New Zealand Coastal Seafoods (NZCS) is teaming up with one of Asia-Pacific’s largest healthcare product distributors to develop a collagen product with premium ling maw sourced by the company.
The seafood products and nutraceutical marine ingredient producer recently signed a memorandum of understanding with Australia-based Ingredients Plus to jointly develop the marine-based collagen product. The company said the production target outlined in the MoU has been set at 1,400 kilograms for the first 12 months, with exclusivity rights between the parties to be negotiated in a separate supply agreement after production capacity is validated.
“In the development of our nutraceutical suite, we have identified a major market opportunity for a clinically-backed collagen product in the health and beauty sector, which more broadly continues to benefit from positive long-term supply trends,” NZCS CEO Andrew Peti in a press release. “The MoU marks the latest step by New Zealand Coastal Seafoods to identify key market opportunities on the inherent competitive advantage of its world class sustainable fishery operations.”
Christchurch-based NZCS produces products utilizing raw ingredients sourced from New Zealand fisheries, employing a “nose-to-tail philosophy to create a range of high-value products”.
The company’s marine product offerings include packaged cooked maw in sauce, abalone, as well as bulk dried green shell mussels and maw.
Nutraceutical ingredients manufactured by the company include powders and oils produced with oyster, and it is also developing products with seaweed and abalone.
During the development phase both parties will be working with research organization RDC Clinical to develop clinical trials for the proposed product.
In its release, NZCS said the MoU is part of an ongoing R&D and product development strategy and Asia-Pacific distribution expansion.
According to a new report by Grand View Research, the global collagen market is expected to reach USD 16.7 billion (EUR 16.9 billion) by 2028, expanding at a revenue-based compound annual growth rate of 9 percent.
Marine-based sources are expected to witness the fastest growth, forecasted at a 10 percent growth rate from 2020 to 2028, according to the report.
Photo courtesy of New Zealand Coastal Seafood
