The global bouillon market size is expected to reach USD 9.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% over the forecast period. Growing demand for easy to make, ready to eat, and packed health food, along with growing working women population, is expected to increase the demand for bouillon products in the coming years. In addition, increase in disposable income and changing lifestyle of the people is anticipated to increase the market demand.
Usage of cube products is increasing in North America and Europe on account of continuous product innovation according to the customer behavior and preferences. In addition, growing economic independence of the women is increasing the consumption of packed and processed food products in the developed countries. Bouillons constituting all the major materials, which are a good source of vitamins, minerals, nutrition, and protein, serve as a prominent replacement for home cooked food. Therefore, this evolution in the working population is anticipated to significantly influence the market demand in future.
Continuous use of iodized salt and flavor enhancer (Disodium Inosinate, Monosodium Glutamate, and Disodium Guanylate) in cube bouillon products is expected to act as a restraining factor in the global market. High consumption of these products can lead to several health issues like increased level of blood sugar, blood pressure, and obesity.
However, continuous development of new products by companies such as Nestle S.A. and launch of new bouillon powder seasoning in Maggi and new bouillon cube product by BOU, Inc. are expected to influence the buying preferences of the younger population across the globe. Moreover, Nestle is investing in countries of West Africa including Benin and Togo to introduce new Maggi bouillon products. The market leaders are focusing on developing new flavors and products in order to gain a major share in the market.
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Further key findings from the study suggest:
- By form, cube is projected to ascend at a CAGR of 4.3% from 2019 to 2025
- The meat product segment dominated the bouillon market with 52.4% share of the overall revenue in 2018 due to the high protein and fiber content in meat as compared to vegetables and fish
- The offline distribution channel dominated the market with a share of more than 74.0% in 2018 as most of the products are purchased through supermarkets/hypermarkets and convenience stores
- Europe dominated the global market in 2018 with 48.2% share of the total revenue on account of high preference for the product in U.K., Germany, and France, which is attributed to its health benefits and easy to cook factor
- Key market players include Nestle S.A.; International Dehydrated Foods, Inc.; The Unilever Group; McCormick & Company, Incorporated; The Kraft Heinz Company; Hormel Foods Corporation; Henningsen Foods, Inc.; Southern Mills, Inc.; Proliver Bvba; and Goya Foods, Inc.