Emerging Opportunities In Middle East And Africa Surimi Markets

Published: 2025-03-13
Views: 4
Author: falguni mmr
Published in: Business

Global Surimi Market Anticipated to Reach $6.26 Billion by 2030, Driven by Changing Dietary Trends

The global surimi market is projected to grow from $4.10 billion in 2023 to $6.26 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.2% during the forecast period.

Market Overview

Surimi, a processed seafood product made from minced fish or mollusks, has gained popularity due to its versatility and use in various cuisines. The market's growth is driven by changing dietary trends and an increasing demand for processed seafood products.

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Competitive Landscape

Key players in the surimi market include Viciunai Group, Trans-Ocean Products, Seaprimexco Vietnam, Thong Siek Global, Gadre Marine, Ocean More Foods Co., Ltd., APITOON, Luck Union Foods, Sugiyo Co., Ltd., Aquamar Inc., Fujimitsu Corporation, and SeaPak. These companies are focusing on product innovation and expanding their distribution channels to meet the growing consumer demand.

Regional Insights

United States: Surimi Market Trends and Opportunities

In the United States, the surimi market is experiencing steady growth, driven by increasing consumer awareness of seafood-based protein alternatives. The popularity of products like imitation crab sticks and fish cakes has risen, leading to higher demand in both retail and foodservice sectors.

Asia Pacific: Surimi Market Growth and Consolidation

The Asia Pacific region dominates the surimi market, accounting for 52.0% of the global revenue in 2023. The market is expected to grow at a CAGR of 6.6% from 2024 to 2030, reaching $3,262.3 million by 2030. The tropical segment is the largest revenue-generating species in this region, with companies like Seaprimexco Vietnam and Thong Siek Global leading the market.

Europe: Surimi Market Trends and Updation

In Europe, the surimi market is witnessing a shift towards sustainable sourcing and production practices. Consumers are increasingly seeking products with eco-friendly certifications, prompting companies like Viciunai Group to adopt sustainable measures in their operations.

Middle East and Africa: Surimi Market Opportunities

The Middle East and Africa regions are emerging markets for surimi products, with a growing interest in seafood-based diets. Companies are exploring opportunities to introduce surimi products tailored to local tastes, aiming to capture a share of the expanding market.

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Recent Developments

Several mergers and acquisitions have reshaped the surimi industry:

• Gadre Marine expanded its production capacity by acquiring a new processing facility in India, aiming to meet the increasing global demand for surimi products.

• Aquamar Inc. merged with LM Foods LLC, enhancing its product portfolio and distribution network across North America.

• Viciunai Group invested in sustainable fishing practices, aligning with the European Union's regulations on marine conservation.

Surimi Market segmentation :

by Type

Frozen surimi
Chilled surimi
Fresh surimi

The market for surimi is divided into three categories according on type: chilled, frozen, and fresh. With a 70% market share, the frozen surimi category leads the surimi market and is anticipated to grow at a 7% CAGR over the course of the forecast period. Customers who wish to store frozen goods for later use will find frozen surimi more handy because it has a longer shelf life than fresh and chilled surimi. Furthermore, frozen surimi is more accessible to consumers and more commonly available than other types in many places. The quality and flavor of frozen surimi products have been preserved thanks to advancements in freezing and packaging technology, which will support the surimi market's expansion in the upcoming years.

by Source

Tropical
Cold Water

According to the source The market for surimi is divided into two segments: tropical and cold water. In 2023, the market was dominated by the tropical sector, which is expected to continue to hold this position during the forecast period. Because it is less expensive than other seafood, this market sector draws customers searching for an affordable way to enjoy seafood. Tropical surimi is also a more sustainable option to conventional seafood because it uses fish species that are common in tropical areas. Consequently, the larger market share of this group is probably due in part to the overall quantity of tropical fish.

by Distribution Channel

B2B
B2C

The business-to-business (B2B) and business-to-customer (B2C) segments of the surimi market are based on the distribution channel. Over half of the global market was accounted for by the Business to Business (B2B) sector, which is anticipated to continue to dominate for the foreseeable future. This is due to rising demand from the developing market, the food processing industry, and the growing popularity of surimi in the HoReCa Sector. Many businesses, including food processing, animal feed, and food services, employ surimi extensively. Sushi, seafood salads, soups, and other seafood meals all employ surimi, which is inexpensive and adaptable.

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Learn about the top players driving innovation in the Surimi Market :

1. Viciunai Group (Lithuania)
2. Trans-Ocean Products (USA)
3. Seaprimexco Vietnam (Vietnam)
4. Thong Siek Global (Thailand)
5. Gadre Marine (India)
6. Ocean More Foods Co., Ltd. (China)
7. APITOON (Thailand)
8. Luck Union Foods (Thailand)
9. Sugiyo Co., Ltd. (Japan)
10. Aquamar Inc. (Canada)
11. Fujimitsu Corporation (Japan)
12. SeaPak (USA)

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