Shellfish Extract Market Size, Share & Industry Analysis, By Source (Crabs, Prawns, Shrimps, Oysters, Others), By Application (Food Industry, Pharmaceutical Industry, Dietary Supplement, Others), By Form (Paste, Oil, Powder, Flakes) and regional Forecast, 2024-2032

Freshly harvested shellfish are highly perishable and cannot be stored at room temperature for a longer period, therefore the demand for shellfish extract is expected to increase from the end-user industry. Shellfish extracts, especially oil is extensively utilized in the preparation of dietary supplements owing to its high nutritional content. Moreover, shellfish extract such as paste can add unique flavor to the product if it’s used as a stuffing or filling, which is predicted to increase the demand for shellfish extracts from the food industry.

The prominent players operating the market are embarking on the launch of new products, and mergers and acquisitions to increase their prominence in the global market. For instance, in January 2018, Aker BioMarine, a prominent player in the global market completed 100% acquisition of Enzymotec’s krill oil business. This acquisition is expected to help Aker BioMarine to increase its footprint in the market.

The increasing end-user applications of shellfish extracts are expected to positively impact market growth. For instance, shellfish powder is extensively utilized in the preparation of various processed foods such as soups, sauces, snacks, and appetizers. Chitin extracted from crab and shrimp shell is used to produce chitosan and for bioplastic and nanostructured film production. Calcium carbonate extracted from crab is utilized as a component of pill in the pharmaceutical industry. Intensifying end-user applications and on-going research and development regarding the manufacturing of efficient raw material i.e. shrimp, krill, crab, and other harvesting machines are expected to boost the product share in the market. For instance, Aker BioMarine introduced its new environmentally friendly and energy-efficient krill harvesting vessel. The harvesting vessel is incorporated with the latest technology to ensure maximum yield. The increasing availability and production of shellfish is expected to positively impact the product growth in forthcoming years.

The rapidly rising demand for shellfish extracts owing to the increasing population and their purchasing power shows a dramatic decrease in some species population such as krill, as a result, several governments limit the harvesting of this species. This factor is projected to hamper product growth.

Key Market Driver -

Amplifying Demand for Shellfish Extracts from Dietary Supplement Manufacturers

Key Market Restraint -

Decreasing Population of Some Species and Strict Rules Regarding the Harvesting of This Species

Key Players Covered:

The prominent players operating in the global shellfish extract market are Nikken Foods, Azantis Inc., Aker BioMarine, Kakusan Foods Co., Norwegian Fish Oil AS, Brisan Group, Cloughmore Shellfish, Oakford Shellfish Ltd., Nature’s Ingredient GMBH, and others.

The demand for crab and prawn extracts is increasing from the food sector owing to the rising utilization of their paste in the preparation of various processed foods. The unique taste and favor of these extracts are predicted to be a favorable factor for product growth. Furthermore, rising awareness regarding the health benefits of consuming oyster extracts among consumers and intensifying demand for an oyster extract containing dietary supplements is anticipated to positively impact market growth.

The food industry is projected to hold a considerable share in the market. Increasing applications of shellfish extracts in the processed food industry and HoReCa sector is likely to positively impact the product growth. Intensifying on-going research regarding the health benefits and nutrition value of shellfish is expected to improve the product share in the pharmaceutical industry and dietary supplement manufacturing.

The demand for shellfish paste is likely to grow at a healthier pace from the food industry owing to its unique taste and flavor. Shellfish oil is extensively available in tablet or capsule form and it is widely consumed as a dietary supplement. Increasing consumer inclination towards the adoption of health-enhancing products is predicted to raise the demand for shellfish oil from dietary supplement manufacturers.

The demand for crab and prawn extracts is increasing from the food sector owing to the rising utilization of their paste in the preparation of various processed foods. The unique taste and favor of these extracts are predicted to be a favorable factor for product growth. Furthermore, rising awareness regarding the health benefits of consuming oyster extracts among consumers and intensifying demand for an oyster extract containing dietary supplements is anticipated to positively impact market growth.

The food industry is projected to hold a considerable share in the market. Increasing applications of shellfish extracts in the processed food industry and HoReCa sector is likely to positively impact the product growth. Intensifying on-going research regarding the health benefits and nutrition value of shellfish is expected to improve the product share in the pharmaceutical industry and dietary supplement manufacturing.

The demand for shellfish paste is likely to grow at a healthier pace from the food industry owing to its unique taste and flavor. Shellfish oil is extensively available in tablet or capsule form and it is widely consumed as a dietary supplement. Increasing consumer inclination towards the adoption of health-enhancing products is predicted to raise the demand for shellfish oil from dietary supplement manufacturers.

Regional Analysis:

Asia Pacific is predicted to hold a considerable share in the market. The easy availability of crab, prawns, shrimps, and oysters within regions is expected to serve as an opportunity to regional shellfish extract manufacturers. Increasing demand for shellfish extract from other regions is gravitating Asian shellfish extract producers to adopt advanced machinery and provide top-notch product quality, which is projected to be a favorable factor for product growth.

North America is anticipated to grow at a healthier pace in the global shellfish extract market. The presence of prominent players within the region such as Nikken Foods, Azantis Inc., and others, increasing awareness about health benefits products, and rising seafood production are anticipated to drive the regional market in forthcoming years.

Asia Pacific is predicted to hold a considerable share in the market. The easy availability of crab, prawns, shrimps, and oysters within regions is expected to serve as an opportunity to regional shellfish extract manufacturers. Increasing demand for shellfish extract from other regions is gravitating Asian shellfish extract producers to adopt advanced machinery and provide top-notch product quality, which is projected to be a favorable factor for product growth.

North America is anticipated to grow at a healthier pace in the global shellfish extract market. The presence of prominent players within the region such as Nikken Foods, Azantis Inc., and others, increasing awareness about health benefits products, and rising seafood production are anticipated to drive the regional market in forthcoming years.

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Segmentation

Key Industry Developments:

• In November 2019, Sanford Limited, New Zealand’s one of the largest seafood company has announced that company will build a $20 million Marine Extracts Centre in Blenheim. The Centre will focus on the discovery and production of high value nutrition products from New Zealand seafood.


• In May 2019, Nuwellix, a brand under Del Mar Naturals announced the launch of its all-natural krill oil with Omega 3 EPA, DHA, and Astaxanthin.