The global seafood extracts market was valued at US$ 8 billion in 2021 and is expected to grow at a CAGR of 5.3% from 2022 to 2031, reaching US$ 13.5 billion by the end of the forecast period. This growth is driven by the increasing demand for seafood-based products across multiple industries, including food, pharmaceuticals, cosmetics, and agriculture.

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Market Segmentation

The seafood extracts market can be segmented based on:

• Product Type: Fish extracts, seaweed extracts, shellfish extracts
• Application: Food & beverages, pharmaceuticals, cosmetics, animal feed, agriculture
• Form: Liquid, powder, paste
• Distribution Channel: Direct sales, retail, online platforms

Among these segments, the food industry accounts for a significant portion, valued at US$ 4,296.2 million in 2021 and expected to reach US$ 7,416.1 million by 2031. The growing preference for natural and functional ingredients in food processing is a major driver.

Regional Analysis

• North America: The U.S. holds a 73.25% market share in North America and is projected to reach US$ 2,328.5 million by 2031. The growing demand for functional foods and dietary supplements contributes to this dominance.

• East Asia: This region presents a high growth opportunity due to a strong demand for processed food. Countries like China, Japan, and South Korea are significant consumers of seafood extracts in various applications.

• Europe: The European market is driven by stringent food safety regulations and increased consumer awareness regarding natural ingredients.

• Rest of the World: Emerging markets in Latin America, the Middle East, and Africa are witnessing rising disposable income levels and shifting dietary preferences, further boosting demand.

Key Players in the Market:

• 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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