Market Overview

The surimi market is a thriving sector in the global food industry, offering a wide range of opportunities for manufacturers and suppliers. Surimi, derived from the Japanese term “ground meat,” is a paste-like product made from fish meat that has been deboned, minced, and washed to remove impurities. It is primarily used as a base ingredient in the production of various seafood products such as imitation crab, fish balls, and fish cakes.

Meaning

Surimi is a processed seafood product that has gained immense popularity due to its versatility, affordability, and nutritional value. It serves as a suitable substitute for expensive seafood options and provides an excellent source of protein. The production process involves carefully selecting high-quality fish species, grinding the meat, and adding additives for flavor and texture enhancement. Surimi has become a staple ingredient in many cuisines across the globe, driving the demand for surimi-based products.

Executive Summary

The surimi market has witnessed significant growth in recent years, owing to the rising consumer preference for healthy and convenient seafood options. The market is expected to continue its upward trajectory, driven by factors such as increasing disposable income, changing dietary patterns, and the growing demand for ready-to-eat seafood products. Manufacturers are focusing on product innovation and expanding their product portfolios to cater to the evolving consumer demands, thereby fueling market growth.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

1. Growing consumer awareness about the health benefits of seafood consumption is a key driver for the surimi market. Surimi offers low-fat content, high protein value, and is a rich source of essential nutrients, making it an attractive choice for health-conscious individuals.
2. The surimi market is witnessing robust growth in the Asia Pacific region, primarily due to the popularity of surimi-based products in countries like Japan, China, and South Korea. The increasing urbanization, rising middle-class population, and changing consumer lifestyles are driving the demand for convenient and processed seafood options.
3. The surimi market is highly competitive, with key players constantly striving to gain a competitive edge through product innovation, mergers and acquisitions, and strategic partnerships. The market is characterized by the presence of both international and regional players, intensifying the competition.
4. Stringent regulations and quality standards imposed by various regulatory bodies, such as the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA), pose challenges for market players. Compliance with these regulations is crucial to maintain product quality and safety standards.

Market Drivers

1. Increasing consumer demand for convenient and ready-to-eat seafood products is a major driver for the surimi market. The busy and hectic lifestyles of individuals have led to a rise in demand for processed food options, boosting the sales of surimi-based products.
2. The rising prevalence of health-consciousness and the adoption of healthier dietary habits among consumers are fueling the demand for surimi. Surimi is a lean protein source and serves as a suitable alternative to fatty meats.
3. Growing urbanization and the expansion of the retail sector, particularly in emerging economies, are driving market growth. Surimi-based products are readily available in supermarkets, hypermarkets, and convenience stores, thereby increasing their accessibility to a wider consumer base.

Market Restraints

1. Fluctuating raw material prices, especially fish prices, pose a significant challenge for the surimi market. The availability and cost of fish species used in surimi production can vary due to factors such as seasonal changes, overfishing, and environmental concerns, impacting the overall production costs.
2. Surimi’s taste and texture, although appreciated by many consumers, may not appeal to all individuals. This can limit the market potential, particularly among consumers with specific taste preferences or cultural backgrounds.

Market Opportunities

1. The increasing popularity of plant-based and vegan diets presents an opportunity for the surimi market. Manufacturers can explore the development of plant-based surimi alternatives using ingredients such as soy, wheat, or pea protein to cater to the growing demand for plant-based seafood options.
2. Surimi manufacturers can expand their product portfolios by introducing new flavors, shapes, and forms of surimi-based products. Innovations in packaging and product presentation can also attract new consumers and enhance market growth.

Market Dynamics

The surimi market is characterized by dynamic trends and evolving consumer preferences. Market players need to closely monitor and adapt to these dynamics to stay competitive and sustain growth. Factors such as changing consumer lifestyles, advancements in food processing technologies, and the influence of social media on consumer choices significantly impact the market dynamics.

Regional Analysis

The surimi market exhibits varying trends across different regions. The Asia Pacific region dominates the global market, driven by the widespread consumption of surimi-based products in countries like Japan, China, and South Korea. North America and Europe also hold substantial market shares due to the increasing popularity of seafood consumption and the presence of key market players.

Competitive Landscape

Leading Companies in the Surimi Market:

1. Nissui Group
2. Maruha Nichiro Corporation
3. Thai Union Group PCL
4. Trident Seafoods Corporation
5. Pacific West Foods
6. Alaska Surimi Seafoods LLC
7. Surimi School Japan Co., Ltd.
8. Golden Fresh Sdn. Bhd.
9. PT. Bahari Biru Nusantara
10. The Wharf (Holdings) Limited

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The surimi market can be segmented based on the following criteria:

1. By Product Type:
   • Imitation Crab
   • Fish Balls
   • Fish Cakes
   • Others
2. By Source:
   • Whitefish
   • Tuna
   • Salmon
   • Others
3. By Distribution Channel:
   • Supermarkets/Hypermarkets
   • Convenience Stores
   • Online Retail
   • Others

Category-wise Insights

1. Imitation Crab:
   • Imitation crab, made primarily from surimi, is one of the most popular surimi-based products globally. Its affordability, versatility, and resemblance to real crab meat make it a sought-after option among consumers.
2. Fish Balls:
   • Fish balls are a widely consumed surimi-based product, especially in Asian cuisines. These small, round-shaped balls are made by blending surimi with other ingredients and are often served in soups or as a standalone dish.
3. Fish Cakes:
   • Fish cakes, made from surimi paste mixed with seasonings and additives, are a common delicacy in many countries. They are available in various shapes and sizes, making them a versatile ingredient for different recipes.

Key Benefits for Industry Participants and Stakeholders

1. Surimi manufacturers benefit from the growing demand for convenient and healthy seafood options, as it creates opportunities for market expansion and increased profitability.
2. Retailers and distributors gain from the popularity of surimi-based products, which attract a wide range of consumers seeking affordable and easy-to-prepare seafood options.
3. Consumers benefit from the availability of a diverse range of surimi-based products that offer nutritional value, convenience, and affordability.

SWOT Analysis

Strengths:

• Surimi offers an affordable and versatile seafood option for consumers.
• Surimi-based products provide a low-fat, high-protein alternative to traditional seafood choices.
• The surimi market is driven by evolving consumer preferences and increasing demand for convenience.

Weaknesses:

• Fluctuating raw material prices can impact production costs.
• Taste and texture preferences may limit the market potential among some consumer groups.

Opportunities:

• Rising popularity of plant-based diets creates opportunities for the development of plant-based surimi alternatives.
• Innovation in flavors, shapes, and forms of surimi-based products can attract new consumers.

Threats:

• Stringent regulations and quality standards imposed by regulatory bodies can pose challenges for market players.
• Competition from other seafood substitutes or alternatives may impact market growth.

Market Key Trends

1. Increasing demand for surimi-based snacks and ready-to-eat seafood products.
2. Growing focus on product innovation and the introduction of new flavors and shapes in surimi-based products.
3. Rising popularity of sustainable and responsibly sourced surimi products.
4. Expansion of the surimi market in emerging economies with changing consumer lifestyles.

Covid-19 Impact

The surimi market experienced both positive and negative impacts due to the COVID-19 pandemic. While the initial phases of the pandemic led to disruptions in the supply chain and reduced consumer spending, the surimi market recovered quickly as consumer demand for packaged and processed food items increased during lockdowns. The convenience and longer shelf life of surimi-based products made them an attractive option for consumers seeking reliable food options during uncertain times.

Key Industry Developments

1. Technological Advancements in Processing:
   • Advances in surimi production technologies have enabled manufacturers to improve the texture, flavor, and shelf life of surimi-based products, expanding their potential applications in various food products.
2. Expansion in Emerging Markets:
   • Companies are expanding their surimi offerings in emerging markets, capitalizing on growing urbanization, rising disposable incomes, and changing dietary habits.
3. Product Innovation:
   • Manufacturers are increasingly focusing on creating innovative surimi-based products that cater to specific dietary needs, such as low-sodium or gluten-free options, to meet the diverse needs of health-conscious consumers.

Analyst Suggestions

1. Manufacturers should focus on product diversification and innovation to cater to changing consumer preferences and expand their market reach.
2. Strengthening the supply chain and ensuring a consistent supply of high-quality fish species is crucial to maintain product quality and meet market demand.
3. Investing in marketing and promotional activities to raise awareness about the benefits and versatility of surimi-based products can help stimulate market growth.

Future Outlook

The surimi market is expected to witness steady growth in the coming years, driven by factors such as increasing consumer preference for convenient and healthy seafood options, rising disposable income, and expanding retail sectors in emerging economies. Manufacturers need to adapt to changing market dynamics, invest in product innovation, and explore new market segments to capitalize on the evolving consumer demands.

Conclusion

The surimi market presents lucrative opportunities for manufacturers and suppliers in the global food industry. Surimi-based products offer a convenient, affordable, and healthy seafood alternative for consumers. With increasing awareness about the nutritional benefits and versatility of surimi, the market is expected to witness significant growth in the coming years. However, market players need to navigate challenges such as fluctuating raw material prices, taste preferences, and regulatory compliance to sustain growth and stay competitive. By focusing on product innovation, expanding distribution networks, and catering to emerging market trends, industry participants can capitalize on the surimi market’s potential and achieve long-term success.