Global Surimi Market Overview
The surimi market has shown consistent growth in recent years, and is expected to experience a similar growth trend during the forecast period of 2020 to 2030. In terms of supply, the market has shown stagnancy and slight fluctuations over the past decade. However, demand for surimi has been gradually increasing during the same period. This rift has led to increasing prices for raw materials as well as end-use products.
The global surimi market is expected to experience high growth in terms of value during the forecast period, while growth in volume is expected to be moderate. Investments by companies to increase penetration, increasing consumer expenditure on seafood, and government investments & regulations to increase sustainable catch are expected to drive the expansion of the surimi market size over the coming years.
Surimi Market Drivers
Use of surimi in imitation seafood products and value-added products has been increasing in the market space. Experimental snacking habits of consumers and introduction of exotic tastes by manufactures have been driving demand for surimi. Surimi has also gained popular demand due to healthy lifestyles being followed by a large consumer base. Usage in salads and assorted snacks is expected to create traction as far as demand for surimi is concerned.
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Regional Outlook of Surimi Market
Originating from Japan, surimi has found demand from multiple regions around the globe. In terms of consumption, East Asia currently accounts for the highest surimi market share, and is expected to experience moderate growth in comparison with other regions. South Asia & Oceania is expected to be the fastest growing surimi market, portraying a CAGR of more than 6% through 2030. Multiple reforms and regulations for sustainable catch are expected to aid growth over the short-term forecast period.
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Surimi Market: Competitive Analysis
In terms of players operating in the surimi market, this space has seen multiple changes in recent years. Players operating in the market are expected to experience fluctuations due to inorganic strategies deployed by them and new as well as emerging players entering the market.
- For example, Norwegian group Pescamar Holding is one of the new entrants in the surimi market, with its acquisition of Argentinean Hoki Fishing and surimi processing company San Arawa in May 2019.
- In 2019, Vardin, one of the suppliers of pelagic fish, announced plans to rebuild its processing facility with the implementation of a surimi processing line. This processing line is expected to be operational in 2020.
Owing to such investments and new entrants in this space, the surimi market is expected to experience prominent growth over the forecast period.
COVID-19 Impact on Surimi Market
The COVID-19 crisis has had a low impact on the global surimi market, with lower trade volumes as a result of the imposition of regulations. While fluctuations of prices and low trade in quarter two of 2020 were observed, the market showed swift recovery during quarter three. The impact of the pandemic in the earlier stages was high in Europe and Asian countries, while the impact on the North America market was low.
Increase in household purchases of surimi and surimi products was observed as a result of stockpiling by consumers. Increase in demand subsided after the initial stage of the coronavirus pandemic.
The Analyst’s Viewpoint:
“With increasing trade, seasonal catch, and need for long shelf life of products, investments in frozen surimi are expected to benefit manufacturers in the long term.”
Surimi Market: Scope of the Report
The surimi market report by Fact.MR offers forecast representation from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats influencing the expansion of the surimi market. A detailed segmental analysis based on by source, packaging, end use, sales channel, and region has been provided in the report. The report also covers a chapter on the COVID-19 impact analysis to arm stakeholders with necessary information.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the surimi market. In addition, a section providing detailed analysis on key market players and strategies has been added.
Surimi Market – Report Scope
A recent study by Fact.MR on the surimi market offers a 10-year forecast for 2020-2030. The study analyzes crucial trends that are currently determining the growth of the surimi market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of surimi. The study also provides the dynamics that are expected to influence the future status of the surimi market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the surimi market enhances the reliability of this comprehensive research study.
Surimi Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the surimi market across the globe.
A comprehensive estimate on the surimi market has also been considered through an optimistic scenario as well as a conservative scenario regarding the sales of surimi during the forecast period. Price point comparison by region with global average price is also considered in the study.
Surimi Market: Segmentation
Fact.MR has studied the surimi market with detailed segmentation on the basis of source, packaging, end use, distribution channel, and region.
Surimi Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the surimi market.
Market estimates at global and regional levels for surimi are available in terms of “US$ Mn” for value and “Mn Units” in terms of volume. A Y-o-Y growth contrast on prominent surimi market segments, along with market attractiveness evaluation has been incorporated in the report. Another key feature of the surimi market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives in the surimi market.
Surimi Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the surimi market during the forecast period.
Country-specific valuations on demand for surimi have been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of prominence in regions and countries. Regional market Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries has also been included in the report.
Surimi Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the surimi market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of surimi has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus, providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the surimi market. Prominent companies operating in the global surimi market include Viciunai Group, Russian Fishery Company, Trans-Ocean Products, Seaprimexco Vietnam, Thong Siek Global (TSG), Gadre Marine, Ocean More Foods Co., Limited, A B Golden Seafood, and Pescamar, among others.
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