Global seafood broth market is estimated to be valued at US$ 748.6 Mn in 2023 and is expected to reach US$ 978.5 Mn by 2030 and is expected to exhibit a compound annual growth rate (CAGR) of 3.9% during the forecast period 2023-2030.The growth of the global 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.
Rising interest in global cuisines is also contributing to the growth of the global seafood broth market. Seafood broth is used in a variety of dishes from different cuisines, such as bouillabaisse, cioppino, and pho.
Global 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. 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. 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. 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, 2022
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Global 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. For instance, in 2023, org, is organization where find out nutritional value of food products, fish broth is indeed 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. Fish broth contains 0.3g of saturated fat and 0mg of cholesterol per serving. It also contains 2.44mcg of vitamin A, 0.0mg of vitamin C, and 4.9g of protein.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 as 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, thus 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, thereby 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, thus 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.
Global 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. 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: 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, thereby 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.
Global 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.For instance, in May 2023, according to the Vegan atlas, with the increasing popularity of plant-based diets, there is a growing demand for plant-based alternatives in various food categories, including seafood broth. Plant-based seafood alternatives are hitting the market in a big way, thus offering a sustainable and vegan way to satisfy cravings for tuna, shrimp, fish fillets, crab cakes, and smoked salmon.
- Clean label and natural ingredients: Consumers are becoming more conscious of the ingredients that are 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 products 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 who are 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, thus appealing to consumers who value craftsmanship, authenticity, and a more indulgent culinary experience.
Seafood Broth Market Report Coverage
| Report Coverage |
Details |
|---|
| Base Year: |
2022 |
Market Size in 2023: |
US$ 748.6 Mn |
|---|
| Historical Data for: |
2018 to 2021 |
Forecast Period: |
2023 - 2030 |
|---|
| Forecast Period 2023 to 2030 CAGR: |
3.9% |
2030 Value Projection: |
US$ 978.5 Mn |
|---|
| Geographies covered: |
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East
|
| Segments covered: |
- By Demographic Segmentation: Age, Gender, Income, and Geographic Location
- By Psychographic Segmentation: Lifestyle, Dietary Preferences, and Taste Preferences
- By Behavioral Segmentation: Occasions, Usage Rate, and Brand Loyalty
- By Benefits Segmentation: Health Benefits, Convenience, and Flavor Variety
- By Channel Segmentation: Retail, Online, and Foodservice
|
| Companies covered: |
Campbell Soup Company, Pacific Foods, McCormick & Company, Inc., Knorr, Bar Harbor Foods, Imagine Foods, Kitchen Basics, Swanson, Progresso, and College Inn
|
| Growth Drivers: |
- Increasing awareness of health benefits
- Growing popularity of seafood-based diets
- Increasing consumer interest in culinary diversity
- Influence of ethnic cuisines
|
| Restraints & Challenges: |
- Price volatility of seafood
- Quality and consistency
- Limited consumer awareness
- Allergies and dietary restrictions
|
Global 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, thus making it challenging for manufacturers to maintain stable pricing and profitability. Price volatility can also impact consumer demand and affordability, thereby potentially limiting the market growth.
- Quality and consistency: Maintaining consistent quality and flavor profiles can be a challenge in the global 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 global 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.
Counterbalance: The consumers need to be educated about the benefits and the uses of seafood broth through proper marketing and culinary education efforts to overcome this restraint.
Analyst View:
The global seafood broth market has significant growth potential driven by rising demand for ready-to-eat food products and convenience foods. Fish and seafood broths are seeing higher adoption in various cuisines worldwide. Asia Pacific region, led by countries like China, Japan and India, dominates the current seafood broth consumption globally and is expected to be the fastest growing market as well due to growing influence of Asian flavors and healthy diet trends. However, fluctuating prices of raw materials like fish, shrimp and shells can restrain the market growth to some extent.
Companies operating in the segment can capitalize on opportunities by developing innovative product offerings like organic, gluten-free and bone broth variants to tap higher demand from health conscious consumers. Shelf-life extension of products through appropriate processing and packaging can help companies address supply chain challenges. Adoption of sustainable fishing practices by seafood suppliers will help ensure raw material security in the long run.
Manufacturers focusing on convenience through single-serve pouches or tetra packs stand to gain more consumers looking for on-the-go consumption options. Meanwhile, demand from foodservice industry especially restaurants offering Asian cuisines is likely to boost commercial segment. However, companies need to actively promote nutritional benefits of seafood broth consumption to drive replacement of regular broths and stocks.
Recent Developments
New product launches
- Pacific Foodsis provides Organic, plant-based and dairy-free options brimming with tons of flavor 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(genetically modified organism.
- Broth & Brothis a savory liquid made of water in which meat, fish, or vegetables have been simmered for a short period of time 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 PLC. a major foothold in the U.S. seafood market.
- In 2021, Campbell Soup Company acquired Pacific Foods, a leading manufacturer of organic and natural foods. This deal gave Campbell Soup Company 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, 2022
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Top Companies in Global 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 that produces and sells seafood broth to consumers. This market includes both commercial and homemade seafood broth products, as well as the ingredients and equipment used to make seafood broth. The seafood broth market has been growing in recent years due to increasing demand for healthy and flavorful food products, as well as the popularity of seafood-based diets. The market includes a range of products, from canned and packaged seafood broth to fresh and frozen seafood broth sold in grocery stores, specialty food shops, and online retailers.
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