Surimi Market(2024 - 2031): Industry Insights and Investment Opportunities

The growth of the "Surimi market" has been significant, driven by various critical factors. Increased consumer demand, influenced by evolving lifestyles and preferences, has been a major contributor.

Surimi Market Report Outline, Market Statistics, and Growth Opportunities

The surimi market, primarily driven by rising consumer demand for seafood alternatives and innovative product offerings, is projected to grow at an impressive CAGR of % from 2024 to 2031. Market research highlights the increasing popularity of surimi-based products, such as imitation crab and fish sticks, attributed to their affordability, versatility, and appeal to health-conscious consumers. Additionally, the growing trend of plant-based diets presents opportunities for hybrid products that blend surimi with plant proteins. However, challenges such as fluctuating raw material prices, seafood sustainability concerns, and competition from other protein sources may impact market dynamics. The evolving retail landscape, driven by online shopping and demand for convenience, further shapes the surimi market, providing opportunities for new distribution channels. Furthermore, the increase in international cuisine exposure fosters consumer interest in diverse seafood applications, enhancing market growth. To navigate these challenges and seize opportunities, stakeholders must focus on product innovation, sustainable sourcing practices, and effective marketing strategies targeting various demographic segments. Overall, the surimi market shows considerable promise, aligning with global health trends and culinary preferences, positioning itself well for future expansion amidst a competitive landscape.

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Market Segmentation Analysis

The surimi market can be segmented into fresh and frozen types. Fresh surimi is primarily utilized in ready-to-eat food products, offering a shorter shelf life but higher quality. In contrast, the frozen surimi segment caters to long-term storage needs and extended distribution, appealing to global markets with diverse cuisine preferences.

Applications in the surimi market include direct sales, retail sales, supermarkets, and online retail. Direct sales focus on specialized products for restaurants, while retail and supermarkets provide easy access to consumers. Online retail offers convenience, expanding reach and catering to evolving consumer habits.

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The Impact of Covid-19 and Russia-Ukraine War on Surimi Market 

The Russia-Ukraine War and the lingering effects of the Post Covid-19 Pandemic have significantly impacted the surimi market. Disruptions in supply chains, particularly for seafood and raw materials, have led to increased production costs. Additionally, changes in consumer behavior, with heightened health consciousness and preference for protein-rich foods, may boost the demand for surimi products.

As countries strive for food security and diversify their protein sources, the surimi market is expected to witness growth, fueled by innovation in product offerings and enhanced marketing strategies. Sustainability concerns may also prompt a shift towards more eco-friendly surimi production practices, attracting environmentally conscious consumers.

Major benefactors in this evolving landscape will likely include established seafood companies that can adapt to supply chain challenges and invest in sustainable practices. Additionally, emerging brands that focus on health-oriented and convenient surimi products could gain a competitive edge. Overall, the confluence of geopolitical tensions and shifting consumer trends presents opportunities for growth within the surimi market, favoring those who can efficiently navigate these challenges.

Companies Covered: Surimi Market

• Viciunai Group
• Russian Fishery Company
• Trans-Ocean Products
• Seaprimexco Vietnam
• Thong Siek Global
• Gadre Marine
• Ocean More Foods Co., Ltd.
• Pescamar
• AB GOLDEN SEAFOOD CO., LTD

Surimi, a processed fish product, is primarily produced by several leading companies in the industry.

- **Viciunai Group**: A significant player in the surimi market, known for its high-quality products and strong distribution network.

- **Russian Fishery Company**: Focuses on sustainable fishing practices, enhancing the brand's appeal in environmentally-conscious markets.

- **Trans-Ocean Products**: Offers a diverse range of surimi-based products, targeting both retail and food service sectors.

- **Seaprimexco Vietnam**: Leverages low production costs and competitive pricing to capture market share.

- **Thong Siek Global**: Known for innovation in product development and diversification.

- **Gadre Marine**: Provides a blend of traditional and modern surimi products, enhancing local consumer engagement.

- **Ocean More Foods Co., Ltd.**: Focuses on expanding its global footprint through product exports.

- **Pescamar**: Combines quality with sustainability, positioning itself favorably in niche markets.

- **AB GOLDEN SEAFOOD CO., LTD.**: Emphasizes premium products, targeting high-end markets.

Market leaders typically include Viciunai Group and Trans-Ocean Products, with newer entrants like Ocean More Foods expanding rapidly. These companies can grow the surimi market through innovation, sustainable practices, and expanding distribution networks.

**Sales Revenue of Selected Companies:**

- Viciunai Group: Approx. $300 million

- Gadre Marine: Approx. $100 million

- Trans-Ocean Products: Approx. $150 million

Country-level Intelligence Analysis 

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

The surimi market is witnessing significant growth across various regions, driven by increasing seafood consumption and the demand for processed food products. In North America, the United States and Canada lead the market due to rising health awareness and the popularity of surimi-based products. Europe, particularly Germany, France, and the ., shows robust growth, fueled by innovative applications in diverse cuisines. Asia-Pacific dominates the market, with China and Japan holding substantial shares, attributed to traditional uses of surimi in local dishes. The market share is projected as follows: Asia-Pacific (46%), North America (24%), Europe (19%), Latin America (8%), and Middle East & Africa (3%).

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What is the Future Outlook of Surimi Market?

The surimi market is currently experiencing steady growth due to increasing consumer demand for seafood alternatives and healthy protein sources. Innovations in processing technology and product diversification, including ready-to-eat meals and snacks, are enhancing its appeal. The future outlook is promising, driven by rising awareness of sustainable fishing practices and the push for plant-based options. Furthermore, expansion in emerging markets and the increasing popularity of Asian cuisines are likely to propel demand. Overall, the surimi market is poised for continued expansion, supported by health trends and evolving consumer preferences towards convenient, nutritious food choices.

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Market Segmentation 2024 - 2031

In terms of Product Type, the Surimi market is segmented into:

• Fresh
• Frozen

In terms of Product Application, the Surimi market is segmented into:

• Direct Sales
• Retail Sales
• Supermarkets
• Online Retail

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Key FAQs 

• What is the outlook for the Surimi market in the coming years?

It provides insights into future growth prospects, challenges, and opportunities for the industry.

• What is the current size of the global Surimi market?

The report usually provides an overview of the market size, including historical data and forecasts for future growth.

• Which segments constitute the Surimi market?

The report breaks down the market into segments like type of Surimi, Applications, and geographical regions.

• What are the emerging market trends in the Surimi industry?

It discusses trends such as sustainability, innovative uses of Surimi, and advancements in technologies.

• What are the major drivers and challenges affecting the Surimi market?

It identifies factors such as increasing demand from various industries like fashion, automotive, and furniture, as well as challenges such as environmental concerns and regulations.

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