The market for seafood extracts is witnessing attractive strides riding on the back of rising application of sustainable methods and technologies for harvesting seafood across the globe. These extracts are derived from marine animals, including lobster, shellfish, and crab, who are rich sources of a variety of biochemical compounds. The vast purported nutritional benefits and health promoting properties of these extracts is what underpins their commercial demand, posing as a key determinant of the steady evolution of the market.
Seafood extracts are known for a range of specific health actions, thus bolstering their consumption across the global populations, popularly as food toppings and flavoring. That aside, their burgeoning application in the industries such as agriculture, pharmaceutical, food, paper, cosmetics, is what drives the market. Available in various forms such as paste, powder, and oil, seafood extracts are rising in commercial significance in these end-use industries.
Trends and Factors shaping Seafood Extract Demand Dynamic and New Frontiers
Rising Demand in Diverse End-use Industries
The global seafood market, according to a study by Transparency Market Research, is replete with several lucrative avenues and is expected to rise at a promising growth in the next seven years. The application of tools and technologies that help in better utilization of seafood extracts is aiding in the attractive expansion of the market over this period.
The market growth is expected to largely benefit from the advent of new, sustainable technologies for harvesting and processing high-quality seafood. The emergence of new products from marine extracts and their rising application in making dietary supplements, biomaterials, and an array of cosmetics are prominent trends shaping the overall dynamic.
Applications in Pharmaceutical Industry expand Market Frontiers
The application of seafood extracts in the pharmaceutical industry in manufacturing therapeutic products is witnessing new frontiers. These avenues have witnessed considerable expansion from rapid advances made in chemical analysis methods, particularly liquid chromatography, near infrared spectroscopy, and mass spectrometry. The progress been corroborated by emergence of advanced techniques for extracting compounds of high therapeutic value from aquatic organisms in developing and developed regions.
Usage in Advanced Personal Care Product Formulations opens Exciting Paradigms
The attractive application of seafood extracts, notably fish extracts, in personal care product formulations has led to an assortment of products in the cosmetics industry. They have widespread usage in nail paints, perfumes, face creams, and lipsticks. The usage of marine extracts in anti-aging creams is a promising development. However, manufacturers may face challenges owing to the declining popularity against plant-derived personal care products. Advances being made in microencapsulation have led to more useful seafood products, thus aiding in the rapid expansion of the market.
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Products innovations brought by application of seafood extracts in new formulations expand the horizon of the market. Such initiatives are supported by collaboration and partnership deals among players. Sanford, a fishing company, has teamed with Revolution Fibres, a nanotech company, and announced in May 2018 that it is going to launch nanotechnology-based facepack that contains marine extract fibers made from discarded skins from hoki or the blue grenadier. The exotic fibers made with seafood extracts, believes the manufacturers will also possess potential therapeutic value, which will promote its use in topical medicines for a variety of skin conditions, including burns, and skin lesions.