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Stock Cubes Market Size, Share & Trends 2024-2033
Stock Cubes Market Size
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According to The Business Research Company's, The stock cubes market size has grown strongly in recent years. It will grow from $6.84 billion in 2023 to $7.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to changing consumer dietary preferences, growth in the food processing industry, increased urbanization, rising disposable income, expansion of retail distribution channels.
The stock cubes market size is expected to see steady growth in the next few years. It will grow to $8.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to growing demand for convenience food products, increasing consumer awareness of nutritional benefits, expansion of e-commerce platforms, rising population and urbanization, focus on product innovation. Major trends in the forecast period include development of innovative flavors and blends, rising popularity of organic and natural ingredients, adoption of sustainable and eco-friendly packaging, personalized and customized stock cubes, increasing focus on health and wellness trends.
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Market Drivers and Trends:
The growing demand for convenience foods is expected to propel the growth of the stock cube market going forward. Convenience foods refer to food that can be heated and prepared quickly and easily, whether frozen, dried, or canned. Stock cubes are frequently used in convenience food products to improve flavor and streamline meal preparation to satisfy consumer demand for dishes that can be prepared quickly and taste well. For instance, in July 2023, as per the data released by Food and Drinks Malaysia by SAIL Group, a food and beverage exhibition in Malaysia, the convenience food sector is predicted to increase by 3.0% in volume in 2023 to reach 7,829.2 kg by 2027. Therefore, the growing demand for convenience foods drives the stock cube market.
Product innovations are a key trend gaining popularity in the stock cube market. Major companies operating in the stock cube market are concentrating on creating innovative products to strengthen their position in the market. For instance, in April 2023, Unilever, a UK-based consumer packaged goods company, launched Knorr Mitin Shiro, a brand-new stock cube powder. The local dish Shiro Wat (Ethiopian-style chickpea stew) inspired this stock cube powder. This powder has also been enriched with Vitamin A to assist healthy growth and development, specifically addressing the micronutrient deficit in Ethiopia.
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Major Key Players of the Market:
Nestle SA, Tesco PLC, Unilever PLC, The Kraft Heinz Company, Hormel Foods Corporation, Ajinomoto Co. Inc., McCormick and Company Inc., Bell Food Group, Goya Foods Inc., Promasidor, Patisen, Ariake Group, OXO Foods, International Dehydrated Foods Inc., Edwards and Sons Trading Company Inc., Imana Foods (SA) (PTY) Ltd., Kallo Foods Ltd., Rapunzel Naturkost GmbH, GB Foods SA, Caldos del Norte SL, Massel Australia Pty. Ltd., Marigold Health Foods Ltd., Golden Penny Foods, Anhui Zhenweiqi Seasoning Food Ltd., Knoor, Crosse and Blackwell
Stock Cubes Market 2024 Key Insights:
• The stock cubes market size is expected to see steady growth in the next few years. It will grow to $8.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Savoring Convenience Escalating Demand For Ready-To-Eat Meals Propels Growth In The Stock Cube Market
• Unilever Introduces Knorr Mitin Shiro, A Vitamin-Enriched Stock Cube Powder To The Market
• Asia-Pacific was the largest region in the stock cubes market in 2023
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