Wednesday, March 22nd, 2023

Seafood Extracts Market SWOT Analysis

Seafood Extracts Market Outlook 2031

  • The global seafood extracts market was valued at US$ 8 Bn in 2021
  • It is estimated to expand at a CAGR of 5.3% from 2022 to 2031
  • The global seafood extracts market is expected to reach US$ 13.5 Bn by the end of 2031

Seafood Extracts Market: Overview

  • The global consumption of seafood extracts is currently pegged at 7,90,938 MT and expected to reach at 11,85,135 MT by the end of the forecast period
  • In the North American region, U.S. holds the largest majority stake with approximate share of 73.25% in 2021. It is expected to reach US$ 2,328.5 Mn in 2031
  • Seafood extracts are majorly utilized in the food industry, it is valued at US$ 4,296.2 Mn in 2021 and expected to reach US$ 7,416.1 by the end of the forecast period

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Seafood Extracts: Market Frontrunners

  • Seafood extracts are extensively used across pharmaceutical, cosmetics, and agriculture industry due to its multifunctional benefits. Seafood extracts are available throughout the year and they also provide significant operational benefits by eliminating the need for time-consuming preparation.
  • In East Asia, the demand for seafood extracts is present majorly in processed food products and other food manufacturing. This region has a high demand for processed food products. Among the all the regions, East Asia and North America presents a higher opportunity of growth, which can be attributed to a growing food industry, and increasing demand for processed food.
  • Seafood extracts includes seaweeds which contains natural fibers that helps in reducing the body weight without the intake of calories. It even aids in preventing overeating. It also helps in bringing down the levels of cholesterol in the blood by about 18%.

Seafood Extracts: Market Trends

Consumer Preference for Innovative and Unique Food Products

  • Consumers are trying out innovative food products to satisfy their taste buds. In order to cater to the growing needs of customers, manufacturers and producers are also focusing on product innovation and development to come up with new food products that have added functional and microbial properties.
  • The increase in the disposable income of consumers in many emerging regions such as the Asia Pacific, the Middle East, and Africa is also facilitating the buying of unique and innovative food products.
  • One major reason for consumer preference towards new and innovative food products is the uniqueness that is offered by companies due to which the consumers can experience different tastes in a variety of foods.

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Widening Application Spectrum of Seafood Processing By-products to Increase Sales Performance

  • During the processing of seafood products, some of the fish materials are discarded as waste, which in turn are used to produce different useful fish by-products. These by-products are nutrient-dense, yet they are frequently pulverized and dumped without any effort to recover nutrients.
  • Seafood by-products are typically utilized for livestock feeds or as plant fertilizers, both of which are considered low-value-added products. When fish are processed for fillets, the by-products account for approximately 60–70%, and fish meat and oil account for 20–30% and 5–15%, respectively. The recovery and conversion of by-products to human food or specialty food, on the other hand, results in a higher value-addition, which is expected to grow fivefold over the next decade.
  • Some species of fish, such as cod and sharks, contain a high amount of fish liver oil. Since, fish oil positively affects biological activities in the human body, it is utilized in the pharmaceutical industry.
  • Fish oils are used in the manufacturing of margarine and other edible oil products, such as salad dressings, shortenings, mayonnaise, etc. Fish oil’s physical and nutritional characteristics have made it a desirable addition to the human diet.

Superior Functional Traits of Bioactive Components Derived from Seafood to Facilitate Robust Utilization of Seafood Extracts

  • In recent years, there has been a rise in lifestyle-related diseases across various countries. Improper diet is one of the key elements that influence susceptibility to lifestyle-related illnesses, according to several epidemiological research and clinical trials.
  • In conjunction with the rapid increase in population, lifestyle diseases have become serious problems, both medically and financially. The health advantages of seafood consumption have been discovered in various studies examining dietary patterns.
  • One advantage of seafood is that it contains functional components that are not found in terrestrial organisms. These functional components include n-3-polyunsaturated fatty acids, such as docosahexaenoic acid and eicosapentaenoic acid, which aid in the prevention of thrombotic and arteriosclerotic diseases.
  • Moreover, seafood is also a superior source of various nutrients, such as amino acids, protein, fiber, minerals, trace elements, and vitamins. These nutrients are essential for bodily functions and are beneficial for the brain, growth, and the nervous system, along with providing anti-cancer properties.
  • Seafood has aided in the alleviation of food shortages in many developing countries, serving as a significant addition to a diversified and healthy diet.

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Seafood Extracts Market: Strategies

  • Companies are trying to expand its market presence, and earn consumer loyalty for long term benefits as the seafood extracts market is highly competitive and ever changing. The overall market approach of seafood extract manufacturers seems to be inclined towards expansion through development of new manufacturing sites, rather than through acquisitions.
  • In August 2020, CP Kelco announced the expansion of its long-term partnership with Biesterfeld in the food and nutrition sector in Europe. The company distributes carrageenan, pectin, xanthan gum, and citrus fiber through Biesterfeld in Germany, Poland, the Czech Republic, Slovakia, Hungary, Estonia, Lithuania, and Latvia.
  • Acadian Seaplants has six Canadian and European manufacturing facilities, which are strategically located close to its cultivation and harvesting sites throughout Atlantic Canada, Ireland, and Scotland. Thus, the seaweed reaches the facilities quickly, ensuring the quality of its products.

Seafood Extracts Market: Key Players

  • Some of the key players in the market are Acadian Seaplants Ltd., CP Kelco, Del-Val Food Ingredients, Givaudan S.A., Kakusan Foods Co., Ltd., Lysi hf, Manidharma Biotech Private Limited, Mitsubishi Corporation, Nikken Foods Co., Ltd., North American Kelp, North Marine Ingredients, Norway Seaweed, PT. Jinyoung, Suboneyo Chemicals Pharmaceuticals (P) Limited, Valagro

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