Surimi Market Report
Surimi Market by Source (Tropical and Cold Water), Form (Frozen and Fresh), Distribution Channel (B2B and B2C), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
A popular shellfish product known as surimi is eaten by many people all over the world. It is a product that resembles paste created from whitefish flesh, such as pollock, hake, or cod, that has been finely chopped and treated to remove impurities and provide a smooth texture. Surimi is a versatile ingredient that is frequently utilised in a variety of seafood-based foods and goods. Surimi is a versatile component that can be used in a variety of foods. It is a crucial ingredient in the creation of imitation crab flesh, which is frequently used in salads, seafood dishes, and sushi rolls. Additionally, fish cakes, fish sausages, and other seafood items with additional value are made using surimi. It is a preferred element for generating seafood substitutes due to its mild flavour and ability to combine well with other foods. Surimi is a popular low-fat fish that has a high protein level, making it a better choice than some fatty foods. In addition, it is a good source of vitamins and minerals like selenium, phosphorus, and vitamin B12. Surimi's popularity among consumers who are health-conscious is mostly due to its adaptability and nutritional profile.
Global Surimi Market Analysis
The global surimi market size was $3,836.7 million in 2022 and is predicted to grow at a CAGR of 6.2%, by generating a revenue of $6,996.4 million by 2032.
COVID-19 Impact on Global Surimi Market
The worldwide seafood supply chain was disrupted by lockdown procedures, transportation limitations, and temporary closures of fishing operations and processing facilities, which presented difficulties for the surimi market. These hiccups had an impact on the manufacture and distribution of surimi-based goods as well as on the supply of raw materials. During the pandemic, the surimi market saw shifts in customer demand. The demand for surimi-based goods in the foodservice channels decreased as a result of restaurant closures and a decrease in social gatherings. However, as customers turned towards cooking at home, there was an increase in demand for packaged seafood items, including surimi, in retail channels.
The foodservice industry is anticipated to recover once restrictions are eased and people start going out to eat again. The demand for items made from surimi in restaurants, sushi bars, and other foodservice facilities will probably rise as a result of this. Surimi is a desirable ingredient for foodservice companies wishing to provide seafood options at a lesser cost due to its accessibility and adaptability.
Increasing Demand for Seafood Alternatives to Drive the Market Growth
The versatile and affordable alternative to natural fish items is surimi. Due to its accessibility and low cost, surimi is a desirable option as the world's demand for seafood rises due to various factors including population increase, urbanisation, and shifting dietary preferences. In comparison to certain other sources of protein, surimi is thought to be a healthier seafood option. It is a wonderful source of protein and low in calories and fat. Consumers are looking for healthier food options, especially those with lower fat contents, since health and wellness is becoming more and more important. This trend fits surimi well, which increases demand for it. A practical and ready-to-eat seafood product, surimi is simple to employ in a variety of recipes. It may be moulded into many shapes, including sticks, flakes, or chunks, making it suitable for a variety of culinary uses. The expansion of the foodservice sector is advantageous for the surimi market. Sushi, seafood salads, and imitation crab meat are all common menu items at restaurants, sushi bars, and other foodservice places. Surimi is frequently used in the making of these dishes. The demand for items based on surimi in this industry is rising as the foodservice industry expands internationally.
Availability and Sustainability of Fish Stocks to Restrain Market Growth
Fish species including Alaska pollock, Pacific whiting, and threadfin bream are typically used to make surimi. The surimi market may be impacted by the accessibility and longevity of various fish supplies. The availability of raw materials for the manufacture of surimi can be constrained by overfishing, environmental conditions, and legal requirements to safeguard fish species, which can raise production costs. Price volatility in the surimi market may result from fluctuations in the cost of raw materials used in the manufacture of surimi, such as fish. The price of surimi may be impacted by variables such as modifications to fishing rules, changes in fish population due to weather, and worldwide supply and demand dynamics. The profitability of surimi producers and customer affordability can both be impacted by price fluctuation. The market may be constrained by customer perception and acceptance of surimi, an imitation seafood product. Some consumers could have the opinion that surimi is a poor substitute for real seafood. To get beyond these perceptual hurdles and encourage greater acceptance, it's critical to educate customers about the high quality, nutritional content, and adaptability of surimi products.
Increasing Demand for Seafood Alternatives to Drive Excellent Opportunities
Surimi has a chance to become a competitive seafood substitute because of the expanding global demand for seafood. The versatile and affordable alternative of surimi has a taste and texture that are close to those of real seafood. Surimi can satisfy the demand for seafood substitutes as consumers show an increasing preference for environmentally friendly and sustainable dietary options. Surimi processing technology developments and product innovation offer market potential. Manufacturers may develop surimi products with improved quality, taste, and appearance thanks to advancements in fish-mincing technology, texture alteration, and flavour enhancement. Expanding the selection of items made with surimi and incorporating new technologies and methods can promote product diversification and draw in new customers. The growing interest in health and fitness can benefit the surimi business. Surimi is a wonderful source of protein and is low in fat, calories, and cholesterol. Consumers who are concerned about their health may respond well to marketing surimi as a nutritious and healthy seafood option. Additionally, integrating functional ingredients or strengthening surimi with extra nutrients might satisfy the rising demand for functional foods.
Global Surimi Market Share, by Source, 2022
The tropical sub-segment accounted for the highest share in 2022. Rich marine habitats with a wide variety of fish species are common in tropical locations. For the manufacturing of surimi, these places can offer a consistent supply of raw materials. Surimi may be produced at a low cost and with sustainable sourcing thanks to the abundance of fish resources available. The demand for seafood, especially goods made from surimi, is rising as the world's population continues to rise. Due to their proximity to fishing grounds and coastal locations, tropical regions tend to consume more seafood. The rising demand for seafood offers the surimi market a chance to meet the tastes and culinary customs of the tropical region. Many popular tourist destinations in the tropical regions are noted for their stunning beaches and coastal attractions. These regions' tourism and hospitality sectors frequently place a big emphasis on seafood cuisine. The tourism industry may find it appealing to use surimi-based goods to provide fish dishes that are affordable, adaptable, and simple to make.
Global Surimi Market Share, by Form, 2022
The frozen sector accounted for the highest market size in 2022. Since frozen surimi goods can be kept for longer periods of time without losing quality, they are convenient for consumers. Surimi's shelf life is boosted by freezing technology, keeping it fresh and suitable for consumption for a longer time. This convenience feature attracts time-pressed customers looking for ready-to-eat seafood selections. The global distribution of producers' goods is made possible by the market for frozen surimi. Products made from frozen surimi are appropriate for export markets since they can be transported across large distances with ease. This gives producers the chance to serve a larger customer base outside of their immediate geographic area and tap into markets abroad where there is a demand for items made from surimi.
Global Surimi Market Share, by Distribution Channel, 2022
The B2B sector accounted for the highest market size in 2022. By creating products based on surimi and distributing them to other enterprises, surimi producers play a significant role in the B2B market. To meet the demand of B2B clients, they guarantee the quality, consistency, and accessibility of surimi products. Wholesalers, distributors, and suppliers who specialise in shipping surimi products to foodservice outlets like restaurants, hotels, caterers, and institutional purchasers are examples of B2B surimi market distribution channels. These channels guarantee effective and prompt delivery of surimi products to satisfy the needs of B2B clients. B2B surimi suppliers frequently provide customisation choices to meet the unique requirements of their clients. This can entail offering surimi items in various shapes, sizes, and packaging arrangements to meet the needs of restaurants and other commercial enterprises. For B2B clients, customised packaging can improve comfort, portion control, and food safety.
Global Surimi Market Share, by Region, 2022
The Asia-Pacific surimi market generated the highest revenue in 2022. Consumption of surimi-based goods, such as imitation crab meat, fish cakes, and other surimi seafood items, has a long history in countries including Japan, China, South Korea, and Thailand. These ingredients are frequently utilised in traditional Asian cuisines and are also increasingly popular in a variety of Western-inspired meals.
Competitive Scenario in the Global Surimi Market
Product development and geographic expansion are major players functioning in the highly competitive global surimi market. Vardin, one of the water fish suppliers, announced plans to renovate its processing plant and install a surimi production line in 2019. 2020 is the planned year for the start of this process line.
Some of the leading surimi market players are HAI THANH CO., LTD, MEENA Brand Surimi, Starfish Co., Ltd., APITOON GROUP, PT. Indonesia Bahari Lestari, Zhejiang Longsheng Aquatic Products Co., Ltd., Java Seafood, SEAPRIMEXCO, PT. INDO SEAFOOD, and Southern Marine
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Source
Segmentation by Form
Segmentation by Distribution Channel
Key Companies Profiled
Q1. What is the size of the surimi market?
A. The size of the surimi market was over $3,836.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% during the forecast period.
Q2. Which are the major companies in the surimi market?
A. Java Seafood and Southern Marine are some of the key players in the global surimi market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more in R&D practices?
A. Java Seafood and Southern Marine are the companies investing more in R&D activities for developing new products and technologies.