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. Health-conscious consumers are more inclined towards protein-rich food products over high-calorie products. This is also another trend in developing countries, and it is expected to continue over the forecast period.
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. Most of the manufacturers of the seafood flavors are focused on providing natural flavors with real taste followed by an ongoing trend of natural and organic products. It also focused on the providing different varieties of seafood flavors to the food industry and consumers.
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. These Key players are looking for new opportunities in global food and beverage, also focused on improving product quality through research & development and innovation and to provide a wide variety of seafood flavors to food and beverage manufacturers.
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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
The COVID-19 has make the weakened the global economy subsequently impacted the food and beverage industry across the world. The seafood flavors are majorly associated with the processed food product manufacturers which are currently high in demand during corona virus pandemic. The supply of raw materials for food products is also higher which is driving demand for seafood flavors.
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