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Bouillon Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global bouillon products market was valued at USD 2.6 billion in 2021 and is projected to expand at a CAGR of 6.5% from 2021 to 2028. Bouillon is a type of broth prepared by boiling bones, meats, fish, or vegetables in water or wine, and adding seasonings such as salt, pepper, and herbs. In recent years, bouillon products have gained popularity due to their convenience and ease of preparation. Moreover, they are available in a wide range of flavors, such as chicken, beef, vegetable, and seafood. The rising demand for convenience food and the growing trend of vegetarianism are driving the bouillon products market.
The increasing demand for vegan and vegetarian products is driving the demand for bouillon products. To meet this growing demand, various manufacturers are launching new vegan and vegetarian products. For instance, in December 2020, Kallo Foods launched a vegan bouillon cube and an organic bouillon paste. The vegan bouillon cube is made of vegetables and is free from animal-derived ingredients, whereas the organic bouillon paste is made from organic vegetables and herbs.
Furthermore, the increasing demand for ready-to-eat meals is expected to drive the market for bouillon products in the coming years. To meet this rising demand, various manufacturers are launching bouillon products in the form of ready-to-eat meals. For instance, in October 2020, Knorr launched a range of ready-to-eat meals that are made with carefully selected ingredients and no artificial colors, flavors, or preservatives.
In addition, the rising demand for organic bouillon products is another factor that is expected to drive the growth of the market. Consumers are becoming more health-conscious and are increasingly looking for organic bouillon products that are free from artificial colors and flavors. To meet this rising demand, various manufacturers are launching organic bouillon products. For instance, in May 2020, Kallo Foods launched an organic vegetable bouillon cube.
Moreover, the increasing demand for bouillon products in foodservice applications is expected to further support the market growth. The demand for bouillon products is increasing in foodservice applications, such as restaurants and hotels, due to their convenience and ease of use. In addition, manufacturers are introducing bouillon products with different flavors to meet the changing taste preferences of consumers. Furthermore, the increasing number of restaurants and hotels is expected to further support the demand for bouillon products in the foodservice industry.
Product Insights
The bouillon cubes segment dominated the market and accounted for a share of more than 45% in 2022. This is attributed to the high demand for bouillon cubes in the food service industry due to their convenience, cost-effectiveness, and long shelf-life. Bouillon cubes also find extensive application in the households as they are readily available in the supermarkets and convenience stores. The bouillon cubes segment is anticipated to expand at the fastest CAGR of 8.7% over the forecast period.
The bouillon powder segment is expected to expand at a CAGR of 8.2% over the forecast period. This is attributed to the increasing demand for bouillon powder in the food service industry due to its easy-to-store and long shelf-life properties. Bouillon powder finds extensive application in households as it is readily available in supermarkets and convenience stores. In addition, the growing demand for convenience and healthy food is fueling the growth of the bouillon powder market.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the global bouillon products market in 2022 with a share of over 43.5%. This growth can be attributed to the swift surge in the number of supermarkets and hypermarkets across the globe. In recent years, the sale of bouillon products through supermarkets has witnessed a significant rise due to the convenience offered by these stores, such as easy availability and convenience of buying the products. Furthermore, the presence of a wide variety of options offered in supermarkets and hypermarkets is likely to boost the growth of the segment.
The online segment is projected to register the highest CAGR of 11.4% during the forecast period due to the increasing penetration of smartphones and easy access to the internet. Several companies are launching online platforms and applications to cater to the growing demand for convenience and better customer experience. For instance, In 2020, Knorr launched an e-commerce platform, Knorr Selects, which offers a wide range of bouillon products. The platform also provides information on product ingredients and nutritional facts to help customers make informed decisions. This platform has seen a tremendous surge in the customer base due to its user-friendly interface, attractive discounts, and easy payment options.
Type Insights
The granular bouillon segment accounted for the largest revenue share of the global bouillon products market in 2020. The growth of this segment is attributed to the increasing demand for convenience food products due to the busy lifestyle of consumers. Granular bouillon are available in small sachets, which are easy to use and store, and can be used as a seasoning and flavor enhancer. Additionally, granular bouillon products are available in a variety of flavors and are used to enhance the flavor of a wide range of food items, such as soups, stews, sauces, and casseroles.
The bouillon cubes segment is anticipated to expand at the highest CAGR of 6.1% during the forecast period. Bouillon cubes are easy to use, provide a great taste and aroma, and are used to enhance the flavor of various food items. Additionally, bouillon cubes are also used as a substitute for stock, as they contain less fat and more flavor. Furthermore, bouillon cubes are available in different flavors, such as beef, chicken, and vegetable, and can be stored for longer periods of time. The above factors are expected to drive the demand for bouillon cubes during the forecast period.
Regional Insights
Europe accounted for the largest revenue share in 2022, accounting for over 45.0%. This can be attributed to the presence of a well-established food industry and rising demand for convenience foods. Moreover, the presence of numerous bouillon product manufacturers in the region is a key factor behind the growth of the market. For instance, in February 2021, Knorr, a Unilever brand, introduced a vegan bouillon cube in the U.K.
Asia Pacific is expected to witness the fastest growth in the coming years. Rising demand for convenience foods and increasing disposable incomes are some of the key factors driving the growth of the regional market. Moreover, the presence of numerous bouillon product manufacturers in the region is expected to fuel the regional market growth. For instance, in April 2021, Maggi, a Nestle brand, launched a vegetarian bouillon cube in India.
Financial Projections
In this part of the bouillon products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your bouillon products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a bouillon products business comes from the sale of bouillon cubes, powders, pastes, and other related products. Here you will find a list of potential buyers including retail stores, wholesalers, foodservice providers, and online platforms.
Projecting Expenses
In this section, all the regular expenses related to keeping the bouillon products business running will be described. The list of operating expenses includes salaries, rent, materials, packaging, advertising, legal, and other related costs. Additionally, you should plan for research and development expenses in order to innovate new products and stay on top of the competition.
Key companies & market share insights
Some of the key companies operating in the bouillon products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Maggi launched new bouillon cubes in India.
– In August 2022, Knorr launched a range of bouillon cubes and stocks in the European market.
– In October 2022, Kikkoman launched bouillon cubes in the Japanese market.
Some of the prominent players in the bouillon products market include:
– Maggi
– Knorr
– Kikkoman
– Ajinomoto
– Delikat
– Osem
– Nissin
– Nestle
– McCormick & Company Inc.
– Unilever
Global Bouillon Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global bouillon products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Bouillon Cubes
– Bouillon Powders
– Bouillon Liquid Concentrates
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Convenience Stores
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Segments of the Bouillon Products Market?
[A]: The Bouillon products market is segmented into type, application, and geography. The type segment includes bouillon cubes, bouillon powder, and bouillon paste. The application segment includes foodservice, retail, and others. The regional segment includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
[Q]: Who are the Key Players in the Bouillon Products Market?
[A]: Some of the major players in the Bouillon products market are Nestlé S.A., Ajinomoto Co., Inc., Melton Foods, Inc., Unilever, Kallo Foods Ltd., Knorr, Fondor, Massel, and Maggi.
[Q]: What are the factors driving the Bouillon products market?
[A]: The growth of the Bouillon products market is driven by increasing demand for convenience food products, rising population, growing consumer awareness about health and wellness, and increasing disposable incomes.
[Q]: What are the Challenges Faced by the Bouillon Products Market?
[A]: The major challenge faced by the Bouillon products market is the presence of numerous substitutes and changing consumer preferences. Moreover, volatility in pricing of raw materials is another challenge faced by the bouillon products market.
[Q]: What is the Potential for Growth of the Bouillon Products Market?
[A]: The Bouillon products market is expected to witness a healthy growth during the forecast period due to rising consumption of convenience food products and increasing demand from the foodservice industry.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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