Global Surimi Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Surimi Market Growth

Vietnam stands as a significant producer of surimi, attributed to its abundant marine resources and sophisticated seafood processing sector. The nation's plentiful fish supply, coupled with investments in state-of-the-art processing facilities, positions it as a vital supplier in global markets, exporting premium surimi products to regions such as Asia, Europe, and North America. Currently, Vietnam boasts over 100 companies involved in the export of fish paste and surimi, with DALU SURIMI, CASES, and KICOIMEX recognised among the top three. The surimi products from Vietnam reach more than 40 countries worldwide. Since 2018, the country's surimi exports, which include marine fish and tra fish, have increased to an annual value of USD 300-420 million per year, representing 4-5% of the total seafood exports. Additionally, Vietnam produces between 530,300 and 540,000 tonnes of fishmeal each year, derived from marine fish and pangasius by-products, with 200,000-280,000 tonnes exported annually, generating USD 200 million in revenue.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), surimi and fishmeal exports could potentially reach USD 1 billion annually in the near future. The country houses nearly 50 companies producing and exporting fishmeal. The six largest import markets for Vietnam's fish paste and surimi include Korea, Thailand, Japan, China, Hong Kong, Malaysia, and the United States, which collectively account for nearly 83% of the total export revenue. Surimi is utilised in various culinary applications, most notably as imitation seafood products such as crab sticks, shrimp, and lobster. Its versatility, mild flavour, and cost-effectiveness make it a popular choice in sushi, salads, and seafood dishes. Furthermore, surimi is recognised as a low-fat, high-protein ingredient, appealing to health-conscious consumers and enhancing numerous ready-to-eat products.

Key Trends and Developments

Global Surimi Market Trends

The market is experiencing notable expansion, influenced by various factors, including rising demand for convenience, increasing health awareness, and surging demand for seafood. There is a growing consumer preference for ready-to-eat and easily prepared meals, which has made surimi an attractive option for those seeking quick seafood alternatives. Additionally, health-conscious individuals are drawn to surimi for its low-fat and high-protein attributes. The growth of aquaculture has established reliable supply chains, enhancing the accessibility and affordability of fish-based products. Furthermore, surimi's adaptability across various culinary traditions, including both Japanese and Western cuisines, broadens its global appeal. Innovations in food processing and product development, such as the introduction of new flavours and packaging solutions, also contribute to the market's growth. Collectively, these elements position surimi as a favoured protein source, resonating with contemporary consumer demands for nutritious and convenient food options.

Global Surimi Industry Segmentation

Global Surimi Market Share

Based on the distribution channel, the market is segmented into direct sales, retail sales, supermarkets and hypermarkets, and online, among others. The retail sales segment is projected to grow at a CAGR of 8.1% during the forecast period of 2024-2032. The increasing popularity of surimi in retail sales can be attributed to its cost-effectiveness, adaptability, and the expanding consumer inclination towards nutritious, protein-dense options.

Leading Companies in the Global Surimi Market

Major players are focusing on sustainable production practices to gain a competitive edge in the market.

Gadre Marine Asia Private Limited

Founded in 1994, Gadre Marine Asia Private Limited is headquartered in Ratnagiri, Maharashtra, India. The firm is dedicated to the processing and export of seafood products, such as surimi and other value-added offerings, catering to a global clientele.

Seaprimexco Vietnam

Established in 1976, Seaprimexco Vietnam is headquartered in Ca Mau City, Vietnam. The organisation specialise...

Viciunai Group

Founded in 1991, Viciunai Group is headquartered in Plungė, Lithuania. This company is a prominent manufactur...

Aquamar, Inc.

Aquamar, Inc. is headquartered in California, United States. The company focuses on the production of surimi s...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the surimi market are APITOON GROUP, Starfish Co., Ltd., LF Food, PT. Indo Sea Food, Ocean Food Company Limited, and Zhejiang Longsheng Aquatic Products Co.,Ltd., among others.