Seafood Extracts Market New Trends Forecast Report 2024
Added: (Fri Sep 20 2019)
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Seafood Extracts Market Overview:
Seafood Extracts Market was worth USD XX.XX billion in 2018 and estimated to be growing at a CAGR of X.XX%, to reach USD XX.XX billion by 2023. Any form of marine life which is considered as food by humans comes under the scope of seafood. It prominently includes fish and shellfish. Extracts obtained from sea life animals such as fish, shellfish, crab or lobsters after they undergo a manufacturing process is known as seafood extracts. The variety of uses for seafood extracts include in cosmetic, food & paper, pharmaceutical and several other industries. The abundancy of nutrients in sea food makes it one of the healthy sources of food for humans. They aid in the prevention of several diseases in addition to providing balance to the diet as well as adding flavour to food. The extracts are available in a number of forms which include paste, powder, oil and others.
Market Drivers and Restraints:
The main factors influencing the market for seafood extracts are the innovation of new products in the marketplace, research and development in the market, and increasing the health awareness of consumers. The growing demand for supermarkets for seafood extracts is another engine for the market. Recent innovations in the cosmetics industry also require the use of seafood extracts in their products, which further drive market growth. Regarding market restrictions, environmental concerns about extracting substances from marine life are the only major obstacles.
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Seafood Extracts Market is broadly classified by Applications in Food Industry, Cosmetics Industry, Pharmaceutical Industry, Agriculture Industry, Paper Industry and Other industries, by End Products into Anchovy Extract, Clam Extract, Codfish Extract, Crab Extract, Lobster Extract, Shrimp Extract, Taimi Extract, Katsuobushi Extract, Tangle Extract and others and based on Sources into Fish, Crab, Lobster, Seaweed and Others. Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Based on geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Seafood Extracts Market is dominated by North America in 2018 with the region accounting for 36% of the overall market share. North America was followed next in line by Europe and Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. Another promising region for the market is Latin America, which is expected to show high growth rates in coming years.
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Important Market Players:
The Seafood Extracts market is highly competitive with a large number of players. Key market players dominating the market with their products are Nikken Foods, Acadian Seaplants Ltd., MC Food Specialties Inc., Manidharma Biotech Private Limited, Agri Bio Care India, Kakusan Foods Co., Ltd., Suboneyo Chemicals Pharmaceuticals (P) Limited, Sar Agrochemicals & Fertilizers Pvt. Ltd., Sushil Corporation and Canada Oceanic.
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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