The growing popularity of convenient food options, driven by busy lifestyles, is propelling the bouillon cube market. South Korea, with its strong preference for convenience food, is expected to be a leading contributor to market growth in the coming years.
NEWARK, Del., June 11, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the bouillon cube market is estimated to be worth USD 6.9 billion in 2024. Global bouillon cube demand is set to progress at a CAGR of 4.5% during the assessment period. By 2034, it is forecast that the market value will have reached USD 10.8 billion.
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Bouillon cubes, with their tiny size, are emerging as a supreme convenience food. With work taking over the lives of the young population, there is felt more of a need for convenience food and products like bouillon cubes are stepping in. The product is also enjoying popularity as a snack for children and being a part of school lunches.
Producers are striving to increase consumer confidence in bouillon cubes through the integration of organic ingredients. As the food and beverage sector embraces organic and non-GMO ingredients, all-natural bouillon cubes are all the rage.
Further refining is done through the increase in the manufacture of vegan and vegetarian bouillon cubes. As the clamor for cruelty-free products climbs, the market stands to benefit. Technology advancement to enhance the taste profiles of the products is being looked at heavily.
There are, however, certain factors that limit growth. Some consumers think that considering the size of the product, the price is not worth it. Plastic packaging and the use of preservatives in the making of the product are other obstacles the market has to overcome.
Key Takeaways from the Bouillon Cube Market
- The bouillon cube market value is anticipated to total USD 6.9 billion in 2024.
- Based on type, vegetable segment held a market share of 45% in 2023.
- By distribution channel, supermarkets and hypermarkets segment accounted for a market share of 62% in 2023.
- South Korea is projected to record a CAGR of 7.0% through 2034.
- China and Japan are poised to register CAGRs of 5.3% and 6.2%, respectively.
"Manufacturers are cognizant of the consumer inclination towards consuming healthy products. Thus, gluten-free and low-sodium versions of the product are making a splash in the market. Producers thus see making the product healthier as the way to go." says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.)
Who is Winning?
Manufacturers are heavily investing in Research and development activities. Mergers and acquisitions are common strategies for industry players. Some of the prominent companies in the market include Unilever, Nestle S.A., Hormel Foods, Kraft Heinz Company, and Bou Brands LLC.
Recent Developments in the Bouillon Cube Market
- In December 2023, the Knorr's Mini Bouillon Bag was launched. Designed by MullenLowe UK, it is a bag tailored to fit one single Knorr bouillon cube.
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Future Market Insights (FMI), in its new offering, provides a thorough, detailed, and unbiased analysis of the global bouillon cube market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides compelling industry insights based on type (vegetable, beef, meat, fish, and others) and distribution channel (supermarkets and hypermarkets, convenience stores, online retail, and others) across several regions.
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Expert analysis, actionable insights, and strategic recommendations - the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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