Surimi Trends and Forecast
The future of the global surimi market looks promising with opportunities in the B2B and B2C markets. The global surimi market is expected to reach an estimated $5.4 billion by 2030 with a CAGR of 6.3% from 2024 to 2030. The major drivers for this market are increasing demand for healthy food products, ongoing expansion of aquaculture industry, and increasing popularity of seafood.
• Lucintel forecasts, within form type category, frozen will remain a larger segment over the forecast period.
• Within distribution channel market, B2B is expected to witness a higher growth over the forecast period.
• In terms of regions, APAC is expected to witness the highest growth over the forecast period.
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Emerging Trends in the Surimi Market
The surimi market keeps evolving, embracing several trends that reflect broader shifts in consumer preferences, technological developments, and global market dynamics. Understanding these trends will be important for stakeholders aiming to capitalize on new opportunities while adapting to shifting market conditions.
• Health-Conscious Formulations: Surimi formulations are increasingly created with health-conscious recipes, placing emphasis on low-fat content, high protein, and reduced sodium. As consumersÄX%$%X needs for healthier eating rise, manufacturers are collaborating to make surimi products that provide a better nutritional profile. This has ensured innovations and greater markets for surimi products.
• Sustainability and Ethics: The surimi sector is increasingly oriented towards sustainability, where companies focus on the ethics of sourcing and implementing environmentally friendly practices. Initiatives such as responsible fish sourcing and methods to reduce the ecological footprint from surimi production are continuously trending upward. This trend is driven by the growing demand for food products manufactured with sustainability in mind.
• Diversification of Product Offerings: New flavors, textures, and uses are emerging in surimi. Companies manufacturing surimi are finding new avenues for integration into different cuisines, especially in snack and ready-to-eat meal formats. This diversification is expanding the potential market for consumers.
• Technological Advancements in Processing: Advancements in processing technologies are improving the quality and efficiency of surimi manufacturing. Innovations in enhanced extraction methods and better texturizing techniques improve product consistency and shelf life. Such technological advancements contribute to the surimi marketÄX%$%Xs overall growth and competitiveness.
• Expansion into Emerging Markets: The surimi industry is increasingly finding emerging markets in Asia and Africa. With improving disposable incomes and changing dietary habits, these regions have become hotspots for demand for surimi products. Companies are focusing on market expansion by offering products customized to local tastes and forming strategic partnerships.
These emerging trends are reshaping the surimi market by driving innovation in health, sustainability, product diversification, and technological advancement. Stakeholders must keep pace with these trends to realize opportunities and mitigate challenges posed by the evolving market.
Recent Developments in the Surimi Market
The surimi market is constantly changing due to new developments involving technological changes, shifts in consumer preferences, and the dynamic nature of regional markets. These changes determine the future of the surimi industry concerning product development, marketing, and consumption.
• Innovative Process Technology: Surimi is being enhanced in processing technology areas, such as extraction in fish paste and texturizing. Currently, surimi-based products are showing increases in quality, texture, and shelf life. Therefore, there is high interest among companies to invest in state-of-the-art equipment to meet the rising demands of consumers.
• Growth of Health-Conscious Products: There is a significant trend towards health-conscious surimi, including low-fat, high-protein, and low-sodium formulations. This trend is rising due to increased awareness among consumers regarding health and nutrition. Therefore, manufacturers are working on developing products that can meet the needs of health-conscious consumers, increasing the scope for this market segment.
• New Market Penetration: Surimi is expanding into new geographical regions, particularly within developing markets such as Asia and Africa. The rise in per capita income and shifts in dietary habits among people in these regions are presenting opportunities for surimi products. Firms gain entry into these markets through local partnerships and offerings of appropriately customized products.
• Emphasis on Sustainability: The surimi industry has joined the sustainable practices movement, with many companies adopting methods aimed at reducing environmental impact. Responsible sourcing of fish, waste reduction, and eco-friendly packaging are some tactics being implemented. This trend is driven by increased consumer demand for sustainable products and regulatory pressures, causing changes in market dynamics.
• Product Formulation Innovation: The latest trend is toward innovation in the formulation of surimi products, flavors, and applications. Surimi manufacturers are trying to apply products in other culinary uses and product formats to attract new consumer segments. Innovation is also widening the market and creating new opportunities for product differentiation.
Recent developments within the surimi market focus on technology advancements, health innovations, market expansion, sustainable resource use, and product diversification. These changes have shaped the industryÄX%$%Xs direction and will influence how surimi products are developed and marketed in the near future.
Strategic Growth Opportunities for Surimi Market
Surimi presents strategic growth opportunities in various applications and regions, supported by technological development and changing consumer preferences, coupled with market dynamics. Identifying these strategic opportunities is critical for stakeholders interested in capturing growth and improving their market presence.
• Growth in the Foodservice Sector: Surimi products have a bright future in the foodservice industry due to increasing demand for convenience and ready-to-eat foods. Foodservice uses surimi in sushi, seafood salads, and many other preparations. Greater distribution and more products provided to the foodservice sector would lead to higher market share.
• Expansion in Emerging Markets: Most emerging markets in Asia and Africa hold significant growth potential for surimi products. An increase in disposable income, along with consumers’ preferences for more dietary varieties, drives demand for surimi items. Companies can further optimize this trend through local production and regionally adapted products.
• Health-Conscious Product Development: Health-conscious surimi products that can be marketed based on their low fat and high protein content will likely see increasing demand. In fact, such product development and marketing will help attract the attention of health-conscious consumers and provide brands with a competitive advantage in the marketplace.
• Innovation in Product Applications: Growth opportunities exist in innovative surimi product applications, such as the development of new flavors and uses in various cuisines. Expanding offerings into new product formats and culinary applications will increase market exposure and meet the increasingly varied tastes of modern consumers, thereby contributing to surimi market growth. This includes investment in sustainable practices.
• Investment in Sustainable Practices: Investing in sustainable business practices—including responsible sourcing and eco-friendly packaging—enhances brand reputation and consumer response to the demand for green products. Emphasizing sustainability offers a competitive edge and meets regulatory requirements.
Strategic growth opportunities for the surimi market range from foodservice to emerging markets, from health-conscious products to product innovation and sustainability. By leveraging these opportunities, companies can improve their strategic market positions and drive growth in an evolving industry landscape.
Surimi Market Driver and Challenges
The growth and development of the surimi market are influenced by various drivers and challenges. Key drivers include technological advances, economic factors, and changes in regulations, while significant challenges relate to production, competition, and market dynamics. Understanding these elements is crucial for navigating the market effectively.
The factors driving the surimi market include:
• Technological Changes: Advances in processing and production technology enhance the quality and output of surimi products. Improvements in extraction methods, coupled with texturizing techniques, significantly improve product consistency and increase shelf life. These factors have influenced market growth and product competitiveness.
• Increased Consumption of Convenience Food: The rapid demand for convenience foods drives major growth in the surimi market. Surimi products align well with consumersÄX%$%X trends toward fast and simple meal solutions, including ready-to-eat meals and snacks. This trend continues to drive surimi growth.
• Growth in Emerging Markets: Surimi market growth largely originates from developing markets in Asia and Africa. Increases in income and shifts in dietary preferences to include surimi products in household menus have heightened demand, especially in these regions. Companies aim to establish their presence in these markets to seize growth opportunities.
• Focus on Health and Nutrition: Growing concerns about health and nutrition are driving the surimi market. Consumers increasingly seek healthy surimi products with benefits such as high protein content and low fat levels. Essentially, preparing health-conscious surimi formulations involves meeting consumer needs.
• Innovation in Product Offerings: Innovations in the range of surimi products, flavors, and applications are pushing the market forward. The use of surimi in various cuisines and forms strongly signals its potential to attract a diverse consumer base and tap into larger markets.
Challenges in the surimi market include:
• Conformity with Regulations: The surimi market faces challenges related to regulatory compliance. Safety and quality standards are becoming more stringent, necessitating companies to enhance their compliance levels. Changing regulations can be difficult and costly for any company to manage.
• Production Costs: Surimi production has many cost drivers, including raw materials and technology investments. High production costs may dampen profitability and pricing strategies, making it challenging to survive in a competitive environment.
• Market Competition: The surimi market is highly competitive due to the large number of competitors. Companies must differentiate their products through innovative quality to carve out a niche in the marketplace. Intense competition may affect pricing, profitability, and market positioning.
The surimi market is driven by various factors and challenged by several others. These include technological advances, growth in demand for convenience foods, development of emerging markets, health-focused product innovations, and product diversification. Other impactful factors include regulatory challenges, production cost concerns, and market competition. Understanding these factors helps stakeholders make informed decisions for entering the market and realizing new growth opportunities.
List of Surimi Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies surimi companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the surimi companies profiled in this report include-
• HAI THANH
• MEENA Brand Surimi
• APITOON GROUP
• Starfish
• Java Seafood
• PT. INDO SEAFOOD
• Southern Marine
• SEAPRIMEXCO
• Zhejiang Longsheng Aquatic Products
• PT. Indonesia Bahari Lestari
Surimi by Segment
The study includes a forecast for the global surimi by form, source, distribution channel, and region.
Surimi Market by Form [Analysis by Value from 2018 to 2030]:
• Frozen
• Fresh
Surimi Market by Source [Analysis by Value from 2018 to 2030]:
• Tropical
• Cold Water
Surimi Market by Distribution Channel [Analysis by Value from 2018 to 2030]:
• B2B
• B2C
Surimi Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Surimi Market
Changes in food consumer preferences, technological developments, and regional market forces have come together to strongly influence the surimi market, which trades in processed fish paste mainly used as an imitation seafood product. The current trends in the surimi industry reflect broader trends within food innovation, health consciousness, and globalization. The following outline details developments in the surimi market of the United States, China, Germany, India, and Japan, with a view to describing how each country is responding to developments in the surimi sector.
• United States: The surimi market is witnessing growth in demand due to increasing consumer interest in seafood imitation products and other convenience food items. Companies are innovating with new surimi-based products and flavors to cater to diverse culinary preferences. Advancements in processing technology enhance the quality and shelf life of products. There is an increasing focus on sustainability, such as responsible fish sourcing and reductions in environmental impact. More retail and foodservice applications are boosting the market due to the growing reach of surimi products.
• China: The surimi market is growing rapidly in China due to improved disposable incomes and a growing preference for processed seafood. Domestic production of surimi is on the rise, while innovations in developing new surimi-based products to suit local tastes are also occurring. Improvements in processing technology and product formulation make surimi products more attractive and acceptable. China is also becoming an increasingly important surimi exporter to the world market, in line with the country’s enormous total production volume for foreign markets.
• Germany: The German surimi market is moving towards health and quality aspects. German consumers are more interested in healthy eating, leading to the development of surimi products that emphasize low fat and high-protein content. Growth is also being observed in gourmet and specialty surimi products for niche segments. Developments in food processing technology are improving the texture and flavor of surimi products, thus increasing demand in retail and food service sectors. Moreover, sustainability is also gaining significant traction, with companies striving to adopt environmentally friendly practices.
• India: The Indian surimi market is in the growth phase of its life cycle, mainly due to increasing urbanization and a rising desire for convenience and processed foods among consumers. The market shows growing interest in seafood-based products, supported by further innovations in surimi formulations to suit local tastes. Investment in improving production technology and enhancing supply chains is improving the quality and availability of products. However, regulatory compliance and infrastructure are areas that still need development. This trend persists despite the surimi business facing some setbacks in raw material supply. Thus, the surimi business can be expected to prosper as eating habits favor convenience and diversity.
• Japan: Japan has always been a traditional trendsetter in the surimi market. New products and applications are continuously launched in the Japanese market. The growth of the Japanese market is steady, supported by strong domestic consumption of surimi-based seafood and continuous improvements in processing technology. Japanese companies focus more on value-added surimi products with enhanced quality and flavor profiles. Additionally, a health-conscious trend in products is emerging, in line with general dietary trends. The market also records higher export volumes, with Japanese surimi product exports becoming popular in the international market.
Features of the Global Surimi Market
Market Size Estimates: Surimi market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Surimi market size by form, source, distribution channel, and region in terms of value ($B).
Regional Analysis: Surimi market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different forms, sources, distribution channels, and regions for the surimi market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the surimi market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the surimi market size?
Answer: The global surimi market is expected to reach an estimated $5.4 billion by 2030.
Q2. What is the growth forecast for surimi market?
Answer: The global surimi market is expected to grow with a CAGR of 6.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the surimi market?
Answer: The major drivers for this market are increasing demand for healthy food products, ongoing expansion of aquaculture industry, and increasing popularity of seafood.
Q4. What are the major segments for surimi market?
Answer: The future of the surimi market looks promising with opportunities in the B2B and B2C markets.
Q5. Who are the key surimi market companies?
Answer: Some of the key surimi companies are as follows:
• HAI THANH
• MEENA Brand Surimi
• APITOON GROUP
• Starfish
• Java Seafood
• PT. INDO SEAFOOD
• Southern Marine
• SEAPRIMEXCO
• Zhejiang Longsheng Aquatic Products
• PT. Indonesia Bahari Lestari
Q6. Which surimi market segment will be the largest in future?
Answer: Lucintel forecasts that frozen will remain larger segment over the forecast period.
Q7. In surimi market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the surimi market by form (frozen and fresh), source (tropical and cold water), distribution channel (B2B and B2C), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Surimi Market, Surimi Market Size, Surimi Market Growth, Surimi Market Analysis, Surimi Market Report, Surimi Market Share, Surimi Market Trends, Surimi Market Forecast, Surimi Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.