Seafood Extract Market Analysis

Seafood Extract Market Analysis

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Based on type, the market is divided into shrimp extract, crab extract, lobster extract, codfish extract, clam extract, anchovy extract and other. Shrimp extract held the dominant market share of USD 3.7 billion in 2023. Shrimp extract holds a significant market share, driven by its widespread use in various cuisines and food products, owing to its rich flavor profile and versatility in culinary applications.
 

Crab extract follows closely, prized for its intense umami taste and nutritional content, often utilized in soups, sauces, and seasonings. Lobster extract, with its luxurious flavor and aroma, commands a notable portion of the market, particularly in high-end culinary creations and gourmet food products.
 

Based on form, the seafood extract market is categorized into powder & liquid. Powder form accounted for over 58% market share in 2023. Powdered seafood extracts hold a significant portion of the market share, valued for their convenience, longer shelf life, and ease of storage and transportation. Powdered extracts are versatile and can be easily incorporated into dry mixes, seasoning blends, and powdered supplements, offering flexibility in product formulations across various industries. They are also preferred by manufacturers for their ability to maintain flavor and nutritional integrity over extended periods, making them suitable for both commercial and consumer applications.
 

Based on end-use industry, the seafood extract market is categorized into food industry, cosmetics industry, agricultural industry and other. Food industry accounted for major market share in 2023 and is projected to grow through 2032. The food industry commands a substantial portion, driven by the widespread use of seafood extracts as flavor enhancers, natural additives, and nutritional supplements in various food products. Seafood extracts are prized for their rich umami taste and nutritional content, making them popular ingredients in sauces, soups, seasonings, snacks, and functional foods.
 

Asia Pacific seafood extract market generated a revenue of over USD 4.6 billion in 2023. This region's prominence is attributed to several factors, including the rich culinary heritage of seafood-based cuisines prevalent in countries like Japan, China, South Korea, and Southeast Asian nations. These cultures heavily incorporate seafood extracts into their traditional dishes, driving substantial demand within the food and beverage industry. Moreover, the Asia Pacific region is home to a large seafood processing industry, contributing to the availability of raw materials for extract production.
 

Additionally, increasing consumer awareness of the health benefits associated with seafood consumption further fuels the demand for seafood extracts in this region. Furthermore, rapid urbanization, changing dietary preferences, and rising disposable incomes are driving the expansion of the food and beverage sector, thereby boosting the market for seafood extracts.