The profitability quotient of global broth market is forecast to escalate remarkably, primarily on the cusp of the paradigm shift observed in consumer food preference and health concerns. Increasing awareness regarding the health benefits of broth such as muscle protein synthesis, anti-aging properties, hydration, weight-loss, and improved immunity have further contributed to the growth prospects of broth market. In terms of commercialization potential, a report compiled by Global Market Insights, Inc., claims the global broth market size to have exceeded USD 2 billion in 2016 and further projects the industry to witness an annual growth rate of 4% over 2017-2024. Contemplating on the competitive aspect, experts deem the broth industry to witness a large participation of established as well as new entrants in tandem with the tried-and-tested growth strategies including M&As, JVs, and product & regional expansion.
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Ancient Nutrition, for instance, a company best known for its bone broth protein and collagen supplement powder, has recently snagged USD 103 million in funding through the private equity firm VMG Partners. The funding also included the participation from over 100+ influential investors across the health & wellness industry. With these funding, the company plans to elevate its resources and further strengthen its stance in the global broth industry. Another instance is of Bonafide Provisions that made it to the headlines for its new line of Drinkable Veggies, which have a perfect blend of bone broth and organic vegetables. Sources also reveal that the company’s popular chicken broth secured a second position among the highest-selling products. Other companies in this space include Kettle & Fire, Bare Bones, The Stock Merchant, Bulletproof, and Campbell Soup Company.
These funding and new product launches indicate strong consumer market for health supplements, most prominently the once which are derived from organic & natural products instead of chemicals. Moreover, these competitive tactics represents a vote of confidence for the developing broth industry, which despite being in its embryonic stage is likely to see impressive sales growth in the coming years. Indeed, authentic reports claim the global broth market to surpass a valuation of USD 2.8 billion by 2024. Speaking along similar lines, experts deem that the companies capitalizing on three consumer trends: unprocessed foods, natural, and miracle health ingredients are bound to garner lucrative growth in the ensuing years. Another trending factor that adds to the rising popularity of bone broth & vegetable broth has been the rapid adoption of fancy diets. Bone broth in particular has appealed to people on the ketogenic diet who believe that the eating habits should be more like our ancestors that underpinned lots of protein, high fat, and minimal carbs. Analysts deem that rising popularity of other low-carb diets such as paleo diet and Atkins diet, have in turn led to higher demand for vegetable-based broth industry.
Although still a niche market, broth products have registered commendable growth statistics in the recent years. Increasing popularity of the bone & beef broth, particularly in UK, US, and Spain have opened new growth avenues for this small-scale business to expand in full gusto. In fact, according to SPINS, US retail sales of bone broth augmented by three folds to USD 19.7 million in 2016. As a matter of fact, the per capita consumption of beef in the U.S. alone was over 55 pounds in 2016 and with increasing number of millennials recognizing the health benefits, beef broth industry size is envisaged to cross USD 450 million by 2024. Changing lifestyle, high disposable income, and growing consumer consciousness regarding health benefits stand as the most prominent factors propelling regional broth industry size. Analysts further speculate that this market is fueled by small but highly engaged set of health-conscious consumers, Whole30 fans, and Paleo enthusiasts. Banking on these health food fads, the overall North America broth market is estimated to register a y-o-y growth of 4% over 2017-2024.
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In light of this scenario, the global broth market is soon to have mainstream appeal with positive responses from retailers and consumers. It has been further observed that the broth products are increasingly gaining traction as food loaded with nutrients, especially for people suffering from arthritis and leaky gut syndrome. Given that broth encompass key ingredients such as glutamine, collagen, glycine, and gelatin it is been increasingly consumed by affected people to boost their bone health & performance. Backed by these claimed health benefits, broth is gaining mass acceptance as a superfood for athletes, bodybuilders, and fitness fanatics. The competitive landscape of broth industry is strongly characterized by start-ups coming up with frozen products in pouches, while some have positioned themselves in the take & go chillers such as cold-pressed juices where consumers look intuitively for bone broth. What remains to be seen in the near future is how these products will perform in the race with regard to reaching masses and stand against other organic health nourishing beverages.