Surimi Production Expected to Rise, which lead to a Pronounce Price Fall
Surimi is a concentrate of whitefish proteins. Surimi extraction takes place at onboard factory vessels, just after fishing, or in land-based factories. The meat of fish fillets is minced and rinsed with fresh water, only soluble proteins are kept. The paste obtained from this process are odorless and tasteless, and it is put in the form of frozen blocks called surimi base.
In Alaskan waters, pollock tends to stay longer in cold water, and consequently the fish grows slower. This smaller fish has stimulated processors to shift from filleted pollock production to surimi production. These shifts towards surimi production may lead to a significant increase in surimi that will result in a price crash.
The additional production may amount to 30,000 to 40,000 tonnes, and it is uncertain that the market can absorb that amount without a major price reduction. With the rising consumers preference to natural products, which is leading them to move away from processed foods, however, there is still a significant demand for high protein products, with surimi filling that need. With all these developments and trends, it is expected that with rising production of surimi there will be fall in price.
Consumer Preference Shifting towards Processed Food
The processed food market is primarily driven by increasing demand for processed seafood among consumers and rising economic growth landing to rising disposable income. Consumers are increasingly moving towards healthier lifestyles, particularly in the developing countries, are increasing demand for processed fish.
Due to hectic lifestyle, time-strapped people prefer processed food products over others as it provides healthy food options which are convenient to cook. Moreover, rising awareness regarding the benefits of aquatic food items coupled with the introduction of new processing technique is expected to drive the processed surimi fish market. For instance, in the Farore Islands, a fishing and processing company is building a surimi plant to produce surimi based on blue whiting. Thus, demand for processed surimi seafood is increasing with regards to benefits of processed food.
Japan to Present High Potential for Surimi Market
The demand for surimi products in Japan is rising, and so are the prices of the raw material. The Japanese surimi industry is dependent on imports of Alaska Pollock from the United States of America. Import prices have been rising steadily over the last few years, thus processors have been forced to pass these price increase on to the consumer. Japan currently dominate in world surimi production infrastructure, these include both land-based and sea-based surimi factories. The US ranks second only to Japan in the number of facilities. Norway is the largest surimi supplier to Japan, accounting 19.8 % of the total import value, followed by India, Thailand, China and Vietnam.
Surimi Manufacturers Aiming for Innovating New Processed Surimi Based Products
The market for surimi is highly fragmented, with high concentration of players in East Asia. Japan is estimated to account for more than 30% in terms of imports volume. Some of the market leaders in smartphones lenses market located in are Viciunai Group, Aquamar, Apitoon Group, Ocean Food Company Ltd., among others.
These surimi based products manufacturers have been working on optimization of their supply chains and increase production capacities to address increasing demand. For instance, Aquamar and LM Foods are joining forces to create a new project in the surimi seafood market, producing and selling-crab flavoured seafood to food service, food manufacturing and retail channels primarily in North America.
The surimi market can be segmented as follows -
- By Product
- Alaska Pollock
- Pacific Whiting
- North Blue Whiting
- Tropical Fish
- Southern Blue Whiting & Hoki
- By End Use
- Residential Usage
- Commercial Usage
- By Distribution Channel
- Business to Business
- Business to Consumer
- Modern Trade
- Online Retailers
- Specialty Stores
The research report presents a comprehensive assessment of the surimi, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to the segments in the surimi, such as geography, product type, end use, and distribution channel.
The surimi report covers exhaustive analysis on:
- Surimi Segments
- Surimi Market Dynamics
- Surimi Market Size
- Supply & Demand of Surimi
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Technology in the Surimi
- Value Chain of the Surimi
Regional analysis for the Surimi includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordics, Eastern Europe, Rest of Europe)
- East Asia (Japan, China, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest of South Asia)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report on the surimi provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per the segments of the surimi. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the surimi industry
- In-depth market segmentation of surimi
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of the surimi
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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