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Booming Fortified Food and Beverage Sector Fuels Growth in Broth Market || Unilever plc, Ajinomoto Co. Inc., Campbell Soup Company
Broth Market
The Business Research Company's Broth Global Market Report 2023 identifies the rising fortified food and beverage industry is expected to propel the growth of the broth market going forward. Fortified food and beverage refer to products enriched with additional nutrients that are not naturally present or are present in insufficient amounts. Broth, especially bone broth, is perceived as a nutritious and natural source of vitamins, minerals, and proteins, which drives its popularity among health-conscious consumers. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a Canada-based government agency, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, compared to $67.9 billion in 2020.
The global broth market is expected to grow from $4.55 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The broth market is expected to reach $5.91 billion in 2027 at a CAGR of 5.1%.
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Major competitors in the broth market are Unilever plc, Ajinomoto Co. Inc., Campbell Soup Company, McCormick & Company Inc., The Hain Celestial Group Inc., Del Monte Foods Inc., Goya Foods, Swanson Health Products, Pacific Foods of Oregon LLC, Old Neighborhood Foods, Custom Culinary Inc., Frontier Natural Products Co-op, Progresso.
A key trend in the broth market includes product innovation. Major companies operating in the broth market are concentrating on creating innovative products to strengthen their position in the market. For instance, in March 2023, Z Natural Foods, a US-based company specializing in natural and organic food products, introduced its instant chicken bone broth soup base powder, offering a convenient way to enjoy the health benefits of bone broth.
Read More On The Global Broth Market Report Here: https://www.thebusinessresearchcompany.com/report/broth-global-market-report
The broth market is segmented -
1) By Type: Chicken Broth, Beef Broth, Vegetable Broth, Seafood Broth, Other Types
2) By Category: Organic, Conventional
3) By Nature: Shelf Stable, Refrigerated
4) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Online Retail, Other Distribution Channels
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Broth market.
The Business Research Company's "Global Broth Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Broth Market Include:
1. Executive Summary
2. Broth Market Characteristic
3. Broth Market Trends And Strategies
4. Broth Market - Macro Economic Scenario
5. Broth Market Size And Growth
……………
27. Broth Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Broth Market
29. Broth Market Future Outlook And Potential Analysis
30. Appendix
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