Investments In Frozen Surimi are Expected to Benefit Manufacturers In The Long Term | Fact.MR

surimi market analysis and forecast by packaging

Global Surimi Market Overview

The surimi market has shown consistent growth in recent years, and is expected to experience a similar growth trend during the forecast period of 2020 to 2030. In terms of supply, the market has shown stagnancy and slight fluctuations over the past decade. However, demand for surimi has been gradually increasing during the same period. This rift has led to increasing prices for raw materials as well as end-use products.

The global surimi market is expected to experience high growth in terms of value during the forecast period, while growth in volume is expected to be moderate. Investments by companies to increase penetration, increasing consumer expenditure on seafood, and government investments & regulations to increase sustainable catch are expected to drive the expansion of the surimi market size over the coming years.

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Growing demand for seafood analogs such as imitation crabs and lobster meat has been driving demand for surimi in the global market. Innovative products such as surimi noodles and efforts by companies to adopt new taste trends to meet consumer demand are also aiding market expansion. As such, the surimi market is expected to experience high growth in terms of volume over the coming decade.

As per Fact.MR analysis, the global surimi market is anticipated to reach a valuation of over US$ 12 billion by 2030, with its growth rate pegged at nearly 6% from 2020 to 2030.

Key Takeaways from Surimi Market Study

  • East Asia accounts for a share of more than 35% in the global surimi market, and is expected to experience growth of 1.8X by 2030 over the value in 2020.
  • The surimi market in South East Asia & Oceania is expected to portray the highest growth rate of over 6% during forecast period.
  • Based on source, demand for itoyori accounts for the highest share in the market, and is expected to offer the highest absolute dollar opportunity during the forecast period.
  • While demand for chilled or fresh surimi is observed to be high at present, frozen surimi is expected to grow 1.9X by 2030 over the value in 2020.
  • Demand for surimi through direct sales is higher in comparison with retail sales, and is expected to show higher growth during the forecast period.
  • The COVID-19 pandemic is projected to have a low to moderate impact on the global surimi market.

“Gap between supply and demand for surimi has been driving prices in recent years, and further imposition of sustainable fishing practices is expected to have a high impact on prices in future,”

says a Fact.MR analyst.

Surimi Market: Segmentation

Fact.MR has studied the surimi market with detailed segmentation on the basis of source, packaging, end use, distribution channel, and region.

Source
  • Alaska Pollock
  • Itoyori
  • Pacific Whiting
  • Silver Carp
  • Others
 

Packaging

  • Chilled or Fresh
  • Frozen
End Use
  • Households
  • Hotels, Restaurants and Catering (HoReCa)
  • Food Processing
  • Others
Distribution Channel
  • Direct Sales
  • Retail Sales
  • Supermarkets and Hypermarkets
  • Online Retail
  • Wet Markets and others
Region
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • MEA

Players Focused on Inorganic Strategies to Increase Penetration

The surimi market is highly fragmented in nature, with the top players accounting nearly one-fifth of the market share. Due to this fragmented nature, players in the market have shown high tendency for acquisitions and mergers to increase their revenue share. For example, in January 2018, Viciunai Group acquired Creative Seafood France. This acquisition was aimed at increasing the presence of the company in France, as CSF France holds 10 to 15% of the French surimi market. Similar acquisitions are being carried out by many companies. The surimi market is expected to remain fragmented till the end of the forecast period.

For More Insights

Find More Valuable Insights on Surimi Market

Fact.MR, in its new offering, provides an unbiased analysis of the global surimi market, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The surimi market report discloses compelling insights into the demand for surimi based on source (Alaska Pollock, Itoyori, Pacific Whiting, Silver Carp, and others), packaging (frozen and chilled or fresh), end use (households, HoReCa, food processing, and others), and distribution channel (direct sales and retail sales {supermarkets & hypermarkets, online retail, and wet markets & others}), across several different regions.

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