Hot Pot Soup Base Market Size, Share, Growth, and Industry Analysis, By Type (Broth Flavor, Condiment Tomatol, Spicy Flavor and Others), By Downstream Industry (Household and Commercial), and Regional Forecast to 2032

Updated On: 09 November 2024

• 

  Request a Free Sample to learn more about this report

HOT POT SOUP BASE MARKET OVERVIEW

The Hot Pot Soup Base Market Size was US$ 10616.21 Mn in 2023 and is projected to touch US$ 18839.08 Mn By 2032, Exhibiting a CAGR of 5.9% During the Forecast Period.

The Hot Pot Soup Base Market is expanding dramatically due to the rising global trend of hot pot eating, a popular form of cooking interpersonal in the Chinese cuisine where all sorts of food are cooked in a pot of boiling soup. This market covers many types of the flavored soup bases such as spicy, herbed, tomato and mushroom flavored one. Some of the factors that have led to the consideration of convenient, ready-to-use soup base include globalization of Asian cuisine and increase in demand for soup bases. Manufacturers aim at introducing new products to satisfy all consumers’ needs; vegan, low sodium, or even organic products. It implies a high level of competition whereby the companies selling the products are not only local but also have their origin from other regions of the world. Also, the advancement in the technology has made it easier for these products to be sold through the internet selling platforms which makes them easily accessible to the world market. Proliferation of urbanization and rising working class standards of living have also propelled the growth of market, as people are in search of quick, tasty an authentic hot pot experience at the comfort of their own homes.

GLOBAL CRISES IMPACTING HOT POT SOUP BASE MARKET - COVID-19 IMPACT

"Hot Pot Soup Base Market had a negative effect due to shutdowns and restrictions during COVID-19 pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The Main challenge that was witnessed through the COVID- 19 pandemic was the volatility of the Hot Pot Soup Base Market. The challenges that affected hot pot dining experience includes; shutdowns and restrictions that were placed on gathering and opening of restaurants due to the outbreak of the COVID-19 pandemic. Hot pot restaurants are usually involved in more group meetings and as such, when the provision of social distancing it led to a diminution in their traffic and therefore low demand in large packaged soup base products. There were also disruptions of supply chain around the globe that slowed down the manufacturing and availability of raw materials and even increased prices. This led to reduced spending among consumers as they are unsure of their incomes since AXA faced the problem of pandemic that affected their spending power and reduced spending on miscellaneous products such as specialty soup bases. For home consumption and in some retail and online sale segments there was a small positive movement, nowhere near making up for the deficit seen in the foodservice loss. In short, the pandemic has negatively impacted the Hot Pot Soup Base Market affecting its growth and changing the trends of consumption.

LATEST TREND

"Growing Trend of Hot Pot Soup bases that Reflect Eating Healthy to Drive Market Growth"

One latest trend in the Hot Pot Soup Base Market is the consumers’ quest for healthy and functional soup bases. As the consumer becomes more health conscious, there is a shift towards, soups with flavourful soups which contain health benefits as well. Manufacturers are therefore coming up with low sodium, organic, plant and broth bases containing health enhancing herbs such as ginseng and goji berries. Other trends include gluten free and allergen free to fit the market’s current growing need for special diets. This trend falls in line with the current healthy food trend wherein the consumer wants to pamper him or herself with food such as hot pot meals but there needs to be health consciousness. Some of the health-conscious soup bases featured here is gaining more attention especially in supermarket shelves as well as among restaurant owners who want to add soup dishes that are healthier in the meal choices of their customers.

• 

  Request a Free Sample to learn more about this report

HOT POT SOUP BASE MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Broth Flavor, Condiment Tomatol, Spicy Flavor and Others.

• Broth Flavor: These soup bases are non-aggressive most of them are derived from bones, vegetables or herbs the bring a full bodied, flavourful taste that can enhance almost any ingredient. Some of the most selected ones are chicken, beef or mushroom which provides a warm comforting flavor to the dish.

• Condiment Tomatol: With the tomato-based soup being the primary flavor that forms the basis of hot pot, it gives a tangy and slightly sweet taste; the brightness to the hot pot. This type is usually served with vegetables and lean meat and therefore considered a perfect choice for clients who abhor meals with spices.

• Spicy Flavor: One of the hottest recipes served on the table with variants of soup bases, spicy soups are usually prepared using ground chilli and oil washed from Sichuan peppercorns. These bases are specifically loved for their spiciness, and we usually use it for Sichuan boiling pot.

• Others: This entails new or local types of ingredients such as medicinal, marine or spicy rice seasonings. Some of these are in a certain niche while others are due to the cultural preference of certain groups, therefore increasing the varieties out there to be supplied to the consumers.

BY APPLICATION

Based on Industry Analysis, the global market can be categorized into Household and Commercial.

• Household: The two types of soup bases described here are intended for home consumption, which will be prepared in relatively small portions. They target portions that can serve one person and or family sized portions, accompanied by a choice of different flavours for ease in the preparation of hot pot foods at home.

• Commercial: This type is made in large quantities for restaurant, caterers or for events and parties that may require many portions. Store-bought soup bases come in bulk packs as it is ideal to cater for many customers in commercially oriented hot pot restaurants or in operations such as buffets.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Globalization of Asian Cuisine to Boost the Market"

A factor in the Hot Pot Soup Base Market growth is the increasing trend for Asian cuisine and in particular for Chinese hot pot cooking. In the past few years, there has been a trend of people experimenting and looking for genuine flavours in homes and restaurants. It’s also agreed that hot pot, a kind of Interaction dining and Rich flavor diversification, meets the demands of these consumers. This has in turn provided the conditions whereby people can recreate the experience by demanding a range of other readymade soup bases. Growing popularity of these products has been made possible by international retail outlets and e-shops which has increased its circulation globally.

"Convenience and Ready-to-Use Products to Expand the Market"

Schedules of today’s people are tight and thus they require food items that are easy and quick to prepare, and this has led to successive demands for hot pot soup bases. This means that thick and tasty soup bases that take a lot of time to prepare have been provided making it easier for the consumer to enjoy hot pot meals. These benefits are useful for the urban customers and the younger consumers who need and want fast meal solutions but not at the compromise of taste. Easy availability of hot pot as a boy and through meal kits, online recipe services, and numerous prepared foods keeps the market more vibrant than ever, indicating that hot pot is only going to become more popular in everyday meal planning.

RESTRAINING FACTOR

"High Competition among Brands Impede Market Growth"

A restraining factor in the Hot Pot Soup Base Market is the high competition among brands. This creates market saturation since many established and developing market players are presenting diverse soup base sorts in reaction to the market’s expansion. Incumbency puts a lot of pressure on firms to perpetually come up with new enhancements and cheaper offers, experiencing thereby shrinking margins of profit. Even here established larger companies with powerful sales distribution channels and customer loyalty dominate smaller brands unable to penetrate through to the market. Further, consumers’ preference on local or traditional tastes hinders the penetration of new or foreign brands thus, restricting market growth.

OPPORTUNITY

"Globalisation and venturing into Foreign Markets to Create Opportunity for the Product in the Market"

This clearly shows that there is wide room for Hot Pot Soup Base manufacturers to consider penetrating new international markets. With a growing trend for hot pot dining across the world and particularly Europe there is an increase in demand for genuine and superior quality soup bases. The manufacturers have a chance to launch different regional flavours that would be of interest both to the expat consumers and new inhabitants of the country seeking for Asian tastes. As a result of such a development, it is possible to reach out to the newly-emerging market by extending distribution through online sales and partnering with the international retail chains.

CHALLENGE

"Maintaining Authenticity While Adapting to Local Preferences Could Be a Potential Challenge"

Another difficulty for the establishment of Hot Pot Soup Base is the ability to retain the originality of the traditional soup bases combined with their sensitivity to the local market and consumers’ preferences in the global locations. Some consumers, perhaps, do not enjoy strong tastes and fiery hot spiciness, or have some specific dietary requirements that existed, like, fewer amounts of sodium or plant based. Satisfying these preferences when doing product development for hot pot she realised that the cultural integrity of the meal had to be maintained. Also, getting over the ingredient sourcing and regulatory barriers in new markets can be quite a challenge; therefore it is a very tricky affair for manufacturers.

• 

  Request a Free Sample to learn more about this report

HOT POT SOUP BASE MARKET REGIONAL INSIGHTS

• NORTH AMERICA (U.S. COMPULSORY)

North America especially the United States Hot Pot Soup Base Market has control of the trend towards exploring the worldwide multi-variation cuisine. The awareness concerning Asian dishes among the consumers together with increased engagement in culinary and fusion restaurants has led to consumption of hot pot products. New stores, website sales, and multiple flavoured products are available for all types of consumers. But market penetration is not fully grown yet and the brands need to engage in making the public understand why hot pot needs to be consumed as part of their beliefs and value system.

• EUROPE

The Hot Pot Soup Base Market in Europe however, is steadily increasing, as the population in Europe diversifies, and people are expanding their palate for food from different parts of the world. Different types of restaurants that offer hot pot products are being established in different cities such as London, Paris and Berlin among others. Thus, European consumers approve the interactive and social characteristics of hot pot dining and an option to try dishes by themselves. The issue is to translate the essence of traditional hot pot bases into the local food palates for the local people who are used to different type of dishes.

• ASIA

In Asia, Hot Pot Soup Base Market share is the most established one due to the region’s rich cultural support and commercials. China and other countries such as Japan, South Korea, and Thailand have a culture of having hot pot and therefore, the demand for the soup bases is constant. The market consists of mix of flavours and regional specialties depending on the region or country of consumption. With increasingly frequent consumption in hot pot restaurants, and due to Asia’s well-developed food service industry and high food consumption rate, Asia is the largest market for hot pot soup base sales and development.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key industry players inside the Hot Pot Soup Base Market consist of Lee Kum Kee Well-known for traditional, and Premium Hot Pot Base. Soups are an essential part of Haitian, a Chinese food firm that has perfected the art of providing clients with delicious soup bases in the Haitian’s Chinese cuisine flavor menu. The next major food manufacturer and processor is Jiangxi Zhengda Food which also covers all the conventional and new types of food products. S&B Foods, a company that is based in Japan has managed to grow to become a global brand offering hot pot bases. These are the companies are large because of their numbers of products offered, solid supply channels, and emphasis on genuine product.

LIST OF TOP HOT POT SOUP BASE COMPANIES

• MORALS VILLAGE (Taiwan)
• Lee Kum Kee (Hong Kong)
• Weway Food (China)
• HaiDilao (China)

KEY INDUSTRY DEVELOPMENT

In August 2024: Lee Kum Kee introduced the release of its new line of natural warm pot soup bases. This development reflects the organization's dedication to meeting the developing purchaser call for healthier and more sustainable meals options. The new product line is designed to cater to health-conscious consumers and is made with organic components, aligning with international tendencies closer to cleanser eating and sustainability. This expansion highlights Lee Kum Kee's ongoing efforts to innovate and diversify its product services within the competitive hot pot market.

REPORT COVERAGE

The Hot Pot Soup Base Market is experiencing robust boom pushed with the aid of the worldwide fascination with Asian delicacies and the growing demand for handy, geared up-to-use meal answers. Key regions which include Asia, North America, and Europe play full-size roles, with Asia leading due to its cultural affinity for decent pot dining. North America and Europe are catching up, inspired by way of multicultural food developments and increasing retail and online distribution. Health-aware tendencies are shaping the marketplace, with clients seeking organic, low-sodium, and plant-primarily based alternatives. Key industry gamers like Lee Kum Kee and HaiDiLao are at the leading edge, innovating to meet evolving purchaser preferences. Despite possibilities for global enlargement and product diversification, demanding situations consisting of maintaining authenticity even as adapting to nearby tastes and dealing with supply chain complexities persist. Overall, the marketplace's future looks promising with endured increase potential, pushed by innovation and growing patron hobby in numerous culinary studies.