Conventional Stocks Cubes Rule the Landscape, But Demand for Organic Cubes Set to Rise Rapidly: Fact.MR
Published : 24 Sep 2021 Industry: Food & Beverage
According to a recent report by Fact.MR, a market research and competitive intelligence provider, sales of stock cubes are expected to top a valuation of US$ 10.5 Bn by 2031, increasing at a CAGR of around 4.8%.
Stock cubes, also known as broth cubes or bouillon cubes, have been in high demand for ages due to their numerous benefits. The stock cubes market is expected to increase steadily because to a variety of factors such as changing consumer preference, micronutrient properties, longer shelf life without refrigeration, preference for convenience and processed meals, and availability of a wide range of flavors and brands, among others.
There is a lot of thought that goes into conceptualizing the packaging design for each product. The parameters and criteria that must be considered in order to create the best design vary depending on the product. For aquaculture products, for example, labeling, color selection, presentation, and shape and form must be consistent with current consumer perceptions and prejudice. Aquaculture product manufacturers offer their products in a variety of packaging sizes such as tins, sachets, pouches, and carbon packaging. As products are available in different sizes, consumers can choose as per their requirements.
Condiments such as stock cubes are mainly composed of salt, seasonings, and dehydrated vegetables. Research shows that more than 95% of the population in West African countries and South Africa consume stock cubes every day. In Nigeria alone, there are more than 100 million stock cubes sold every day.
Key Takeaways from Market Study
- The U.S. is estimated to account for 86.5% of the North American market in 2021, supported by inclination towards instant and ready-to-cook food products.
- According to Fact.MR analysis, China is estimated to account for 75.7% of the East Asia market share in 2021, supported by long shelf life of stock cubes.
- Germany is one of the prominent countries in the European market with a share of 20%, supported by increased per capita expenditure on prepared food products.
- Beef stock cubes are estimated to account for 28.4% market share in 2021 on the back of their high application in various products.
- Conventional stock cubes reflect approximately 86.2% of the market in 2021, but organic stock cubes are expected to witness a high growth rate of 6.7% over the forecast period of 2021 to 2031.
“Key players are focusing on strengthening its distribution networks in African countries to reach almost all of population at risk of micronutrient deficiencies,” said a lead analyst at Fact.MR.
e-Commerce Websites Increasing Transparency and Product Penetration in the Global Market
Online sales via e-Commerce have increased the grip of the stock cube market and helped it thrive better sales medium. Traditional methods are also being used for the sales of stock cubes. However, e-Commerce websites enable any company/person sitting in any part of the world to buy stock cubes from any supplier.
e-Commerce websites provide buyers with a diverse range of products and options in terms of quality, quantity, and mode of transportation. Furthermore, online stores provide stock cube at competitive prices, as well as other profitable offers and various schemes. All of these combined are expected to act as a progressive factor, propelling market growth over the coming years.
Who is Winning?
Top manufacturers of stock cubes are focusing on offering products through various sales channels to reach a large consumer base as well as attract consumers through sustainable and convenient packaging.
Some of the leading companies offering stock cubes are Nestle S.A., Ajinomoto Inc., Ariake Group, Asda, Bell Food Group, Better Than Boullion, Bisto, Bou Brand, Bovril, Caldos del Norte, Colmans, Corazza, Edwards & Sons Trading Company Inc., Goya Foods Inc., Henningsen Foods Inc., Hormel Foods Corporation, Hugli Holdings AG, Kallo, Massel Pty Ltd., and McCrowmick & Company Inc.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for stock cubes presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for stock cubes based on product type (vegetable, fish, pork, chicken, beef, and others) nature (organic, vegan, and conventional), processing (pressed products and extruded products), form (cubes and tablets), packaging format (boxes, packets/sachets, and jars), and sales channel (food processing companies/brands, private label brands, retail sales, and food service), across seven major regions of the world.
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned food & beverage team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the food & beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant - Food & Beverages