Report : Europe 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 3.3% CAGR, the Europe Broth Market is speculated to be worth US$ 1,422.86 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe broth market was valued at US$ 1,169.24 million in 2022 and is expected to reach US$ 1,422.86 million by 2028, registering a CAGR of 3.3% from 2022 to 2028. Proliferation of e-commerce industry and innovative packaging solutions are the critical factors attributed to the Europe broth market expansion.
The organized retail sector has undergone a massive transformation in recent years. The popularity of e-commerce has increased considerably due to its ability to transform the shopping experience of customers. Further, a rise in the penetration of the internet and smartphones, easy access to emerging technologies, a surge in the purchasing power of people, and the convenience of shopping from anywhere and anytime using online retail platforms are among the key factors bolstering the growth of e-commerce. Per the European Commission, 74% of internet users in the European Union shopped online in 2021. Thus, with the rising penetration of e-commerce platforms in major regions of the world, the sale of various food and beverages, such as broth, is increasing through these platforms. People prefer online retail platforms to buy these products owing to the availability of varieties of different brands at affordable prices, coupled with detailed product descriptions, consumer ratings and reviews, and home delivery services. Moreover, broth manufacturers prefer e-commerce platforms over physical stores to sell their products to have a large customer reach with minimal investments. Thus, the flourishment of e-commerce platforms provides a lucrative opportunity to broth manufacturers to expand their sales and reach a more extensive consumer base.
On the contrary, stringent regulatory compliance requirements associated with meat processing hurdles the growth of Europe broth market.
Based on type, the Europe broth market is segmented into chicken broth, beef broth, seafood broth, vegetable broth, and others. The chicken broth segment held 43.9% share of Europe broth market in 2022, amassing US$ 512.88 million. It is projected to garner US$ 618.09 million by 2028 to expand at 3.2% CAGR during 2022–2028.
Based on category, the Europe broth market is bifurcated into organic and conventional. The conventional segment held 66.2% share of Europe broth market in 2022, amassing US$ 774.54 million. It is projected to garner US$ 925.13 million by 2028 to expand at 3.0% CAGR during 2022–2028.
Based on distribution channel, the Europe broth market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 45.8% share of Europe broth market in 2022, amassing US$ 535.84 million. It is projected to garner US$ 638.58 million by 2028 to expand at 3.0% CAGR during 2022–2028.
Based on country, the Europe broth market has been categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 31.6% share of Europe broth market in 2022. It was assessed at US$ 369.60 million in 2022 and is likely to hit US$ 427.85 million by 2028, exhibiting a CAGR of 2.5% during the forecast period.
Key players profiles in the Europe broth market report Barebones Ventures LLC; Campbell Soup Co; Del monte Foods Inc; The Hain Celestial Group Inc; and The Manischewits Co, among others.
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