The Latin America Seafood Extracts Market is expected to be worth USD 0.7 billion in 2024 to grow at a CAGR of 6.7% from 2024 to 2029 to achieve USD 0.96 billion by 2029. Any form of marine life that is considered 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, crabs, or lobsters after they undergo a manufacturing process are 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.
The major factors affecting the seafood extracts market include the innovation of new products, research and development in the market, and the increase in consumer health consciousness. Increasing demand for supermarket stocks of seafood extracts is yet another driver for the market. Recent innovations in the cosmetic industry also require the use of seafood extracts in their products, driving the market growth even more. As for restraints of the market, the ecological concerns regarding the extraction of substances from marine life are the only major hindrance.
This research report on Latin America's seafood extracts market is segmented and sub-segmented into the following categories.
Latin America Seafood Extracts Market - By Applications:
Latin America Seafood Extracts Market - By End Products:
Latin America Seafood Extracts Market - By Sources:
Latin America Seafood Extracts Market – By Region:
The Latin American region is one that offers immense scope for development in the forecast years as is evident from the high growth rate of the region. In spite of having only a minor market share, the region's CAGR is the second highest globally, only behind Asia-Pacific. This market is one that shows promise in the coming years.
KEY MARKET PLAYERS:
Key market players in the Latin America Seafood Extracts Market are 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, Canada Oceanic
FAQ's
Popular types of seafood extracts in Latin America include fish sauce, shrimp paste, clam juice, crab extract, and anchovy paste. These extracts are often used as flavoring agents in soups, sauces, marinades, and seasoning blends
Factors driving growth in the Latin America seafood extracts market include increasing consumer demand for natural and clean label ingredients, growing awareness of the health benefits of seafood consumption, and the rising popularity of ethnic cuisines that incorporate seafood flavors.
Emerging trends in the Latin America seafood extracts market include the development of clean label and organic seafood extracts, the introduction of innovative product formulations with enhanced nutritional profiles, and the expansion of distribution channels to reach a wider consumer base.
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