The seafood flavors market is estimated to secure a valuation of US$ 6.7 Billion in 2023 and is estimated to rise to US$ 9.4 Billion by 2033. The market is anticipated to grow at a CAGR of 3.5% during the forecast period. The factors accelerating the demand for seafood flavors are as follows-
Seafood flavors are gaining popularity owing to the increased demand for seafood products globally. Increased application of seafood flavors in food processing, savoury, soups, sausages, dips, spreads, and ready meals boost the market growth.
As a result of increased health awareness, more consumers are inclined towards protein-rich food products with high-calorie products, and this contributed to increasing demand for seafood flavors.
The increased awareness of the health benefits of seafood and the growing popularity of on-the-go consumption drive the growth of the seafood flavors market during the forecast period. Also, the rapidly changing consumer preferences and increased demand for convenient and healthy food have led to an increase in demand for seafood flavors.
On the regional end, the seafood flavors market in North America is expected to account for the maximum share during the forecast period. One of the key drivers of regional growth includes increasing consumer demand for authentic, bold classic, aromatic flavors.
Europe is witnessing significant growth in the seafood flavors market owing to the presence of leading market players in the region and technological advancement in the food industry.
Asia Pacific is likely to account for a large share of the seafood flavors market and dominate the market in the coming years owing to the shifting consumer preferences and adoption of a healthy lifestyle and increased demand for high protein content. Also, the increased consumption of seafood diets products in developing nations like India and China.
Some of the market players operating in the seafood flavors market include GOGIA CHEMICAL INDUSTRIES PVT LTD., seafood flavors A/S, Givaudan, Adare Food Ingredients Pvt ltd, Innova flavors, Kanegrade Ltd, North Taste Flavourings Ltd, FLAVORCAN INTERNATIONAL INC, and Nikken Foods Co Ltd, among others.
The market players are focusing on new product development, quality control & following safety regulations t reduce the environmental impact. The market players are looking for new opportunities in the global food & beverage industry.
For instance, seafood flavors A/S has developed a wide range of seafood flavors in salmon, crab, and mussel flavors with the real natural mussel flavor, 100% natural, and nutrition-rich.
The seafood flavors market is expected to gain traction in the coming years with growing consumer awareness about nutrition-rich and healthy food products. Thus manufacturers are introducing seafood flavors with natural flavors with real taste. The start-up companies are offering seafood flavors alongside key market players to contribute to the seafood flavors market growth.
For instance, Vishnu Priya Impex is the leading manufacturer of a wide range of liquid fragrances and provides liquid fish flavors for industrial applications.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 6.7Billion |
| Projected Market Value in 2033 | US$ 9.4 Billion |
| Growth Rate (2023 to 2033) | CAGR of 3.5% |
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According to the latest research by Future Market Insights, the seafood flavors market is set to witness steady growth from 2021 to 2031. The rapid lifestyle change has made consumers prefer ready-to-eat food products, so the consumers can pursue food products in a shorter amount of time. Therefore, the change in consumer preference is estimated to expand the global seafood flavors market.
The seafood flavors are commonly used in sausage, ready meals, food processing, soups, spreads, savory, dips, and other food products. Its end-use in food service is most for the preparation of various dishes. The number of quick-service restaurants is growing worldwide, with a higher rate of growth in developing countries, which is driving the demand for it.
This is also due to rising customer demand for seafood in restaurants and fast-service restaurants.
Furthermore, due to logistic and transportation issues, non-coastal regions and developing countries are unable to obtain fresh seafood or the true taste of seafood. As a result, the seafood flavors segment has a lot of promise in these markets because it can fulfil the demand for a real taste of seafood.
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Manufacturers have also concentrated on offering certifications such as Clean-Label, Natural, and others, along with high-quality flavor profiles, to draw more buyers and consumers to seafood flavors. The majority of seafood flavor manufacturers are focusing on offering natural flavors with authentic flavors. It also aimed to provide the food industry and customers with a variety of seafood flavors and will help in increasing its sale.
Manufacturers are manipulating customers by creating a range of convenience food items using various flavors, which has generated a lot of buzz around the world.
The global economy has been affected because of the outbreak of COVID-19. It also impacted the global food and beverage industry. Processed food products manufacturers are associated with various seafood flavors is among them, which are currently in high demand due to the coronavirus pandemic.
The demand for it is being driven by an increase in the availability of raw materials for food products. Therefore, it will also increase its sale across the world.
Many countries and coastal regions eat seafood as a staple food. Seafood is well-known for its high protein content and other beneficial nutrients, as well as its delicious taste and flavor. Due to the widespread popularity of seafood, seafood flavors are gaining traction in the global food industry and it helps in the growth of the seafood flavor market in the USA and Canada.
Due to the increasing consumer demand for rich, fresh, classic, bold, distinctive, authentic, comforting, and aromatic flavors in the USA and Canada, they are expected to be the leading markets in the global seafood flavors industry.
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Europe is the fastest-growing region in terms of economy. It has the largest food and beverage industry, as well as the largest number of consumers. The majority of the population in the region prefers seafood. The seafood flavors market in Europe is growing due to fluctuating prices and a scarcity of seafood.
Protein-rich food items are preferred by health-conscious customers over high-calorie foods. Protein-rich food items have become another trend in a developed country like Europe, and it is expected to continue over the forecast period. As seafood flavors are protein-rich so they can fulfill the demand of health-conscious consumers.
Some of the key players involved in the global seafood flavors market are
Key market players are looking for new opportunities in the global food and beverage industry. Also, they are focusing on enhancing product quality through research, development, and innovation, and providing food and beverage manufacturers with a diverse range of it.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Seafood Flavors Market
