Stock cubes, also known as bouillon cubes or broth cubes, have been witnessing impressive demand for some time now, owing to their wide range of benefits. The stock cubes market is likely to witness steady growth on account of multi-pronged factors, such as long shelf life without refrigeration, the changing consumer preferences, inclination towards processed and convenience foods, and the availability of many flavors and brands etc. Also, the growing demand for organic products and growing concerns related to healthy diet could accelerate the growth of stock cubes market. The magical, easy-to-use, highly compressed pieces of savory goodness instantly add flavor and can balance almost any dish or soup, in a matter of minutes.
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Key Factors and Challenges: Stock Cubes Market
- Growing consumer preference for long shelf life food products can drive the demand for stock cubes. Stock cubes are suitable for use, for long periods of time, setting the consumers free from all kinds of concerns pertaining to stale food.
- Changing lifestyles and growing number of working women, especially urban areas have triggered the demand for processed foods, and stock cubes fit aptly in this scenario.
- Many individuals rely on stock cubes that are free from gluten, onion, garlic and vegan, owing to their healthy nature, which makes them apt for celiac disease patients.
- Being an aromatic mixture of herbs and spices, stock cubes act as flavoring agent in food, making bland food extremely flavorful. Stock cubs contain many preservatives like monosodium glutamate, and dissolve instantly to give a deep flavor to dishes, soups, gravies, sauces, and stews etc.
- Stock cubes don’t take a toll on the pocket of consumers, owing to their inexpensive nature. This could result into an increase in the stock cubes market.
- Strict government policies related to the food products and flavors can dampen the growth of stock cubes market offing.
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Key Trends and Opportunities
- The trend and growing number of working women, and rising disposable income are likely to influence adoption of stock cubes. According to the US Department of Labor Blog, women’s participation in the U.S. labor force has grown considerably, increasing from 32.7 percent in 1948 to 56.8 percent in 2016. Employment is allowing women to spend on easy cooking products like stock cubes, more often.
- The growing inclination of masses towards ready-to-eat and use food products is expected to the fuel the demand for stock cubes in the near future. Be it the hectic work schedules, or the desire for easy cooking, individuals are increasingly investing in ready-to-use food items like stock cubes.
Stock Cubes in West Africa
Bouillon/Stock Cubes working as Vehicles for Iodine in West Africa
According to Iodine Global Network (IGN), seasoning products in the form of powders and bouillon/stock cubes are gaining a lot of popularity. As per the estimates, daily stock cubes consumption by an individual is 8.6 g and 4.3g in urban and rural parts of Senegal.
Besides, the IGN data shows that 96% of households in Cameroon consume or use stock cubes at least once in every seven days. They showcase an average weekly consumption frequency of 14 times. Stock cubes contain 50-70% salt apart from dehydrated stock, flavor enhancers, spices, and solid vegetable fat.
Bouillon/Stock cubes are vital sources of iodine in Senegal and apparently in many other West African countries also.
Previously, the Italian manufacturer Corazza has also highlighted the growing demand for stock cubes in West Africa. According to Maggi company figures, the company sells more than 90 million stock cubes in Nigeria daily.
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Key Players in Stock Cubes Market
There are a wide range of companies operating in the stock cubes market. Some of the key players include Unilever N.V., Nestlé S.A., Hormel Foods Corporation, Goya Foods, Inc., Royal Wessanen N.V., Pampa Foods Ltd., and OXO International, Ltd. Premier Foods, etc.
- Premier Foods: The UK’s Premier Foods has unveiled a trio of ‘premium’ Oxo Stock Cubes and gluten-free products in its Stock Pots range. The latest Oxo Stock Cubes comprise of no added MSG and is available in three flavors, including Succulent Chicken, Delicious Vegetables, and Rich Beef. Two of them contain real meat juices. The company has added a gluten-free Red Wine flavor to the Stock Pots range.
- Nestlé S.A: Nestlé S.A, a prominent player in stock cubes market and FMCG major is planning to expand its product offering by rolling out a wide range of new products, including noodles, cubes, dark chocolates among many others offing, as part of its expansion drive.
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