Sales Of Surimi Is Estimated To Reach A Size Of US$ 11 Billion By 2033

From 2023 to 2033, the demand for surimi is expected to grow globally at a CAGR of 6%. The market for surimi is expected to grow from its current value of US$ 6.1 billion in 2023 to US$ 11 billion by 2033. In contrast to processed surimi, fresh surimi is in higher demand because of its flavour, overall quality, and a number of health-improving properties.

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Freshly ground fish, most frequently Alaskan Pollock, is used to make surimi. However, there is an increasing focus on employing low-value bycatch fishing species to generate surimi since global fishery resources are depleting. There are a few crucial places where the future of the imitation crab meat industry is probably to be found. The creation of surimi from diverse fish species has been a significant subject of research. The development of innovative technologies that lessen the amount of trash produced during manufacturing will also be influenced by environmental concerns.

Key Segments Covered in Surimi Industry Survey

By Species
• Fish Surimi
• Alaskan Pollock
• Atlantic Cod
• Tilapia
• Black Bass
• Others
• Meat Surimi
• Pork Surimi
• Beef Surimi

By Form
• Fresh Surimi
• Whole
• Fillet
• Processed Surimi
• Canned
• Frozen
• Whole
• Fillet

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

By Application
• Food Industry
• Pharmaceutical Industry
• Animal Feed
• Pet Food
• Food Service
• Retail

Competition Landscape

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.

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.

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This release was published on openPR.