Sales Of Surimi Are Projected To Further Rise At A Healthy CAGR Of Around 6.1% Over The Forecast Period 2022-2032
According to a recently revised Fact.MR report, sales of surimi are expected to reach a value of US$ 5.8 Bn in 2031, rising at a CAGR of around 6.1%.
Surimi is manufactured from freshly ground-fish, usually Alaskan Pollock. However, as global fishery resources are declining, there is increasing emphasis on utilizing low-value by-catch fishery species in the production of surimi. Future developments in the imitation crab meat industry are likely to be found in a few key areas. One important area of research has focused on the development of surimi from different kinds of fish. Also, environmental concerns will lead to new technologies that will minimize the amount of waste involved in manufacturing.
Request For Sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=5014
The MFRD (Marine Fisheries Research Department) is promoting quality of surimi for domestic consumption as well as export through continuous research and development in the field. The MFRD is supported by funding from the Japanese Trust Fund (JTF).
Moreover, through improved product development and advances in technological approaches, MFRD has continued to promote greater use of fisheries by-catch and low-value species through training and extension activities, and is providing technical assistance to the market in South East Asia. Primary goals include analyzing the status of demersal fishery resources as surimi raw materials in the region, empowering member countries, as well as future exploration plans of the surimi industry in the region.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 91% of the North American market in 2021, supported by increased production of Alaska Pollock-sourced surimi.
- According to Fact.MR analysis, China is estimated to account for more than 59% of the East Asian market share in 2021, driven by increased demand from the foodservice industry.
- Spain is one of the prominent countries in the European market with a share of 18.4% in 2021, on the back of increased imports of surimi base.
- Fish surimi is estimated to account for 86.9% market share in 2021, on the back of its nutritional properties and high-quality protein content.
- Fresh surimi reflects approximately 57.8% of the market in 2021, but processed surimi is expected to witness a lucrative growth rate at 7.8% CAGR through 2031.
“Key players operating in the global market are investing in research & development facilities for new product developments. Manufacturers are focusing on sustainable farming of surimi,” says a lead analyst at Fact.MR.
Key Segments Covered in Surimi Industry Survey
- Fish Surimi
- Alaskan Pollock
- Atlantic Cod
- Black Bass
- Meat Surimi
- Pork Surimi
- Beef Surimi
- Fish Surimi
- Fresh Surimi
- Processed Surimi
- Fresh Surimi
By Sales Channel
- Direct Sales of Surimi
- Indirect Sales of Surimi
- Modern Trade
- Convenience Stores
- Specialty Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
- Food Industry
- Pharmaceutical Industry
- Animal Feed
- Pet Food
- Food Service
Surimi is commonly used in foodservice and food manufacturing industries to prepare seafood such as crab sticks, fish sticks, and crab flakes, among others. Because of high demand for and application of surimi, top companies in the surimi market are focusing on increasing their distribution networks to reach a bigger consumer base.
This is increasingly prevalent among major manufacturers who want to expand their global footprint. Top frozen brands are focusing on acquiring smaller brands to enhance their distribution network and manufacturing capacity. For instance, the acquisition of Creative Seafood by Viciunai Group was aimed at strengthening its presence in France.
- In 2021, The Russian Fishery Company (RFC) signed contracts to supply majority surimi to top Russian producers of surimi products, such as Vichinai Group, Meridian and Santa Bremor, among others
- In 2021, Trident Seafoods, based in Seattle, teamed up with celebrity chef Nancy Fullerto to promote the company’s newly launched Louis Kemp surimi fish products.
Similar recent developments related to companies offering surimi have been tracked by the team at Fact.MR, which are available in the full report.