Global Seafood Flavors Market: Market Outlook
The seafood flavors are the extracts of seafood. The seafood such as fish crab, clam lobster, shrimp is the most popular among consumers across the globe. The seafood is the second most-consumed non-vegetarian food global followed by the meat. Seafood is consumed as a staple food in many countries and coastal regions. The seafood is well-known for its richness in protein and other healthy nutrients which delicious taste and flavor characteristics. The seafood flavors are gaining momentum in the global food industry owing to the high popularity of seafood across the globe. The seafood flavors are widely used in food processing, savory, soups, sausage, dips, spreads, ready meals, and other products. The foodservice industry is also one of the key users of seafood flavors in the making dishes. The number of foodservice and quick chain restaurants worldwide is increasing, with a higher growth rate in developing countries, due to which, the demand for seafood flavors is increasing. This is also attributed to increasing consumer demand for seafood products in restaurants and quick service outlets.
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Global Seafood Flavors Market: Market Dynamics
Ready-to-eat is the result of consumers’ rapid lifestyle, where consumers are seeking food products within less time. On-the-go consumption has created a lot of buzz around the world as manufacturers are influencing consumers by producing a variety of convenience food products. Saving time is the prime objective for consumers and they are increasingly adopting ready-to-eat, food & beverage products. These factors are expected to fuel the growth of the global seafood flavors market. Besides, the non-coastal region and countries are not able to get fresh seafood or the real taste of seafood due to the inconvenience in logistic and transportation. Whereas, the seafood flavors can fulfill the demand of the real and natural taste of seafood. Thus, these markets hold a huge potential for the seafood flavors market. The manufacturers also focused on providing certifications such as Kosher, Halal, Natural, Clean-Label and many others with the quality flavor profiles, which attract more customers and consumers towards seafood flavors.
Global Seafood Flavors Market: Market Segmentation
On the basis of nature, the global seafood flavors market has been segmented as,
- Natural Seafood Flavors
- Artificial Seafood Flavors
On the basis of Form, the global seafood flavors market has been segmented as,
On the basis of flavor type, the global seafood flavors market has been segmented as,
On the basis of application, the global seafood flavors market has been segmented as,
- Processed food
- Soups & Sauces
- Spreads & Dips
- Ready Meals
- Instant Noodles
On the basis of regions, the global seafood flavors market has been segmented as,
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Global Seafood Flavors Market: Key Players
Several key players are engaged in the business of the global seafood flavors market are Adare Food Ingredients Pvt Ltd., NorthTaste Flavourings Ltd., Givaudan, GOGIA CHEMICAL INDUSTRIES PVT. LTD., Innova Flavors, FLAVORCAN INTERNATIONAL INC., Firmenich, Nikken Foods Co.,Ltd., Kanegrade Ltd., Seafood Flavours A/S, and others.
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Opportunities for the Key Players in the Global Seafood Flavors Market
The Asia Pacific is one of the fastest-growing regions in the world, based on both population and economy. It holds more than half of the world’s population having the highest number of food and beverage consumers. Countries such as China, Thailand, Malaysia, Japan, and South Korea are the key consumers of seafood in the world. The fluctuating prices and shortage of seafood further fueling the growth of the seafood flavors market in the Asia Pacific. Europe and North America are expected to be the leading market in the global seafood flavors market, owing to increasing consumers’ demand for fresh, bold, distinctive, classic, authentic, rich, comforting and aromatic flavors in these regions.
COVID 19 Impact on Global Seafood Flavors Market
As the COVID-19 effect is rising on the food and beverages industry, the food and beverage companies across the world. The aquaculture is going through the largest reduced production and the shortage of the raw material. The leading aquaculture producing countries such as China, India and other Asia Pacific countries are unable to export their products to other countries. Due to interrupted supply chain ad logistics problem, the demand for seafood products will be lower owing to which the demand for seafood flavours is also expected to stagnant in next upcoming months. Food and beverage and foodservice industries are witnessing decline in the demand of seafood products. These factors are expected to leave larger footprint on the global seafood flavours market in next few months.