As per Future Market Insights (FMI), the global surimi market is expected to reach a valuation of USD 3,572.7 million by the year 2023. It is likely to exhibit a CAGR of 6.1% from 2023 to 2033. It is expected to reach a valuation of USD 6,548.3 million by 2033.
Increasing demand for seafood products and the popularity of surimi as a cost-effective alternative to traditional seafood are primary determinants for market growth. Surimi is also often used as a substitute for expensive seafood products.
Surimi is composed of minced fish or other seafood that can be deboned, washed, and pureed. Its wide range of applicability in food products such as sushi, imitation, and other seafood dishes contributes to expanding demand worldwide.
Surimi is used as a base for various types of imitation seafood products, such as crab sticks, shrimp, and lobster. It can be used as a substitute for expensive seafood and is popular in a variety of cuisines around the world.
The surging popularity of healthy and protein-rich food products has boosted the consumption of surimi-based products. They are low in fat and high in protein.
The food industry's drive for non-meat protein and comminute products has boosted surimi extraction processes around the globe, most notably in Japan. Surimi is one of the most famous fish protein-based muscle proteins in the world.
It is commonly referred to as crude myofibrillar protein concentrate. It has been attracting customers all over the globe over recent years. This has been a result of the popularity of processed meat, such as seafood analogs and kamaboko products.
Protease inhibitors are commonly used in several surimi-based products by food companies to preserve gel stability. This contributes to the product’s better gelling, fat-emulsifying, and water-binding properties. Consequently, restaurants’ preference for surimi as a food ingredient in a variety of seafood and meat products has been increasing with time.
Residential and commercial consumer segments are among the surimi market's top end-use sectors. Modern trading options, which include internet retailing and specialty stores, play a vital role as a B2C channel in the surimi industry.
| Attributes | Key Insights |
|---|---|
| Surimi Market Estimated Size (2023E) | USD 3,572.7 million |
| Surimi Market Projected Size (2033F) | USD 6,548.3 million |
| Value-based CAGR (2023 to 2033) | 6.1% |
| Top 3 Countries' Market Value | USD 3,538.2 million |
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According to FMI analysis, the global surimi industry exhibited a CAGR of 4.7% from 2018 to 2022. It is projected that the market will likely surpass 6.1% CAGR during the forecast period 2023 to 2033.
Surimi demand is rising in the food service industry, as well as among users who prefer to cook at home. Consumers are becoming increasingly aware of sustainability issues. Factors such as stock evaluation, environmental preservation, and check on raw material exploitation have now become key influencers for consumer choices.
Surimi also helps in the utilization of fishery bycatch and contributes to pollution control and water conservation.
Manufacturers are now being led to engage in sustainable surimi manufacturing processes to fulfill consumer demand. This trend is expected to drive the surimi industry ahead over the forecast period.
| Market Statistics | Details |
|---|---|
| Jan - Jun (H1), 2021 (A) | 3.7% |
| Jul - Dec (H2), 2021 (A) | 4.3% |
| Jan - Jun (H1),2022 Projected (P) | 4.4% |
| Jan - Jun (H1),2022 Outlook (O) | 4.1% |
| Jul - Dec (H2), 2022 Outlook (O) | 5.4% |
| Jul - Dec (H2), 2022 Projected (P) | 5.1% |
| Jan - Jun (H1), 2023 Projected (P) | 4.9% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | 30 |
| BPS Change: H1,2022 (O) - H1,2021 (A) | 40 |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | -30 |
| BPS Change: H2, 2022 (O) - H2, 2022 (A) | 110 |
The growing trend of incorporating non-meat proteins through the consumption of functional food ingredients is likely to further fuel demand for surimi. This is a significant driver that is setting up lucrative opportunities in the surimi industry.
Surimi filling is attracting consumers of meat and seafood products due to its nutritional value and low pricing.
On-going advancements in washing processes and chemical processing methods will drive demand for surimi through 2033. The washing process is an important step in the surimi production process. It helps in removing impurities and unwanted substances from fish meat.
Extracting protein from underutilized fish species is a key trend pushing growth in the surimi industry. Restaurants have also begun to see surimi as a feasible alternative to lateral fish, thus relieving the fish industry.
Principal Consultant
Factors Restraining Surimi Market Growth
| Region | North America |
|---|---|
| Country | United States |
| CAGR | 9.1% |
| BPS Analysis | -169.7 |
| Market Value (2033) | USD 568.2million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR | 12.1% |
| BPS Analysis | 175 |
| Market Value (2033) | USD 101.4 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR | 4.8% |
| BPS Analysis | -100.9 |
| Market Value (2033) | USD 1,888.7 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR | 5.9% |
| BPS Analysis | -268 |
| Market Value (2033) | USD 1,074.5 million |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR | 7.2% |
| BPS Analysis | 530 |
| Market Value (2033) | USD 575.4 million |
Low-fat and High-protein Surimi an Appealing Option for Busy Consumers
China is expected to contribute a value share of 58% and top a valuation of USD 1,888.7 million by 2033.
As the Chinese populace becomes more health-conscious, the low-fat and high-protein content surimi has gained widespread renown. The versatility and ease of use of surimi make it an appealing choice for busy consumers who want to prepare meals quickly.
China is one of the world's prominent consumers of seafood, and demand for surimi is anticipated to rise with rising seafood consumption. Concerns about overfishing and sustainability have led to the development of surimi. It is made from fish that are not usually used for direct human consumption.
Surimi is widely available in China and is generally more affordable than other seafood products. It makes it an accessible option for various consumers and is often used as a substitute.
Long Shelf-life of Frozen Surimi Products to Propel Market in the United States
The United States is set to reach a valuation of USD 237.4 million and 91.1% shares in the North American surimi industry in 2023. By 2033, the United States will enjoy revenues of USD 568.2 million and 89.4% shares. It is anticipated to expand at a CAGR of 9.1% during the forecast period 2023 to 2033.
The long shelf-life of frozen surimi products effectively reduces the impact of problems related to various sales channels. It will drive the demand for frozen surimi in the United States.
According to the Association of Genuine Alaska Pollock Producers' survey, there is a growing palette for crab flavors in the United States. Surimi is a key ingredient in the production of simulated crab foods. This is expected to drive sales in the forthcoming ten years.
Surimi is a common ingredient in Asian cuisine. As Asian cuisine becomes more popular in the United States, it is becoming widely available in supermarkets and specialty stores.
Manufacturers have successfully marketed the product as a healthy and convenient seafood choice. These factors are driving the sales of surimi products in the United States.
Availability of 'Grab and Go' and Small Packets in India to Skyrocket Demand
Surimi is projected to surpass a healthy CAGR of 7.2% during 2023 to 2033. It is likely to hold a market share of 43.1% by 2033 in Asia Pacific.
India is offering lucrative opportunities for manufacturers of Surimi due to the presence of recognized surimi brands such as Grande Marine. There is increasing demand for surimi products such as surimi flakes, crab sticks, and surimi fish sticks in the retail market.
Sales of small package sizes and 'grab and go' convenience items have surged in this developing economy. Affordability is a considerable factor for increasing retail sales of surimi.
Consumers have noted that surimi is just one-third the price of other seafood. It is a low-cost source of protein that is simple to incorporate into seafood meals by individuals cooking at home.
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Suring Demand for Flavor and Texture to Drive Fish Surimi Sales
On the basis of species, fish surimi segment holds about 84.55% share in the global surimi industry in 2023. It is projected to propel at a CAGR of 5.9 % during the forecast period 2023 to 2033.
Consumers prefer the flavor and texture of fish surimi over meat surimi. The flavor of fish surimi is mild and delicate, with a firm and chewy texture. On the other hand, meat surimi has a more robust flavor and a soft texture.
Fish surimi is widely available all over the world, and availability plays a significant role in its rising demand. However, there are still regions or cuisines where meat surimi is equally as popular.
In some cultures, such as Japan, fish surimi has a long history and cultural importance in cuisine. It is preferred over meat surimi, resulting in its growing popularity and capture of a greater global market share.
Versatility of Fresh Surimi as Ingredient in a Wide Range of Cuisines to Bolster Growth
Based on form, fresh segment is estimated to reach a valuation of USD 2,220.2 million in 2023. It is accounted to hold around 50.6% shares in the global surimi industry.
Fresh surimi is versatile and can be used in a variety of recipes, including sushi, sashimi, and seafood salads. Because of its versatility, fresh surimi is a common ingredient in a wide range of cuisines.
Its authentic flavor and texture is often associated with traditional Japanese cuisine due to which it is gaining more popularity. Consumers are concerned about the use of additives and preservatives in processed surimi. Due to which they prefer the freshness and purity of fresh surimi.
On the other hand, processed surimi also has its advantages, such as long shelf life and convenience. This makes processed surimi a preferred option for various consumers. The choice between fresh and processed surimi depends on consumer preferences, availability, and specific uses in different dishes.
Pre-cooked and Ready to use Fish Surimi to Register Astonishing Sales from Food Service Providers
By application segment, food service division represents a value share of 42.3% in 2023. It is estimated to soar at a CAGR of 5.0% during the forecast period 2023 to 2033.
Surimi is a consistent and handy ingredient to work with because it is pre-cooked and ready to use. This saves food service providers time and labor costs, making it a popular option in the industry.
Surimi is widely available and can be obtained from a variety of suppliers. This makes it a convenient ingredient for food service providers.
Surimi produced for the food service business is frequently subject to stringent quality controls. Such regulations ensure that the product fulfils the required specifications, which is contributing to its rising demand from the food service industry.
Industries such as animal feed, pet food, pharmaceuticals, and retail typically have more specialized uses for surimi. This explains why demand for the product is less in this sector as compared to the food service sector.
Leading Companies are implementing mergers & acquisitions and new product launches as key strategies to compete in the market. Acquisitions and mergers have facilitated companies to improve product quality and expand product reach.
Key manufacturers are launching new products in the market to offer demanded quality products and meet the changing consumer trends across the industry.
For instance:
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 3,572.7 million |
| Market Forecast Value in 2033 | USD 6,548.3 million |
| Global Growth Rate (2023 to 2033) | 6.1 % CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and MEA |
| Key Countries Covered | Mexico, Russia, Argentina, Chile, Peru, Germany, Japan, Spain, UK, Netherlands, Belgium, France, United States, Poland, Canada, South Korea, Italy, Singapore, India, Malaysia, Thailand, Brazil, Indonesia, Australia, Nordic, China, GCC Countries, New Zealand, South Africa, Central Africa, and others |
| Key Market Segments Covered | Species, Form, Application, Supply Channel, and Region |
| Key Companies Profiled | Trident Seafoods; Aquamar Inc; Maruha Nichiro Group; American Seafoods Group; Viciunai Group; Seaprimexco Vietnam; Thong Siek Global; Trans-Ocean; Gadre Marine; Russian Fishery Company; Ocean More Foods Co., Limited; A B Golden Seafood; Glacier Fish Company; Maruha Nichiro Group; Others |
The surimi market is forecast to register a CAGR of 6.1% through 2033.
The surimi market is valued to hit USD 6,548.3 million by 2033.
The global market advanced at a 4.7% CAGR from 2018 to 2022.
The surimi market is estimated to secure a valuation of USD 3,572.7 million in 2023.
By species, the fish surimi segment is scheduled to account for 84.55% of the global market in 2023.
United Kingdom is expected to evolve at a CAGR of 12.1% through 2033.
1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Global Market - Pricing Analysis 5. Value Chain Analysis 6. Global Market Size (in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Species 7.1. Fish Surimi 7.1.1. Alaska Pollock 7.1.2. Atlantic Cod 7.1.3. Tilapia 7.1.4. Black Bass 7.1.5. Others 7.2. Meat Surimi 7.2.1. Pork 7.2.2. Beef 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 8.1. Fresh 8.1.1. Whole 8.1.2. Fillet 8.2. Processed 8.2.1. Canned 8.2.2. Frozen 8.2.2.1. Whole 8.2.2.2. Fillet 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 9.1. Direct Sales 9.2. Indirect Sales 9.2.1. Canned Modern Trade 9.2.2. Convenience Stores 9.2.3. Specialty Food Stores 9.2.4. Wholesale Stores 9.2.5. Discount Stores 9.2.6. Online Retail 9.2.7. Other Retail Formats 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 10.1. Food Industry 10.2. Pharmaceutical Industry 10.3. Animal Feed 10.4. Pet Food 10.5. Food Service 10.6. Retail 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia 11.6. Oceania 11.7. Middle East & Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Country-level Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Ambar 21.2. Asahi Aquamar Inc 21.3. American Seafoods Group 21.4. Viciunai Group 21.5. Russian Fishery Company 21.6. Seaprimexco Vietnam 21.7. Thong Siek Global 21.8. Trans-Ocean 21.9. Gadre Marine 21.10. Ocean More Foods Co., Limited 21.11. A B Golden Seafood 21.12. Glacier Fish Company 21.13. Maruha Nichiro Group 21.14. Arctic Storm Management Group 21.15. Seapack Food 21.16. Russian Fishery Company 21.17. Trans-Ocean Products 21.18. Seaprimexco Vietnam 21.19. Thong Siek Global (TSG) 21.20. Other Players (On Additional Requests) 22. Assumptions and Acronyms Used 23. Research Methodology
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