Surimi Market

Market Overview:

The global surimi market size reached USD 6.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 10.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.84% during 2024-2032. 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:

Growing demand for processed and convenience food products

As modern consumers' lives are becoming increasingly hectic, there is a growing trend for quick and easy-to-make meals. Surimi-based items, such as imitation crab and fish sticks, are frequently pre-cooked and need no preparation, making them ideal for consumers seeking quick lunch options. Surimi is utilized in a wide variety of ready to eat (RTE) and ready to cook (RTC) items that fall neatly under the convenience meal category. These goods meet the expectations of consumers who desire nutritious and flavorful meals without having to spend a lot of time cooking, which is driving the demand for surimi. Surimi-based goods are growing in popularity as the worldwide packaged food industry is expanding, because of its long shelf life and ease of storing. Their versatility in meals like sushi, salads, and sandwiches is making them staples in households looking for variety in their quick meals.

Health benefits and nutritional value

Surimi is high in protein yet low in fat and calories, making it an appealing choice for health-conscious consumers. Surimi, an enticing alternative to traditional meats and shellfish, is becoming increasingly popular as individuals are embracing high-protein and low-fat diets for weight management and muscle maintenance. This is especially crucial currently, as people are becoming more aware about the benefits of balanced eating. As people are becoming more aware about the negative health consequences of processed and high-calorie meats, surimi provides a healthier option. It has the texture and flavor of seafood, such as crab, lobster, and shrimp, but contains fewer calories and cholesterol. This makes surimi an appealing alternative for people trying to minimize their intake of harmful fats and processed meals while maintaining taste.

Rising seafood prices

As the cost of popular seafood items like as crab, lobster, shrimp, and fish is rising owing to overfishing, scarcity, and environmental concerns, surimi is developing as a more economical alternative. Surimi, which has the texture and flavor of these more expensive seafood dishes, offers consumers an affordable alternative. This price advantage makes surimi very appealing to budget-conscious consumers and food service industries, particularly in areas where seafood is a dietary mainstay but is becoming expensive. Environmental challenges like overfishing, climate change, and harsher fishing laws are resulting in dwindling seafood stocks and higher seafood costs. Surimi is frequently created from underutilized fish species, such as Alaskan pollock or Pacific whiting, which are more abundant and sustainable.

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 2024-2032. 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
   

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Surimi Market News:

• March 2024: Japan's Maruha Nichiro, the world's largest seafood company, acquired a 10% stake in surimi producer Kibun Foods for JPY 2.8 billion to focus on the joint development of new products.
• July 2024: Russia announced that it has decided to triple its surimi production to reach 163,000 tons in 2028, which is 3.5 times the actual production of about 47,000 tons in 2023.

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 2018-2032.
• 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.