Wilmington, Delaware, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR estimates the seafood extracts market to reach a value of US$ 13.5 Bn by 2031. Significant demand for seafood extracts from the pharmaceutical, agriculture, and cosmetics industry due to their multifunctional benefits fuels the growth of seafood extracts market.
Availability of seafood extract year round, and advantage of elimination of time-consuming preparation that offers significant operational benefits spells demand.
Ongoing trends of the seafood extracts market underscore efforts of companies to expand their market presence, and devise strategies to earn consumer loyalty for long term benefits in the highly competitive and dynamic market. Additionally, development of new production sites, instead of acquisitions is the approach of seafood extract manufacturers for expansion.
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Seafood Extracts Market – Key Findings of the Report
- Processed foods account for key demand for seafood extracts in East Asia. North America and East Asia present higher growth opportunity due to a growing food industry, and increasing demand for processed food.
- Dietary value of seafood extracts to reduce body weight without the intake of calories underpins massive revenue potential in the seafood extracts market. Use of seafood extracts to prevent overeating, and to help bring down cholesterol in the blood by about 18% to spur demand.
- Focus of companies in the seafood extract market for product innovation and development is leading to serve the growing demand for innovative and unique food products. Increase in disposable income in emerging economies of Asia Pacific and other regions enables consumers to afford unique seafood extract products.
- Prospects of widening application range of seafood processing by-products is anticipated to strengthen seafood extracts market development. Role of product manufacturers to use discarded fish waste, and convert into useful fish by-products is likely to expand growth frontiers.
- Processing of fish approximately accounts for 60-70% by-products, 20- 30% fish meat, and 5-15% fish oil. Measures for conversion of seafood by-products into human food or specialty food, which is anticipated to grow significantly over the next decade to create indirect opportunities in the seafood extracts market.
- Significant demand for fish oil from the pharmaceutical industry due to its positive impact on biological activities in the human body is a game-changing proposition for seafood extracts market trends
- Seafood consumption is related with health benefits to prevent lifestyle diseases, according to published research and clinical trials. Presence of various functional components in seafood helps in the prevention of thrombotic and arteriosclerosis diseases. Additionally, seafood is a source of various nutrients such as amino acids, fiber, protein, and vitamins that are important for bodily functions, along with providing anti-cancer properties.
- Economic value of seafood to help in the alleviation of food shortages in many developing countries, demonstrates its significance for a diversified and healthy diet.
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Seafood Extracts Market – Growth Drivers
- Health benefits of consumption of seafood documented in scientific journals due to presence of various nutrients and functional nutrients fuels the growth of seafood extracts market
- Product innovation and product development with functional and microbial properties to serve the growing demand for innovative seafood extracts cements growth
Seafood Extracts Market – Key Players
Some of the key players operating in the seafood extracts market are;
- Acadian Seaplants Ltd.
- Del-Val Food Ingredients
- Kakusan Foods Co. Ltd.
- Manidharma Biotech Private Limited
- Nikken Foods Co. Ltd.
- North Marine Ingredients
- PT. Jinyoung
- Valagro
- CP Kelco
- Givaudan S.A.
- Lysi hf
- Mitsubishi Corporation
- North American Kelp
- Norway Seaweed
- Suboneyo Chemicals Pharmaceuticals Limited
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The seafood extracts market is segmented as follows;
Seafood Extracts Market – by Form
- Powder
- Liquid
Seafood Extracts Market – by Product Type
- Anchovy Extract
- Tuna Extract
- Clam Extract
- Codfish Extract
- Crab Extract
- Lobster Extract
- Shrimp Extract
- Seaweed Extract
- Kelp Extract
- Other Seaweed Extracts
- Other Types
Seafood Extracts Market – by Application
- Food Industry
- Cosmetics Industry
- Pharmaceuticals Industry
- Agriculture Industry
Seafood Extracts Market – by Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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