January 30, 2023

The global shellfish extract market size is expected to inflate on account of the increasing demand for shellfish from users for consumption in various forms, shares Fortune Business Insights™ in its report, titled, “Shellfish Extract Market, 2022-2029.”

The demand for shellfish is expected to boom as the shelf life of freshly harvested shellfish is short if stored at room temperature. The increasing consumption and usage of shellfish in various meals such as soups, sauces, snacks, appetizers and pastes for stuffing is anticipated to bolster the production thereby boosting the market growth. Seafood holds the highest protein content as compared to other protein providing sources. According to the Food and Agriculture Organization, the nutritive value of fish and shellfish is higher than that present in meat and dairy products specifically milk, and lesser than milk is found in eggs. The protein content that most fish carry is anywhere between 15-20%.

Seafood and shellfish consumption in some countries is high in comparison to the production in these regions. For instance, over 60,000 tons of mussels are consumed annually in Belgium and most of these are imported from other shellfish producing countries. Factors like these are expected to spur market growth during the foreseeable future.

 

Fortune Business Insights™ lists out all the shellfish extract market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • Nikken Foods
  • Azantis Inc.
  • Aker BioMarine
  • Kakusan Foods Co.
  • Norwegian Fish Oil AS
  • Brisan Group
  • Cloughmore Shellfish
  • Oakford Shellfish Ltd.
  • Nature’s Ingredient GMBH

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Highlights of the Report

The report offers a holistic evaluation about the current trends and future opportunities in the market. It also shares an in-depth study about the restraining factors that affect the market growth. The report also provides the impact of COVID-19 on the market. The regional insights and how they shape the market are presented in the report. The key companies and their strategies to maintain their position is stated in the following market report.

 

Market Drivers

Rising Awareness Regarding Health to Propel Market Growth

The rising standard of living of people has led to awareness regarding the health issues that occur with certain deficiencies in the body. To tackle this health issue, pharmaceutical companies have invented supplement pills of essential vitamins and other content. Extractions from shells of these shellfish is used to manufacture the coating of the pills thereby increasing the harvest of crabs, shrimps and oysters. This is expected to boost the global shellfish extraction market.

The increasing demand of shellfish extraction is leading to decline in their population which is a serious threat in the marine world. Governments have inflicted strict laws against excessive fishing which de-populates the ocean. For instance, the ministry of fisheries, animal husbandry and dairy promoted an advisory, where all coastal states were directed to imply the MLS for catching and trading of fish by upgrading the Marine Fishing Regulation Act (MFRA). This to hamper the global shellfish extract market growth.

 

Regional Insights

Easy Availability of Seafood to Help Asia Pacific Dominate Globally

Asia Pacific is expected to hold a majority of shares in the global shellfish extraction market and is anticipated to dominate in its leading position. This is owing to the popularity in consumption of seafood and easy availability of fish as well as shellfish. The top extractors of shellfish in this region adopt technologically advanced systems for extraction purposes and deliver high quality products to consumers. These factors are estimated to boost global market growth.

North America is set to witness significant growth on account of the rising health consciousness among people regarding the consumption of the product. The established players in this region to further help to reach the product among the user base and increase the popularity with innovative snacks consisting of shellfish extracts. This would propel market growth of shellfish extract in this region.

 

Market Segment

By source, the global shellfish extract market is divided into crabs, prawns, shrimps, oysters and others such as lobsters, krill etc.

On the basis of application, the market is segmented into food industry, pharmaceutical industry and dietary supplements.

Based on form, the market is further categorized into paste, oil, powder and flakes.

Geographically, the market is separated into North America, Europe, Asia Pacific, South America and Middle East & Africa.

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The Global Shellfish Extract Market Research/Analysis Report Contains Answers to your following Questions:

  • Which Manufacturing Technology is used for Shellfish Extract? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Shellfish Extract Market? What are Their Company Profile, Their Product Information, and Contact Information?
  • What Was Global Market Status of Shellfish Extract Market? What Was Capacity, Production Value, Cost and PROFIT of Shellfish Extract Market?
  • What Is Current Market Status of Shellfish Extract Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Shellfish Extract Market Trends by Taking Applications and Types in Consideration?
  • What Are Projections of Global Shellfish Extract Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
  • What Is Shellfish Extract Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Shellfish Extract Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Shellfish Extract Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Shellfish Extract Industry?

 

Competitive Landscape

Essential Collaborations between Key Players to Spur Market Growth

Key players imply effective strategies such as mergers, collaborations, acquisitions, partnerships etc. to withhold their dominance in the global market.

For instance, Aker BioMarine collaborated with University of Illinois, Chicago to further study the deeper effects of krill substitutes on eye health.

 

Industry development

January 2021: A trending online retailer of seafood and meat, Licious has announced expansion of its services in seven new cities in India. This is anticipated to help the brand increase its users and set a new footprint in the market.

 

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