Surimi Market Size, Share, Growth, and Industry Analysis, By Type (Frozen Surimi, Chilled/Fresh Surimi), By Application (Households, HoReCa, & others) and Regional Forecast to 2032

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SURIMI MARKET REPORT OVERVIEW

The Surimi Market Size was US$ 5535.3 Mn in 2023 and is projected to touch US$ 12251.87 Mn By 2032, Exhibiting a CAGR of 8.2% During the Forecast Period.

The Market for the surimi is growing rapidly as it is a kind of seafood product which is pocket friendly along with good texture and taste. Surimi is another fish based product employed as a foundation for such products as America’s favourite crab stick and other imitation seafood speeds both in the developed and the emerging economies. These factors according to the report are as follows; enhanced consumer importance of seafood products, expansion of food processing business and a growing concern of health. There are also growths in the market by the processing technology and development of more applications in the food service industry. Some of the obstacles are volatile input costs especially the raw material and competition that comes with other protein power sources.

COVID-19 Impact on Market Growth Restrained by Pandemic due to Lockdown

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The Major factors that affected the Surimi Market was the COVID-19 disruptions affecting the supply chain, decrease in production and supply of raw materials. Lockdown measures and restrictions on operations in the course of the pandemic influenced the processing of products, interruptions in the key logistics and changes in stocks. However, demand for surimi products reduced due to reduced food service operation and consumers’ diminished spending on the non-essential products. This continued to exert pressure on the market by adding the effects of threats of economic instability, changes in customer behavior. However, there’s restoration in progress as industries develop new safety measures, reorganize their logistics systems and scale up production in response to rising consumers’ demand for ready foods.

LATEST TRENDS

"Leveraging Edge Computing Integration to Propel Market Growth"

The latest trend within the Surimi Marketplace is a developing consciousness on clean-label and sustainably sourced products. Consumers are more and more trying to find transparency in meals manufacturing and favoring products with herbal additives and minimal additives. There is likewise an upward push in demand for innovative surimi-based totally products, together with plant-primarily based definitely options and top rate seafood devices. Additionally, advancements in processing technology are improving the texture and taste of surimi, making it greater appealing. The market is seeing boom in rising economies as seafood intake will increase and fitness developments energy interest in excessive-protein, low-fat alternatives.

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SURIMI MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Frozen Surimi, Chilled/Fresh Surimi.

• Frozen Surimi: The Surimi Market, primarily based on type, can be classified into Frozen Surimi. Frozen Surimi is a processed seafood product made from deboned fish, usually utilized in growing imitation crab, shrimp, and different seafood merchandise. It’s valued for its long shelf lifestyles, versatility, and ease of use in numerous culinary applications.

• Chilled/Fresh Surimi: The Surimi Market can also be categorized into Chilled/Fresh Surimi. This type of Surimi is much less processed and saved at low temperatures to preserve freshness. It’s favored for its superior taste and texture, making it best for awesome seafood products like sushi and sashimi, wherein freshness is paramount.

By Application

Based on application the market can be categorized into Households, HoReCa, & others.

• Households: The Surimi Market can be labeled into Households. In family programs, Surimi is typically used for making ready handy and versatile seafood dishes, which include imitation crab sticks and fish desserts. Its ease of use and lengthy shelf lifestyles make it a famous choice for home cooking.

• HoReCa: In the Surimi Market, the HoReCa (Hotels, Restaurants, and Catering) section entails the use of Surimi in professional food settings. Surimi products are utilized in diverse dishes, inclusive of appetizers, salads, and sushi, due to their cost-effectiveness, versatility, and capability to mimic exceptional seafood, assembly the demands of culinary professionals.

DRIVING FACTORS

"Rising Consumer Preference for Seafood Alternatives to Drive the Market Advancement"

The Surimi Market growth is appreciably driven through the developing customer demand for seafood options. Surimi, a processed fish product regularly used to duplicate the feel and flavor of better-stop seafood, gives an inexpensive and versatile option for consumers. Its capability to imitate crab, lobster, and unique seafood makes it popular in numerous culinary packages, in conjunction with sushi, salads, and organized-to-devour food. This style is specifically suggested in regions wherein seafood intake is high but sustainable seafood alternatives are limited, making surimi a appropriate choice for both cost and flavor.

"Growing Awareness of Health Benefits to Expand the Market"

Health-conscious consumers are an increasing number of aware of the dietary benefits of surimi, which is often low in fat and excessive in protein. The product is visible as a more fit opportunity to crimson meats and closely processed foods. Its excessive protein content and occasional calorie count align with modern nutritional alternatives focused on retaining a balanced and healthful lifestyle. Additionally, surimi is regularly fortified with vitamins and minerals, enhancing its appeal to fitness-focused customers searching for nutritious and convenient food alternatives.

RESTRAINING FACTOR

"Fluctuating Prices of Raw Materials Pose Potential Impediments to the Market Growth"

Restraints within the Surimi Marketplace encompass fluctuating prices of raw materials, in particular fish, which can affect profitability and balance. The enterprise also faces demanding situations from stringent regulatory standards and best control necessities, impacting manufacturing prices and operational performance. Environmental concerns, such as overfishing and sustainability troubles, pose dangers to raw material deliver. Additionally, opposition from alternative protein resources and imitation merchandise can limit market boom. Consumer possibilities transferring in the direction of plant-based alternatives and fitness issues associated with processed meals also impact demand.

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SURIMI MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Advanced Processing Technologies"

The Asia Pacific area plays a dominant position within the Surimi Market share. This dominance is more often than not because of the area's vast production and consumption of surimi merchandise, especially in nations like Japan, South Korea, and China. Asia Pacific has a sturdy tradition of ingesting surimi-based merchandise, which include fish paste and imitation crab, which are imperative to many neighborhood cuisines. Additionally, the vicinity benefits from its proximity to primary fishery assets and superior processing technologies. High demand in the location, coupled with a nicely-hooked up surimi manufacturing infrastructure, solidifies Asia Pacific's leading role within the worldwide Surimi Market.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Market Landscape through Innovation and Global Strategy"

Key players in the Surimi Market power innovation through product improvement, improving fine and sustainability. They have an effect on market dynamics by way of putting enterprise standards, expanding distribution networks, and responding to customer traits. Their strategic investments and improvements in processing technology assist shape market growth and competitiveness.

LIST OF MARKET PLAYERS PROFILED

• Viciunai Group (Lithuania)
• Trans-Ocean Products (U.S)
• Seaprimexco Vietnam (Vietnam)

INDUSTRIAL DEVELOPMENT

June 2024: Royal Greenland introduced the enlargement of its surimi production ability by investing in new processing generation at its factory in Greenland. This development aims to satisfy the developing international demand for surimi, particularly in Europe and Asia, and underscores the company’s commitment to sustainable seafood manufacturing.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Surimi Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth. This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.