Global Stock Cubes Market To Top A Value Of US$ 10.5 Billion By 2031
A recent report on the Stock Cubes market added by Fact.MR elaborates on factors responsible for its growth. The report emphasizes growth parameters such as drivers, restraints, upcoming challenges, and future opportunities. It also lists the names of players functioning in the Stock Cubes market and the strategies adopted by them to stay put in the market competition. The entry of new players with their motive is also discussed in the report.
The current impact of COVID-19 on the Stock Cubes market has also been discussed elaborately in the report with key emphasis on possible revenue generation outcomes if any. The implementation of global lockdown resulted in a temporary shutdown of all businesses and transport services. The Stock Cubes market suffered huge losses in terms of new development and revenue generation. Various healthcare organizations are engaging in research and development for the discovery of novel therapeutics to fight back the coronavirus pandemic.
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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.
Key Segments Covered in Stock Cubes Industry Research
- By Product Type
- Other (Lamb, Ham)
- By Nature
- Organic Stock Cubes
- Vegan Stock Cubes
- Conventional Stock Cubes
- By Form
- Stock Cubes
- Stick Tablets
- By Processing Type
- Pressed Stock Cubes
- Extruded Stock Cubes
- By Packaging Format
- Stock Cubes in Boxes
- Stock Cubes in Sachets/Packets
- Stock Cubes in Jars
- By Sales Channel
- Food Processing Companies/Brands
- Private Label Brands
- Retail Sales
- Store Based Retailing
- Convenience Stores
- Discount Stores
- Specialty Stores
- Independent Small Groceries
- Other Grocery Stores
- Non-Grocery Retailers
- Pop Up Stores
- Mixed Retailers
- Online Retailing
- Store Based Retailing
- Food Service (HoReCa)
In order to increase brand preference and sales the stock cubes, manufacturers are following several marketing strategies with latest trends in stock cubes to motivate consumers to purchase more. These innovative marketing strategies applied by top meat stock cube brands are expected to propel growth of the market.
- For instance, Knorr in Thailand wanted to increase its brand preference and get mums to try new dishes that include Knorr ingredients, such as stock cubes. The main challenge faced mothers in the country is deciding what to cook for dinner. Understanding this challenge, Knorr partnered with no.1 messaging platform in Thailand and provided the Chabot service of kitchen assistance.
Top online retailers of stock cubes are focusing on promotional and marketing activities to create awareness about their products to reach a large consumer base across emerging as well as developed countries
- In 2020, Nestle S.A. launched Maggi Organic Bouillon cubes in a recyclable paper wrapper.
- In 2020, Oxo launched vegan beef-flavored stock cubes owing to increased demand from the vegan population.
Similarly, recent developments related to companies offering stock cubes have been tracked by the team at Fact.MR, which are available in the full report.