SEAFOOD BROTH MARKET ANALYSIS

Global seafood broth market is estimated to be valued at US$ 748.6 Mn  in 2023 and is expected to reach US$ 978.5 Mn by 2030 and is expected to exhibit a compound annual growth rate (CAGR) of 3.9% during the forecast period 2023-2030.The growth of the global seafood broth market is driven by the increasing demand for healthy and nutritious food options. Seafood broth is a good source of protein, omega-3 fatty acids, vitamins, and minerals. It is also low in saturated fat and calories.

Rising interest in global cuisines is also contributing to the growth of the global seafood broth market. Seafood broth is used in a variety of dishes from different cuisines, such as bouillabaisse, cioppino, and pho.

Global Seafood Broth Market Trends

• Plant-based seafood broth: With the increasing popularity of plant-based diets, there is a growing demand for plant-based alternatives in various food categories, including seafood broth. Manufacturers are developing plant-based seafood broth using ingredients like seaweed, mushrooms, and vegetable blends. These products cater to vegetarians, vegans, and individuals looking to reduce their consumption of animal products.For instance, in May 2023, according to the Vegan atlas, with the increasing popularity of plant-based diets, there is a growing demand for plant-based alternatives in various food categories, including seafood broth. Plant-based seafood alternatives are hitting the market in a big way, thus offering a sustainable and vegan way to satisfy cravings for tuna, shrimp, fish fillets, crab cakes, and smoked salmon.
• Clean label and natural ingredients: Consumers are becoming more conscious of the ingredients that are used in their food products. They are seeking clean label options that are free from artificial additives, preservatives, and excessive sodium content. Seafood broth manufacturers are responding to this trend by using natural ingredients and emphasizing their products clean label credentials.
• Ethnic flavor profiles: Consumers are increasingly embracing diverse culinary experiences and flavors from around the world. Seafood broths with ethnic flavor profiles, such as miso, thai, or cajun, are gaining popularity. These flavor options add a unique twist to traditional seafood broth recipes and cater to consumers who are seeking international tastes and influences.
• Premium and artisanal offerings: There is a growing market for premium and artisanal seafood broth products. These offerings often highlight high-quality ingredients, meticulous production processes, and unique flavor combinations. Artisanal seafood broth is positioned as a gourmet option, thus appealing to consumers who value craftsmanship, authenticity, and a more indulgent culinary experience.

Global Seafood Broth Market Regional Insights

• North America is the largest market for seafood broth, accounting for 35% of the global market share in 2022. The region is home to a large number of consumers who are health-conscious and looking for natural and nutritious food options. Increasing popularity of Asian cuisine in the region is also driving the demand for seafood broth.
• Asia Pacific is the fastest-growing market for seafood broth, with a CAGR of 4.2% from 2022 to 2030. The region is home to a large number of seafood-producing countries, such as China, India, and Indonesia. Rising disposable income and growing awareness about the health benefits of seafood are driving the demand for seafood broth in the region.
• Europe is the third-largest market for seafood broth, accounting for 20% of the global market share in 2022. The region is home to a large number of consumers who are health-conscious and looking for natural and nutritious food options. Increasing popularity of seafood broth in the region is also being driven by the rising popularity of fusion cuisine.