuisine.

Figure 1. Global Seafood Broth Market Share (%), by Region, 2023

Seafood Broth Market Drivers

• Increasing Awareness of Health Benefits: Seafood broth is rich in essential nutrients, such as omega-3 fatty acids, minerals, and vitamins. It is known to promote heart health, improve brain function, and boost the immune system. As people become more health-conscious, there is a growing demand for nutritious food options, including seafood broth.
• Growing Popularity of Seafood-Based Diets: Seafood is widely recognized as a healthy protein source with lower fat content compared to other animal proteins. Many individuals are adopting seafood-based diets, such as pescatarian or Mediterranean diets, for their health benefits. Seafood broth serves as a flavorful and versatile addition to these diets, driving its market growth.
• Increasing Consumer Interest in Culinary Diversity: As consumers become more adventurous with their food choices, they seek new flavors and culinary experiences. Seafood broth offers a unique and savory taste profile, making it an attractive option for consumers looking to explore diverse culinary traditions and experiment with different recipes.
• Influence of Ethnic Cuisines: Seafood broth plays a significant role in various ethnic cuisines, such as Asian, Mediterranean, and Latin American. The popularity of these cuisines has been growing globally, leading to an increased demand for authentic ingredients and flavors, including seafood broth. The influence of these ethnic cuisines on mainstream cooking contributes to the market growth of seafood broth.

Seafood Broth Market Opportunities

• Product Innovation: There is room for product innovation and diversification in the seafood broth market. Manufacturers can develop new flavors, such as spicy seafood broth or herb-infused variations, to cater to different consumer preferences. Additionally, creating seafood broth concentrates or ready-to-use sachets can provide convenience to consumers who want to enjoy the flavors of seafood broth in a quick and easy way.
• Health and Wellness Focus: The increasing emphasis on health and wellness presents an opportunity for seafood broth manufacturers to highlight the nutritional benefits of their products. They can emphasize the presence of essential nutrients, omega-3 fatty acids, and other health-promoting compounds in seafood broth. Marketing efforts can be focused on positioning seafood broth as a nourishing and wholesome option for health-conscious individuals.
• Expansion in Foodservice Industry: The foodservice industry, including restaurants, cafes, and catering services, represents a significant opportunity for the seafood broth market. Seafood broth can be used as a base for soups, sauces, and other culinary creations, offering chefs and food professionals a versatile ingredient to enhance their dishes. Collaborating with chefs or providing recipe suggestions can help seafood broth manufacturers penetrate the foodservice sector.
• E-commerce and Online Retail: The growth of e-commerce and online retail presents a convenient platform for seafood broth manufacturers to reach a wider customer base. By establishing an online presence and offering direct-to-consumer sales, manufacturers can tap into the increasing trend of online grocery shopping. Marketing efforts can be focused on highlighting the quality, flavor, and convenience of seafood broth for home cooks.

Seafood Broth Market Trends

• Plant-Based Seafood Broth: With the increasing popularity of plant-based diets, there is a growing demand for plant-based alternatives in various food categories, including seafood broth. Manufacturers are developing plant-based seafood broth using ingredients like seaweed, mushrooms, and vegetable blends. These products cater to vegetarians, vegans, and individuals looking to reduce their consumption of animal products.
• Clean Label and Natural Ingredients: Consumers are becoming more conscious of the ingredients used in their food products. They are seeking clean label options that are free from artificial additives, preservatives, and excessive sodium content. Seafood broth manufacturers are responding to this trend by using natural ingredients and emphasizing their product's clean label credentials.
• Ethnic Flavor Profiles: Consumers are increasingly embracing diverse culinary experiences and flavors from around the world. Seafood broths with ethnic flavor profiles, such as miso, Thai, or Cajun, are gaining popularity. These flavor options add a unique twist to traditional seafood broth recipes and cater to consumers seeking international tastes and influences.
• Premium and Artisanal Offerings: There is a growing market for premium and artisanal seafood broth products. These offerings often highlight high-quality ingredients, meticulous production processes, and unique flavor combinations. Artisanal seafood broth is positioned as a gourmet option, appealing to consumers who value craftsmanship, authenticity, and a more indulgent culinary experience.

Seafood Broth Market Restraints

• Price Volatility of Seafood: Seafood prices can be volatile due to factors such as weather conditions, fishing regulations, and supply chain disruptions. Fluctuating seafood prices can affect the cost of producing seafood broth, making it challenging for manufacturers to maintain stable pricing and profitability. Price volatility can also impact consumer demand and affordability, potentially limiting market growth.
• Quality and Consistency: Maintaining consistent quality and flavor profiles can be a challenge in the seafood broth market. The flavor and quality of seafood broth depend on the freshness and quality of the seafood used as ingredients. Manufacturers need to ensure a consistent supply of high-quality seafood to produce broth with desirable taste characteristics. Quality control and supply chain management are critical to meet consumer expectations consistently.
• Limited Consumer Awareness: While seafood broth has gained popularity in certain regions and culinary traditions, it may still be relatively unknown or underappreciated in other markets. Limited consumer awareness and familiarity with seafood broth can hinder its adoption and market growth. Educating consumers about the benefits, uses, and versatility of seafood broth through targeted marketing and culinary education efforts can help overcome this restraint.
• Allergies and Dietary Restrictions: Seafood allergies and dietary restrictions can pose challenges for the seafood broth market. Individuals with seafood allergies or dietary preferences, such as vegetarian or vegan diets, may be unable to consume seafood-based broth. Manufacturers need to consider alternative ingredients or develop plant-based options to cater to these specific dietary needs and expand their consumer base.

Recent Developments

New product launches

• SeaPak Shrimp & Seafood Co. launched a line of frozen microwaveable soups in 2018. The soups are made with real seafood and vegetables, and they come in two flavors: Shrimp Wonton and Thai Coconut Shrimp. The soups are designed to be quick and easy to prepare, and they are a good source of protein and omega-3 fatty acids.
• Pacific Foods launched a line of organic seafood broths in 2020. The broths are made with wild-caught seafood and vegetables, and they are available in three flavors: Salmon, Clam, and Shrimp. The broths are a good source of protein and omega-3 fatty acids, and they are gluten-free, vegan, and non-GMO.
• Broth & Broth launched a line of seafood broths in 2021. The broths are made with sustainable seafood and vegetables, and they are available in three flavors: Fish, Shellfish, and Mussels. The broths are a good source of protein and omega-3 fatty acids, and they are low in sodium.

Acquisition and partnerships

• In 2022, Unicord PLC, a large fish processor located in Thailand, acquired Bumble Bee Seafood Inc., a San Diego tuna canner. This deal gave Unicord a major foothold in the US seafood market.
• In 2021, Campbell Soup Company acquired Pacific Foods, a leading manufacturer of organic and natural foods. This deal gave Campbell Soup a strong presence in the growing plant-based seafood broth market.
• In 2020, Knorr, a brand of Unilever, acquired Better Than Bouillon, a maker of concentrated broths and stocks. This deal gave Knorr a way to expand its reach into the natural and organic food market.

Figure 2. Global Seafood Broth Market Share (%), by Demographic, 2023

Top companies in Seafood Broth Market

• Campbell Soup Company
• Pacific Foods
• McCormick & Company, Inc.
• Knorr
• Bar Harbor Foods
• Imagine Foods
• Kitchen Basics
• Swanson
• Progresso
• College Inn

*Definition: The Seafood Broth market refers to the industry involved in the production, distribution, and sale of broths made primarily from seafood ingredients. Seafood broth is a liquid or semi-liquid preparation made by simmering seafood such as fish, shrimp, crab, or shellfish with various seasonings, herbs, and vegetables. It is commonly used as a base for soups, stews, sauces, and other culinary applications. The Seafood Broth market encompasses both retail and foodservice sectors, catering to consumer demand for flavorful, nutritious, and convenient seafood-based products.