June 14, 2024
Seafood Broth Market

The Seafood Broth Market Is Driven By Growing Consumer Preference For Healthy Food

Seafood broth is a stock made by simmering seafood and other ingredients in water. It is used to enhance the flavor of various dishes such as soups, stews, rice dishes and more. Seafood broths contain high nutrition from seafood such as minerals, proteins and vitamins. They provide health benefits and are considered better than vegetable or meat broths due to the presence of omega-3 fatty acids. The global seafood broth market consists of various broth options made using different seafood like fish, shellfish and seaweed. Consumers are increasingly opting for seafood broths over regular broths owing to associated health advantages. The availability of convenient seafood broth products in different packaging formats has also fueled the market growth.

The global Seafood Broth Market is estimated to be valued at US$ 862.39 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the seafood broth market is the rising demand for organic and clean label products. Consumers have become more health conscious and prefer broths made from natural and organic ingredients without the use of preservatives, artificial colors or flavors. Many companies have launched organic seafood broths made from non-GMO seafood to cater to this growing consumer segment. Another trend is the increasing popularity of broths made from less common types of seafood like mussels, clams and oysters. This provides varied nutrition and flavors attracting health-savvy consumers. Ready-to-drink seafood broths are also gaining traction due to the busy lifestyles of consumers.

Porter’s Analysis

Threat of new entrants: Low capital requirements and limited technology needs allow small or medium businesses to enter the seafood broth market easily. However, established brands have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers in the food service industry and retail sector have significant bargaining power due to the availability of substitutes and undifferentiated products. Buyers can negotiate lower prices and demand high product quality and services.
Bargaining power of suppliers: A few major suppliers dominate the global seafood market. This gives them strong bargaining power over seafood broth producers in determining prices and product quality standards.
Threat of new substitutes: Alternatives such as meat, poultry and vegetable broths pose a threat, though seafood broths have unique health benefits that attract consumers.
Competitive rivalry: The global seafood broth market is fragmented with the presence of many small and private label brands. Industry players compete based on new product innovations, prices and advertising.

Key Takeaways

The global Seafood Broth Market Share is expected to witness high growth. The global Seafood Broth Market is estimated to be valued at US$ 862.39 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Regional analysis:

The Asia Pacific region dominates the global seafood broth market and is expected to grow at the fastest rate during the forecast period. China, Japan, Indonesia and Thailand are the major seafood producers in the region with high consumption of seafood broths.

Key players:

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. These companies are focusing on new product launches and expanding their presence across regional markets through strategic partnerships and collaborations.

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