Report : Asia Pacific Broth Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Chicken Broth, Beef Broth, Seafood Broth, Vegetable Broth, and Others), Category (Organic and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 4.2% CAGR, the Asia Pacific Broth Market is speculated to be worth US$ 1,698.21 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific broth market was valued at US$ 1,329.32 million in 2022 and is expected to reach US$ 1,698.21 million by 2028, registering a CAGR of 4.2% from 2022 to 2028. Innovative packaging solutions and growing popularity of paleo diet are the critical factors attributed to the Asia Pacific broth market expansion.
The style of broth packaging is undergoing notable changes with a shift in consumer preferences. Broth cartons in single-serve and larger reclosable sizes have replaced broth cans, which were more common in aisles at malls, supermarkets, etc. Bone broths are being offered in boxes, cartons, spouted gusset pouches, glass containers, and K-cups. Manufacturers are focused on developing packaging solutions to avoid leakages. For instance, Bluebird Provisions has launched a new pouch with an iron-clad triple wall construction to minimize leakages. The pouches have pouring spouts that ease opening and pouring activities. Some brands have developed packaging methods that can help prolong broth shelf life by 0.5–2 years. Cartons are packaging solutions that are convenient to use and easy to recycle. They require lower space during transport and reduce the overall weight of a shipment. In addition to providing esthetic values, these hooks serve to hang in the pan while preparing the dish, and when it is ready, the consumers need to remove and discard the bag. This type of premium packaging is creative and attractive, and grabs the attention of consumers, especially the younger generations. Thus, such innovations in packaging solutions are expected to create lucrative growth opportunities for companies in the Asia Pacific broth market during the forecast period.
On the contrary, stringent regulatory compliance requirements associated with meat processing hurdles the growth of Asia Pacific broth market.
Based on type, the Asia Pacific broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. The chicken broth segment held 45.6% share of Asia Pacific broth market in 2022, amassing US$ 606.77 million. It is projected to garner US$ 765.75 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on category, the Asia Pacific broth market is bifurcated into organic and conventional. The conventional segment held 77.6% share of Asia Pacific broth market in 2022, amassing US$ 1,031.29 million. It is projected to garner US$ 1,303.77 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific broth market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 43.9% share of Asia Pacific broth market in 2022, amassing US$ 583.67 million. It is projected to garner US$ 740.68 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on country, the Asia Pacific broth market has been categorized into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.1% share of Asia Pacific broth market in 2022. It was assessed at US$ 439.74 million in 2022 and is likely to hit US$ 554.64 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.
Key players profiles in the Asia Pacific broth market report Campbell Soup Co; Del monte Foods Inc; The Hain Celestial Group Inc; and The Manischewits Co, among others.
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