Surimi Market

Market Overview:

The global surimi market size reached US$ 5.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.7% during 2023-2028. The rising demand for seafood across the globe, increasing consumer awareness regarding various product health benefits, and the recent development of advanced production methods represent some of the key factors driving the market.

Surimi refers to a colorful, flavored, and paste-like substance used as a substitute for various crustacean meat, such as crab, lobster, and shrimp. It is commercially produced by washing, grinding, and blending underutilized fish or animal flesh, followed by the addition of preservatives, starch, sugar, and artificial flavors. Surimi is a rich source of calories, proteins, carbohydrates, omega-3 fatty acids, vitamin B12, sodium, selenium, and phosphorus. It is widely used in sushi, salads, sandwiches, seafood cocktails, stir-fries, pasta dishes, snacks, tacos, omelets, and pizzas. It offers a long shelf-life, provides consistent quality, and enhances the texture and flavor of dishes. Surimi is also low in fat and cholesterol and offers several health benefits, such as building muscles, repairing tissues, improving metabolism, and boosting the immune system.

Surimi Market Trends:

The rising demand for seafood across the globe is one of the primary factors creating a positive outlook for the market. Surimi is widely used as a cost-effective seafood substitute in various dishes, such as soups, casseroles, sushi, salads, quiches, hot pots, tacos, burritos, crab cakes, chowder, and stir-fries. In addition to this, the widespread product adoption in various ready-to-eat (RTE) snacks, such as wraps, rolls, fish balls, crab sticks, nuggets, and sandwiches, is acting as another growth-inducing factor. Furthermore, the increasing consumer awareness regarding various product health benefits, such as strengthening bones and muscles, maintaining healthy body weight, promoting cognitive functions, reducing inflammation, increasing metabolism, regulating hormones, and minimizing the risk of obesity and cardiovascular diseases (CVDs) is providing an impetus to the market growth. Additionally, the recent development of advanced production methods, such as high-pressure processing (HPP) and enzymatic hydrolysis, which improves manufacturing efficiency, reduces waste generation and enhances the texture and flavor of the final product, is positively influencing the market growth. Moreover, increasing product applications in pet food formulas to create a balanced diet, add aromas, provide high-quality protein sources, and improve the overall well-being of pets is propelling the market growth. Other factors, including rising expenditure capacities of consumers, easy product availability across e-commerce platforms, increasing investment in the research and development (R&D) of advanced production methods, and the emergence of new surimi-based products, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global surimi market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on packaging, source, and distribution channel.

Packaging Insights:

• Chilled or Fresh
• Source
   

The report has provided a detailed breakup and analysis of the surimi market based on the packaging. This includes chilled or fresh and source.

Source Insights:

• Alaska Pollock
• Pacific Whiting
• Silver Carp and Others
   

A detailed breakup and analysis of the surimi market based on the source has also been provided in the report. This includes Alaska pollock, pacific whiting, silver carp, and others. According to the report, Alaska pollock accounted for the largest market share.

Distribution Channel Insights:

• Direct Sales
• Retail Sales
• Supermarkets and Hypermarkets
• Online Retails
• Wet Market
   

A detailed breakup and analysis of the surimi market based on the distribution channel has also been provided in the report. This includes direct sales, retail sales, supermarkets and hypermarkets, online retails, and wet market.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for surimi. Some of the factors driving the Asia Pacific surimi market included rising expenditure capacities of consumers, easy product availability across e-commerce platforms, and various technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global surimi market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include American Seafoods Group, Apitoon Group, Aquamar Inc (Lm Foods LLC), Gadre Marine Pvt. Ltd., Glacier Fish Company LLC, Ocean Food Company Ltd., OceanFood Sales Ltd., Pacific Seafood Group, Russian Fishery Company LLC, Seaprimexco Vietnam, Thong Siek Global, Trident Seafoods Corporation, Viciunai Group, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global surimi market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global surimi market?
• What is the impact of each driver, restraint, and opportunity on the global surimi market?
• What are the key regional markets?
• Which countries represent the most attractive surimi market?
• What is the breakup of the market based on the packaging?
• Which is the most attractive packaging in the surimi market?
• What is the breakup of the market based on the source?
• Which is the most attractive source in the surimi market?
• What is the breakup of the market based on distribution channel?
• Which is the most attractive surimi in the surimi market?
• What is the competitive structure of the global surimi market?
• Who are the key players/companies in the global surimi market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the surimi market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global surimi market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the surimi industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.