North America Seafood Extracts Market

North America Seafood Extracts Market Value & Growth Rate:

The North America Seafood Extracts Market was valued at US$ XX billion in 2022 and is predicted to grow at US$ XX billion by 2027 with an increasing CAGR of XX% during 2022-2027.

North America Seafood Extracts Market Scenario:

Seafood extracts are obtained from sea organisms such as fish, shellfish, crab, lobster, and so on after they have been handled. The use of seafood in several industries, such as the pharmaceutical, restorative, food, and paper industries, is growing, which is driving the growth of seafood extracts in the global market. Seafood is regarded good nutrition for individuals since it provides nutrients that the body uses to prevent a variety of ailments and also serves as a healthy eating habit. When used topically or in the stuffing and filling of food, seafood extracts enhance flavor to the dish. Seafood extracts can be found as glue, powder, oil, and other forms that can be used in meals.

The seafood extracts market is divided into segments based on their applications in various industries such as food, cosmetics, pharmaceuticals, agriculture, and paper, among others. Seafood extracts, which are available in powder and various forms, are utilized as flavor enhancers in soups, marinades, salad dressings, snacks, and appetizers in the food business. In the cosmetics business, crystalline guanine derived from fish extracts is used in shampoo, eye shadows, nail polish, and perfumes, among other products, to give the product a lustrous appearance. Calcium carbonate, derived from crab shell waste, is used in the pharmaceutical sector as a pill ingredient. Extracts from seafood are utilized as fertilizer in the agriculture business.

Recent Development: 

• Lounsbury Foods, the top North American manufacturer of horseradish and seafood cocktail sauces, has been acquired by Giraffe Foods. Giraffe Foods can now offer ingredients like horseradish and ginger, as well as expanded manufacturing capabilities, thanks to the addition of Lounsbury.

• The Boulder, Colorado-based company Abacus Health Medicines, a specialist in over-the-counter topical products combining active medicinal chemicals with hemp extract, has been acquired by Charlotte's Web, a manufacturer of hemp extract. Charlotte's Web purchased all of Abacus's issued and outstanding subordinate voting shares.

North America Seafood Extracts Market Drivers and Restraints:

The invention of new products in the industry, research and development in the market, and increasing consumer health consciousness are the primary factors affecting the North America Seafood Extracts market. Another market driver is the growing need for retail stocks of seafood extracts. Recent cosmetic industry advances also mandate the use of seafood extracts in their products, boosting market growth even further.

Because seafood extract contains proteins and carbs, the market for seafood extracts is predominantly driven by health-conscious consumers. As the population in North America become more aware of the need of eating nutritious foods, demand for seafood extracts is rising. Therefore, the increased popularity of seafood extract products used as a topping or flavoring factor in pasta, frozen fish and crab cakes, and seafood-based soups, supermarket sales of seafood extract food products are rapidly increasing. As the global demand for cosmetic items like as shampoo, nail paints, perfume, and lipsticks grows, so does the use of seafood extracts in the cosmetic sector. Seafood extracts are also employed as flavor enhancers in the food business, which is driving up demand for seafood extract powder, paste, and oils.

The only major market limitation is ecological concerns about extracting chemicals from marine life.

Market Segmentation:

By Application:

• Food Industry

• Cosmetics Industry

• Pharmaceutical Industry

• Agriculture Industry

• Paper Industry

• Others

Based on application, food industry is anticipated to dominate the North America seafood extracts market growth during the forecast period. The majority of seafood extracts are used in the food processing industry. It is mostly used to improve the flavor, color, and taste of a variety of items, such as pasta dishes, fish batters, and seafood sauces. Seafood extract is also present in sandwich spreads, mayonnaise, and egg salads that include shrimp as a component. It's also possible that it'll show up in canned goods like clam chowder with a fish broth base or seasoned tuna pouches with shrimp extract paste.

By End Products:

• Anchovy Extract

• Clam Extract

• Codfish Extract

• Crab Extract

• Lobster Extract

• Shrimp Extract

• Taimi Extract

• Katsuobushi Extract

• Tangle Extract

• Others

Based on end products, codfish extract propels the North America seafood extracts forward. Cod's mild flavor is ideal for adding a seafood note without the heavier fishy flavors found in other fish. Primarily, codfish extract is created from fresh cod that has been removed to leave a delicate mild cod flavor. Pacific cod is the source of the cod.

Codfish extract can be used to impart a subtle seafood flavor to a variety of recipes. The codfish's unique amino acid profile will aid to naturally enhance other flavors. It's also great in codfish soup, Italian fish soup, fish chowder, creamy fish sauces, tomato cod chowder, fish gravies, and a variety of other dishes.

By Source:

• Fish

• Crab

• Lobster

• Seaweed

• Others

Based on source, crab is predicted to have the largest North America seafood extracts market growth in the next six years.  Crab is a type of seafood belonging to the Cancridae family. It comprises a variety of crab species, including blue crabs, stone or sand crabs, and mud crabs. Blue crabs (Callinectes sapidus), Stone crabs (Menippe mercenaria), and Mud crabs are the most common (Panopea generosa). Crab is a type of sea meat that has been consumed since antiquity. Protein, vitamin B12, and zinc are just a few of the nutrients found in it. Blue crabs, Dungeness crabs, snow crabs, and other popular varieties are eaten as food or regarded delicacies in some nations around the world.

Regional Analysis

The North America Seafood Extracts Market Report includes the segmentation of countries:

• U.S

• Canada

• Mexico

• Rest of North America

The growing food preparation and health-improvement business across North America is likely to drive the demand for fish powders. As the prepared food sector continues to grow, developing economies are expected to show a significant interest in seafood extracts. The seafood extracts market in North America as a whole represents a sizable portion of the entire industry, and the market for seafood extracts is expected to grow at a rapid pace due to rising population and changing food utilization environments. The creation of a market in this region is essential to positively influence the development of the seafood extracts market.

Moreover, because of the high per capita income and strong consumption of traditional nutraceutical and nutritious food fixings goods, North America is a growing commercial area, which will likely support the seafood extracts industry.

Impact of COVID-19 on North America Seafood Extracts Market

In the coming years, COVID-19 will continue to have an impact on the food industry and its supply chains. The F&B sector encountered product supply difficulties as a result of the epidemic. To resist the threat of interregional shipping bans, food sellers remain committed to safeguarding local supply. Food producers in a number of nations have begun to work with local suppliers to help sell their products and overcome ingredient shortages. After the coronavirus epidemic is finished, there will undoubtedly be long-term changes in the way we live, work, and consume. However, increased health concerns and the desire to consume more protein-rich foods are expected to boost the Seafood Extracts Market in the future years.

Key Players listed in the North America Seafood Extracts Market

The companies covered in the report:

1. Nikken Foods

2. Acadian Seaplants Ltd

3. MC Food Specialties Inc

4. Manidharma Biotech Private Limited

5. Agri Bio Care India

6. Kakusan Foods Co., Ltd.

7. Suboneyo Chemicals Pharmaceuticals (P) Limited

8. Sar Agrochemicals & Fertilizers Pvt. Ltd

9. Sushil Corporation

10. Canada Oceanic