Surimi Market

Surimi Market at a Glance:

By the end of 2030, it is anticipated that the global market for surimi market will be worth US$ 10.2 Bn, as per the latest industry analysis by Reports and Insights.

 

The Reports and Insights team has drafted a market research report on the worldwide market for surimi with the objective of identifying the primary market drivers, market trends, challenges, and opportunities that business owners encounter. The report includes the market segmentation forecast, geographic perspective, and recent market developments for surimi. Additionally, it provides extensive information on market size, market share, industry and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and prominent market players for surimi.

Surimi, often called “imitation” seafood, is a highly processed food that is made by repeated watering and dewatering of minced seafood or meat. In the case of seafood surimi, it is generally made from less utilized species of fish such as the Alaskan Pollock or the Pacific Whiting. Surimi comes in the form of a get or paste and consists majorly of muscle mass and is available in many shapes and textures. It is considered an intermediate food that is used as an ingredient in making the final meals. In the process of making surimi, largely all the nutrients of the fish are washed away. However, Omega-3 is externally added to enhance the quality of food.

Surimi has been used by the Japanese for centuries now. However, the commercial industry for surimi commenced as late as the 1960s when a Japanese scientist discovered a method to preserve and store surimi for longer periods with the help of sugar. Surimi, although similar in taste, is substantially cheaper than seafood. In the case of lobster meat, especially, it is almost 10% of the cost of the former. This is one of the factors that is projected to drive the market for surimi in the forecast period.

Scope of Report:

Report Metric	Report Details
Market size available for the years	2022-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Species, By Form, By Sales Channel, By Application, By Geography
Regions Covered	North America The U.S., Canada Latin America Brazil, Mexico, Argentina, Rest of Latin America Asia Pacific China, India, Japan, Australia & New Zealand, ASEAN, Rest of Asia Pacific Europe The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, Rest of Europe Africa North Africa, Egypt, Rest of Africa The Middle East GCC Countries, Israel, Rest of the Middle East
Key Players	Aquamar Inc, Viciunia Group, Trident Seafoods. Pacific Seafood Group, SeaPak, Glacier Fish Company, Boston Salads & Prepared Foods, Arctic Storm Management Group, OceanFood Sales Ltd., Maruha Nichiro Group, Russia Fishery Companies, Thong Siek Global, Trans-Ocean Products, Gadre Marine, Ocean More Foods Co. Ltd., and American Seafoods Group amongst others

Surimi Market Dynamics:

Market Drivers:

“Rise in the levels of pollution and degrading fish population”

The rampant increase in the levels of pollution is a challenge for the world. Water pollution has a lot of effects on both, the human race and the marine population. The marine population is degrading not just in terms its quantity, but also in terms of quality. The number of diseased fish caught in open oceans is increasing day by day. According to the World Wildlife Fund, by 2050, half of the population would not be able to afford seafood. To avoid this situation, sustainability is an important step that needs to be taken. Surimi production is a sustainable process and it also helps improve the chances of maintaining the marine population. This is estimated to drive the market in the forecast period.

“Numerous health benefits over other processed foods”

Surimi is made entirely of soluble proteins. It is due to this that surimi has low-calorie content and thus helps in weight loss as well. Moreover, while all the important proteins are washed away in the production process, omega 3 is added to surimi during production which has several health benefits such as mitigating the risk of heart diseases, cancer, and inflammatory diseases. Thus, people will not have an issue shifting to consuming surimi in place of traditional seafood.

“Acceptance in an increasing number of countries”

The use of surimi is not restricted in any country. However, the exacerbated use of surimi will take a little time. While surimi is rampantly used in almost all Southeast and East Asian Countries, only France andain in Europe are using it widely. With the cost of seafood shooting up, and with similar qualities as seafood, Surimi is certain to be accepted in the markets worldwide.

Market Restraints:

“Initial high capital investment”

The surimi production industry is certainly growing at a strong CAGR. However, the surimi production plant requires a lot of capital investment to procure modern equipment. Moreover, since the production process involves the use and discharge of water blatantly, a lot of government paperwork is also involved. Sustainability sanctions are another barrier that the production could face initially. Thus, these roadblocks drive a lot of potential investors away from this market, restricting its growth.

“Packaging and storage challenge shelf life”

Although the shelf life of processed surimi is decent, improper packaging and storage can drastically reduce the shelf life. If it is exposed to air in any way or if a certain temperature is not maintained, the shelf life of the surimi is affected. Products with a lower shelf life find it difficult to be accepted by people. This roadblock could potentially increase the cost of packaging and thus increase the overall cost of the product.

Market Opportunities:

“Developments in surimi production helping to find new uses”

While surimi was initially produced only with seafood as raw material, with ongoing research and development, other meats such as beef and pork surimi are also being developed. Additionally, the new uses of surimi are also coming to the fore. Expanding uses of surimi include the use of fried surimi fishcake in place of diced potato in dishes, thus providing higher protein, and bread formed out of surimi. This research and development present a great opportunity in the surimi market.

Surimi Market Segmentation Stance:

The surimi market is segmented based on species, form, sales channel, application, and region.

By Species

Fish Surimi

Pork Surimi

Beef Surimi

By Form

Fresh Surimi

Processed Surimi

By Sales Channel

Modern Trade

Convenience Stores

Specialty Food Stores

Wholesale Stores

Discount Stores

Online Retail

By Application

Food Industry

Pharmaceutical Industry

Animal Feed

Pet Food

Food Service

Retail

By Region

North America

Asia Pacific

Europe

Latin America

Middle East

Africa

Surimi Market Regional Stance:

Asia Pacific holds the majority of the market for the surimi industry. Particularly East and Southeast Asian nations such as Japan, Thailand, South Korea, and Singapore are big consumers of surimi. China is also adding to the surimi market as they are developing surimi made from other meat as well. Japan, being the birthplace of surimi, is the largest contributor to the market.

North America is a region that is projected to have strong growth. This is primarily because of the adoption of Japanese culture and cuisine in the region. Moreover, with more than 6% of the entire population of the US being Asian, the demand for surimi is estimated to rise.