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.

The global consumption of seafood extracts stood at 790,938 MT in 2021 and is projected to reach 1,185,135 MT by 2031, reflecting the expanding applications and consumer preference for seafood-derived functional ingredients.

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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.

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Competitive Landscape

Key market players are focusing on expanding their production capacities and strategic collaborations to strengthen their market presence.

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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