Transforming Seafood: Surimi Market Expected to Hit USD 6.5 Billion by 2033 | FMI

The global surimi market value is on a significant growth trajectory, with projections indicating it will reach a valuation of USD 6,548.3 million by 2033, expanding at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2033. Surimi, a versatile and cost-effective seafood alternative, is gaining popularity worldwide, driven by increasing demand for seafood products and the need for affordable alternatives to traditional seafood.

Key Market Drivers and Trends:

• Rising Demand for Seafood and Cost-Effective Alternatives: The global appetite for seafood is growing, and surimi’s role as an affordable alternative is crucial. Made from minced fish or other seafood, surimi can be used in various dishes, from sushi to imitation crab, making it an attractive option for consumers and food service providers.
• Health and Nutritional Benefits: Surimi products are low in fat and high in protein, aligning with the increasing consumer preference for healthy, protein-rich food options. This health-conscious shift is significantly boosting the consumption of surimi-based products.
• Sustainability and Environmental Considerations: Surimi production helps utilize fishery bycatch, contributing to pollution control and water conservation. As consumers become more environmentally conscious, sustainable surimi manufacturing practices are gaining traction.
• Innovations and Advancements: Ongoing advancements in washing processes and chemical processing methods enhance surimi production’s efficiency and quality. Extracting protein from underutilized fish species also supports market growth.

Regional Insights:

• As the leading market in the Asia Pacific region, China is expected to contribute a value share of 58% by 2033. The country’s health-conscious population favors low-fat, high-protein surimi, making it a popular choice for quick and healthy meals.
• The U.S. market is set to expand at a CAGR of 9.1%, reaching a valuation of USD 568.2 million by 2033. The long shelf-life of frozen surimi products and the rising popularity of Asian cuisine are driving surimi sales in the country.
• With a projected CAGR of 7.2%, India offers lucrative opportunities for surimi manufacturers. The increasing demand for convenient and affordable surimi products, such as crab sticks and fish sticks, is fueling market growth.

Competitive Landscape:

Leading companies in the surimi market are implementing strategic mergers and acquisitions, along with launching new products to meet changing consumer trends and enhance product quality. Notable developments include:

• Santa Bremor relocating its surimi sticks production to the Russian Sea plant in Noginsk.
• Mondi providing recyclable paper packaging to Angulas Aguinaga for its Krissia brand surimi sticks, reducing plastic usage.
• Maruha Nichiro introducing a new line of surimi-based products, Crab Tsumami, combining real crab meat and surimi paste.

Market Segmentation:

• By Species:
  1. Fish Surimi (84.55% market share in 2023)
  2. Meat Surimi
• By Form:
  1. Fresh
  2. Processed (Canned, Frozen)
• By Sales Channel:
  1. Direct Sales
  2. Indirect Sales (Modern Trade, Convenience Stores, Specialty Food Stores, Wholesale Stores, Discount Stores, Online Retail)
• By Application:
  1. Food Industry
  2. Pharmaceutical Industry
  3. Animal Feed
  4. Pet Food
  5. Food Service
  6. Retail

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