USD 3.56 billion
Report ID: SQMIG30I2285 | Region: Global | Published Date: September, 2023 | Pages: 157 | Tables: 61 | Figures: 70
Surimi Market size was valued at USD 3.56 billion in 2021 and is poised to grow from USD 3.78 billion in 2022 to USD 6.07 billion by 2030, growing at a CAGR of 6.1% in the forecast period (2023-2030).
The surimi market is a dynamic and thriving segment of the global seafood industry. Surimi, a seafood product made from minced fish or shellfish, is widely used as a versatile ingredient in various cuisines. The market's growth is propelled by factors such as changing dietary preferences, increasing demand for convenience foods, and the rising popularity of healthy and protein-rich diets.
Surimi finds extensive application in the production of imitation seafood products like crab sticks, fish cakes, and seafood salads. Its ability to mimic the texture and taste of real seafood makes it a popular choice among consumers seeking cost-effective and sustainable alternatives to traditional seafood.
The market is segmented based on types of surimi, including fish-based and crab-based surimi. Fish-based surimi accounts for the majority of the market share due to its widespread usage in a diverse range of products. Geographically, Asia-Pacific dominates the surimi market, owing to the traditional consumption of surimi-based products in countries like Japan, South Korea, and China.
With growing awareness about the health benefits of consuming seafood, coupled with the expansion of the food processing industry, the surimi market is projected to continue its upward trajectory. Manufacturers are focusing on innovations in processing techniques, flavor enhancement, and product diversification to cater to changing consumer demands and preferences. The surimi market's resilience and adaptability to evolving consumer trends make it an intriguing segment within the broader food industry landscape.
US Surimi Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.56 billion
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The global surimi market is segmented on the basis of Source, Form, End-use, Distribution Channel and Region. Based on Type of Source the market is Segmented as, Tropical, and Cold Water. Based on Form the market is segmented as, Frozen, and Fresh. Based on End-User the segmented as B2B and B2C. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA)
Surimi Market Analysis By Source
Currently, the tropical source segment dominates the surimi market. Tropical sources, often originating from species like threadfin bream and lizardfish, are widely used in regions with a strong tradition of surimi consumption, such as Southeast Asia. These sources offer unique flavors and textures that have been favored by local cuisines for generations.
However, the cold water source segment is experiencing the fastest growth in the surimi market. Cold water sources typically involve fish species like Alaska pollock and Atlantic cod. The growing demand for surimi-based products in global markets, coupled with the increasing popularity of seafood-based diets, has led to the rising utilization of cold water sources. The surimi produced from cold water fish is known for its mild flavor, delicate texture, and ability to adapt to various cuisines, making it appealing to a broader consumer base.
Surimi Market Analysis By Form
In the surimi market, the form of surimi products is a significant segmentation factor, with frozen and fresh forms being the primary categories. Currently, the frozen surimi segment holds a dominating position in the market. Frozen surimi products offer convenience, longer shelf life, and ease of storage, making them a preferred choice for both consumers and manufacturers. The availability of a wide range of frozen surimi-based products in supermarkets, hypermarkets, and convenience stores further contributes to the dominance of this segment.
However, the fresh surimi segment is witnessing rapid growth and is considered the fastest-growing segment in the market. Consumers are increasingly seeking fresh and minimally processed food options, aligning with the trend of natural and healthier choices. Fresh surimi products are often perceived as having better taste and texture due to minimal processing. This demand is particularly pronounced among health-conscious consumers and those who prefer to create their own culinary creations at home. As a result, the fresh surimi segment is experiencing steady expansion, driven by the shift towards natural and nutritious food options in the modern food landscape.
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The surimi market exhibits varying dynamics across different regions, with Asia-Pacific emerging as the largest and most influential market. In Asia-Pacific, countries like Japan, South Korea, and China have deep-rooted culinary traditions that incorporate surimi in various dishes, contributing to the significant consumption of surimi-based products. The region's strong seafood culture, coupled with surimi's versatility and widespread use in imitation seafood products, has propelled Asia-Pacific to hold the largest market share.
Following closely as the second-largest region in the surimi market is North America. In this region, the growing demand for convenient and ready-to-eat seafood products has driven the consumption of surimi-based items such as crab sticks and fish cakes. The popularity of sushi and other Asian-inspired cuisine has also played a role in boosting the adoption of surimi products. Moreover, the rising awareness of the health benefits associated with consuming seafood is encouraging consumers in North America to incorporate surimi-based alternatives into their diets. The region's robust retail and foodservice sectors further contribute to the steady growth of the surimi market in North America.
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Surimi Market Drivers
Increasing Demand for Seafood Alternatives:
Rising Health Consciousness:
Surimi Market Restraints
Competition from Plant-Based Alternatives:
Perception and Quality Concerns:
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The competitive landscape of the surimi market is characterized by the presence of a diverse range of players, including global seafood companies, food manufacturers, and regional players. These companies compete through strategies such as product innovation, quality enhancement, and geographical expansion. Many players are focusing on developing surimi products with improved texture, taste, and nutritional value to cater to evolving consumer preferences for healthier and more authentic alternatives. Key players in the surimi market often emphasize partnerships, collaborations, and acquisitions to strengthen their market position. They also invest in efficient supply chain management to ensure a steady supply of raw materials for surimi production. Moreover, marketing and promotional activities play a significant role in driving consumer awareness and acceptance of surimi-based products.
Surimi Market Top Player’s Company Profile
Surimi Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global surimi market analysis, this market is a thriving segment of the seafood industry, and is witnessing robust growth globally. Key regions contributing to this growth include North America, Europe, Asia Pacific, and Latin America, where surimi's versatility and convenience align with consumer preferences for nutritious and easy-to-prepare food options. The market is segmented based on form, with frozen and fresh surimi products dominating the market due to their longer shelf life and availability. Drivers of the surimi market include increasing health consciousness among consumers, as surimi offers a low-fat and protein-rich alternative to traditional seafood. Additionally, the market benefits from rising demand for seafood imitation products, which mimic the taste and texture of various seafood types. Innovation in product offerings, sustainability initiatives, and the surge in global consumption of surimi-based dishes further propel the market's growth. These factors collectively contribute to the surimi market's expansion as it continues to meet the evolving preferences of diverse consumer segments across the globe.
|Market size value in 2021||USD 3.56 billion|
|Market size value in 2030||USD 6.07 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Surimi Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Surimi Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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