NEWARK, Del, May 10, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global surimi market is set to be valued at US$ 3,572.7 million in 2023. Over the next decade (2023 to 2033), global surimi demand is likely to rise at 6.1% CAGR. By 2033, the total market valuation is forecast to reach US$ 6,548.3 million.
Increasing demand for protein-based food products is a key factor that will drive the global surimi industry.
People are becoming aware of the advantages of eating nutritious foods and living healthy lifestyles. Health-conscious consumers prioritize weight management and exercise to reduce the chance of health problems and disorders such as cholesterol levels, diabetes, blood pressure, and heart disease.
Various health-conscious consumers concentrate solely on exercise and fail to consume enough protein, resulting in a variety of deficiencies. To prevent deficits and keep healthy lifestyles, they are consuming more protein-based products such as surimi than calorie-based products.
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Increasing consumption of surimi due to its protein-rich nature is expected to boost the global surimi industry during the projection period.
The adoption of innovative manufacturing technologies to boost surimi production will positively impact market development.
Apart from the United States and Europe countries, surimi is a widespread ingredient in other emerging markets. Countries such as India offer lucrative opportunities for manufacturers of surimi due to the presence of recognized surimi brands such as Grande Marine.
Various manufacturing technologies such as high-pressure processing, ultrasonic processing, enzyme-assisted processing, and microwave-assisted processing are being used by companies. This in turn is helping in boosting the market.
In India, there is increasing demand for surimi products such as surimi flakes, crab sticks, and surimi fish sticks in the retail market. Sales of small package sizes and 'grab and go' convenience items have surged.
Surimi allows manufacturers to imitate the texture and taste of more expensive products, such as lobster tails, by using less-expensive materials. The growing usage of surimi for making various kinds of high-nutritional processed foods is expected to boost the market.
Affordability is a considerable factor in increasing retail sales of surimi. Consumers have noted that surimi is just one-third the price of other seafood. It is a low-cost source of protein that is simple to incorporate into seafood meals by individuals cooking at home.
Key players are investing in research & development to create new varieties with innovative characteristics. New high-quality products with sustainable packaging are being introduced into the market to meet the changing consumer demand.
For instance,
- In December 2022, to decrease the amount of plastic and increase recyclability, Mondi gave Angulas Aguinaga supplementary packaging. It was made of recyclable paper for its Krissia brand chilled surimi sticks.
- In September 2020, the Japanese seafood company, Maruha Nichiro, introduced a new line of surimi-based products called "Crab Tsumami". These are made with a combination of real crab meat and surimi paste.
“Growing consumer awareness surrounding organically-sourced foods is a major trend driving growth for surimi products. Manufacturers are likely to find significant growth opportunities in crafting products that are affordable, offer various flavors, and are available in compact packs for instant consumption.” – says a lead analyst at Future Market Insights (FMI)
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Key Takeaways from the Report:
- Global demand for surimi is projected to rise at 6.1% CAGR during the assessment period.
- By species, the fish surimi segment is anticipated to hold about 84.55% share of the global market.
- Based on form, the fresh category is likely to top a valuation of US$ 2,220.2 million by the end of 2023.
- The United States surimi market is expected to reach a valuation of US$ 568.2 million by 2033.
- East Asia is projected to account for about 51.0% share in the surimi market by 2023.
- China's surimi industry is projected to reach a valuation of US$ 1,888.7 million.
Who is Winning?
Trident Seafoods, Aquamar Inc, American Seafoods Group, Maruha Nichiro Group, Russian Fishery Company, Viciunai Group, Seaprimexco Vietnam, Trans-Ocean, Thong Siek Global, Gadre Marine, Glacier Fish Company, Ocean More Foods Co., Limited, A B Golden Seafood, Arctic Storm Management Group, Maruha Nichiro Group, Seapack Food, Russian Fishery Company, and Trans-Ocean Products are few of the key manufacturers of surimi profiled in the report.
These companies are constantly upgrading their portfolios by launching new surimi varieties. They are also adopting a merger & acquisition strategy as well as forming alliances and partnerships to expand their presence. For instance,
- Recently, new surimi-eel dishes were introduced by Angulas Aguinaga for young customers.
- In January 2023, Santa Bremor announced that it will relocate the production of surimi sticks to its Russian Sea plant in Noginsk.
Get More Valuable Insights into Surimi Market
Future Market Insights (FMI), in its offering, provides an unbiased analysis of the surimi market by presenting historical data between 2018 and 2022 and forecast statistics for the period from 2023 to 2033.
The study divulges compelling insights on the surimi market based on species (fish surimi (Alaska pollock, Atlantic cod, tilapia, black bass, others)) and (meat surimi (pork, beef)), form (fresh (whole, filet)) and processed (canned, frozen (whole and filet)), sales channel (direct sales and indirect sales (modern trade, convenience stores, speciality food stores, wholesale stores, discount stores, online retail, other retail formats)), and application (food industry, pharmaceutical industry, animal feed, pet food, food service, retail) across prominent regions.
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Surimi Market Outlook by Category
By Species:
- Fish Surimi
- Alaska Pollock
- Atlantic Cod
- Tilapia
- Black Bass
- Others
- Meat Surimi
- Pork
- Beef
By Form:
- Fresh
- Whole
- Fillet
- Processed
- Canned
- Frozen
- Whole
- Fillet
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Stores
- Speciality Food Stores
- Wholesale Stores
- Discount Stores
- Online Retail
- Other Retail Formats
By Application:
- Food Industry
- Pharmaceutical Industry
- Animal Feed
- Pet Food
- Food Service
- Retail
By Region:
- Latin America
- North America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Table of Content
1. Executive Summary | Surimi Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
4. Global Market - Pricing Analysis
4.1. Price Point Assessment by Region
4.1.1. Manufacturer-Level Pricing
4.1.2. Distributor Level Pricing
4.2. Price Point Assessment By Species
4.3. Price Forecast till 2032
5. Value Chain Analysis
5.1. Operating margins at each node of the supply chain
5.2. List of Active Market Participants
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About Food & Beverages Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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