Seafood Extracts Market Growth Accelerates: Projected to Achieve USD 13.5 Billion by 2031 at 5.3% CAGR | TMR Study

The global seafood extracts market has shown significant growth and is poised for further expansion in the coming years. Valued at US$ 8 billion in 2021, the market is projected to reach US$ 13.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2031. With increasing applications across diverse industries and growing consumer demand for functional food products, the seafood extracts market is carving out a critical niche in the global economy.

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Market Overview

Seafood extracts, derived from marine organisms, are versatile ingredients widely used in the food, pharmaceutical, cosmetics, and agriculture sectors. These extracts contain bioactive compounds such as proteins, amino acids, and omega-3 fatty acids, which contribute to their multifunctionality. The global consumption of seafood extracts was estimated at 790,938 metric tons in 2021, with projections to reach 1,185,135 metric tons by 2031.

North America, particularly the U.S., holds a dominant share in the market, accounting for approximately 73.25% of regional consumption in 2021. The U.S. market alone is expected to achieve a value of US$ 2,328.5 million by 2031. The growing demand for processed and functional food products has spurred this expansion.

Market Size and Growth

The seafood extracts market is experiencing robust growth driven by the following factors:

Increasing Demand for Functional Foods: The food industry remains the largest consumer of seafood extracts, with its market value rising from US$ 4,296.2 million in 2021 to an anticipated US$ 7,416.1 million by 2031. The health benefits of seafood extracts, such as cholesterol reduction and weight management, are propelling this growth.

Expanding Applications in Pharmaceuticals and Cosmetics: Seafood extracts, particularly fish oils, are widely utilized for their bioactive properties in pharmaceutical formulations and cosmetics. This sector's rapid growth further supports market expansion.

Rising Awareness in Emerging Markets: Regions such as East Asia are showcasing significant growth opportunities, with increasing demand for processed food products and innovative applications of seafood extracts.

Competitive Landscape

The seafood extracts market is highly competitive, with key players focusing on strategic expansions, product innovations, and partnerships. Leading companies include Acadian Seaplants Ltd., CP Kelco, Del-Val Food Ingredients, Givaudan S.A., and Mitsubishi Corporation.

Strategic Expansions: Companies are investing in new manufacturing sites to ensure supply chain efficiency and product quality. For instance, CP Kelco expanded its long-term partnership with Biesterfeld in 2020 to enhance distribution in Europe.

Localized Manufacturing: Firms like Acadian Seaplants have established multiple manufacturing facilities near their harvesting sites, ensuring the freshness and quality of their products.

This competitive approach underscores the dynamic nature of the seafood extracts market and its adaptability to evolving consumer preferences.

Market Segmentation

Seafood extracts cater to a broad spectrum of industries:

• Food Industry: The largest consumer, using extracts for flavoring, functional properties, and health benefits.

• Pharmaceuticals: Utilizing bioactive compounds like omega-3 fatty acids to develop supplements and medicines.

• Cosmetics: Leveraging the anti-aging and skin-nourishing properties of marine extracts.

• Agriculture: Using by-products as plant fertilizers and livestock feed.

Regional Analysis

North America

North America leads the global market, with the U.S. being the most significant contributor. This dominance is driven by advanced food processing industries and high consumer awareness of functional foods.

East Asia

East Asia, led by countries such as China, shows immense growth potential. The rising consumption of processed foods and the growing middle-class population drive demand for seafood extracts in the region.

Europe and Rest of the World

In Europe, seafood extracts are gaining traction in the food and cosmetics industries. Emerging markets in Africa and the Middle East also present opportunities, fueled by increasing disposable incomes and dietary diversification.

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Market Trends

Innovation in Food Products

Consumers are seeking novel and innovative food experiences. Manufacturers are responding by developing products with enhanced taste and functional benefits, leveraging seafood extracts' unique properties.

Sustainable Use of By-products

Seafood processing generates significant by-products, often discarded as waste. However, their recovery and conversion into high-value products, such as fish oils for human consumption, are gaining traction.

Bioactive Components for Health

Seafood extracts offer a rich source of bioactive compounds like n-3 polyunsaturated fatty acids, which help prevent lifestyle-related diseases. These traits position seafood extracts as indispensable ingredients in health-focused products.

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