Global Surimi Market Analysis and Forecast, 2019-2028

Introduction

Surimi is a processed seafood product made from white fish species such as Alaska pollock. It is a popular ingredient in various dishes, such as sushi, tempura, and fish cakes, due to its mild flavor and ability to mimic the texture of meat.

The global surimi market is expected to experience steady growth in the coming years, driven by the increasing demand for surimi-based products, particularly in Asia-Pacific. Market players can take advantage of this growth opportunity by expanding their product portfolios and increasing their marketing efforts in key regions.

Market Overview

The global surimi market was valued at US$ 6.8 billion in 2022 and is expected to reach US$ 9.0 billion by 2028, growing at a CAGR of 2.9% during the forecast period (2023-2028). The increasing demand for surimi-based products, particularly in Asia-Pacific, is driving the growth of the market.

Geographical Analysis

The market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific is expected to hold the largest share of the market, due to the high demand for surimi-based products and the presence of large populations in countries such as China, Japan, and South Korea. However, North America is expected to grow at a significant rate, due to the increasing demand for high-quality and sustainable seafood products.

Competitive Landscape

The global surimi market is highly fragmented, with a large number of small and medium-sized players. Some of the key players in the market include Nippon Suisan Kaisha, Ltd., Maruha Nichiro Corporation, Thai Union Group PCL, Mazzetta Company LLC, and Ajinomoto Co., Inc.

Key Market Segmentation

RationalStat has segmented the global surimi market on the basis of source, form, application, and distribution channel.

• By Source
  • Tropical
  • Cold Water
    • Alaska Pollock
    • Pacific Whiting
    • Others
• By Form
  • Frozen
  • Fresh
• By Application
  • Food Industry
  • Pharmaceutical Industry
  • Animal Feed
  • Pet Food
  • Food Services
• By Distribution channel
  • Hypermarkets & Supermarkets
  • Convenience Stores
  • Online
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Rest of the Middle East & Africa

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.