The Seafood Flavors Market is expected to reach a market valuation of US$ 6.7 billion by the year 2023, accelerating with a CAGR of 3.5% with a valuation of US$ 9.4 Billion by 2023 to 2033.
The seafood flavours are commonly used in sausage, ready meals, food processing, soups, spreads, savoury, 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.
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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 flavours segment has a lot of promise in these markets because it can fulfil the demand for a real taste of seafood.
Key Factors which Will Drive the Sales of Seafood Flavours
Manufacturers have also concentrated on offering certifications such as Clean-Label, Natural and others, along with high-quality flavour profiles, to draw more buyers and consumers to seafood flavours. The majority of seafood flavour manufacturers are focusing on offering natural flavours with authentic flavours. It also aimed to provide the food industry and customers with a variety of seafood flavours and will help in increasing its sale.
Manufacturers are manipulating customers by creating a range of convenience food items by using various flavours, 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 flavours 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.
The US and Canada Seafood Flavours Market Outlook
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 flavour. Due to the widespread popularity of seafood, seafood flavours are gaining traction in the global food industry and it helps in the growth of the seafood flavours market in the U.S and Canada.
Due to the increasing consumer demand for rich, fresh, classic, bold, distinctive, authentic, comforting, and aromatic flavours in the U.S and Canada, they are expected to be the leading markets in the global seafood flavours industry.
Europe Demand Outlook of Seafood Flavours
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 flavours 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 flavours are protein-rich so they can fulfil the demand of health-conscious consumers.
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Who are the Key Manufacturers of Seafood Flavours
Some of the key players involved in the global seafood flavours market are
- GOGIA CHEMICAL INDUSTRIES PVT. LTD.
- Firmenich
- Seafood Flavours A/S
- Givaudan
- Adare Food Ingredients Pvt Ltd.
- Innova Flavors
- Kanegrade Ltd.
- NorthTaste Flavourings Ltd.
- FLAVORCAN INTERNATIONAL INC.
- Nikken Foods Co., Ltd.
- Others
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 assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic 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.
Seafood Flavours Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Seafood Flavours Segmentation
On Nature:
- Natural Seafood Flavors
- Artificial Seafood Flavors
On Form:
- Powder
- Liquid
On Flavour Type:
- Fish
- Lobster
- Crab
- Shrimp
- Clam
- Others
On Application:
- Processed food
- Savory, Soups and Sauces
- Spreads and Dips
- Ready Meals
- Instant Noodles
- Others
On Region:
- Europe
- North America
- East Asia
- South Asia
- Latin America
- Oceana
- Middle East & Africa
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