Demand and Trend Analysis of Surimi in South Asia & Oceania

Surimi Sales Outlook for South Asia & Oceania (2024 to 2034)

Sales of surimi in South Asia & Oceania are estimated to reach US$ 957.5 million in 2024 and increase at a 6.3% CAGR over the next ten years (2024 to 2034). The market in South Asia & Oceania is thus projected to reach a size of US$ 1.77 billion by the end of 2034.

Globalization is projected to be the key underlying trend that will augment the sales of surimi in South Asia & Oceania over the coming years. An increasing number of travelers and tourists in South Asian countries such as Thailand, Indonesia, Vietnam, and India is projected to favor demand for surimi seafood and surimi by-products in this region across the study period. Surimi is the perfect imitation crab meat as it can closely mimic the texture and flavor profile of crab meat, this is also slated to boost its consumption in the future.

High demand for lean protein and increasing focus on health and fitness are also estimated to favor sales of surimi products in South Asia & Oceania over the next ten years. Fresh surimi, frozen surimi, surimi balls, and fish paste are some of the popular products that will be sought after in this region through 2034.

• Consumption of chilled surimi in SAO is predicted to rise at 7.1% CAGR from 2024 to 2034.

Report Attributes	Details
Surimi Sales in South Asia & Oceania (2024E)	US$ 957.5 Million
Projected Sales (2034F)	US$ 1.77 Billion
Demand Growth (2024 to 2034)	6.3% CAGR
Sales in Malaysia (2024E)	US$ 110.6 Million
Demand Growth in Rest of South Asia & Oceania (2024 to 2034)	6.5% CAGR
Alaska Pollock Surimi Sales (2024E)	US$ 1.1 Million
Market Share of Direct Channels (2024E)	62.9%
Key Companies Profiled	Thong Siek Global Seaprimexco Vietnam Gadre Marina APITOON Lucky Union Food Co. Ltd.

Which Market Trends Will Spearhead Surimi Demand in South Asia & Oceania?

“Globalization and Rising Tourists to Drive Product Demand Growth”

South Asian countries have recently gained popularity as inexpensive tourist destinations for travelers around the world. Increasing efforts of countries in this region to boost their tourism industry are also contributing to the increasing number of people visiting countries such as Thailand, Indonesia, Malaysia, Vietnam, etc. Surimi is part of many traditional Asian cuisines and as tourists are here to experience Asian culture at its best, the demand for Asian food in hotels and restaurants is reaching new heights.

Rising globalization is opening up new possibilities for the creation of fusion food that could be made using surimi in a completely different cuisine other than Asian. The growing popularity of sushi around the world is also forecasted to complement surimi sales in the long run.

• Sales of surimi in HoReCa (hotels, restaurants, and catering) are projected to reach US$ 522.1 million in 2024.

Find more details of growth-augmenting factors such as local supply, pricing trends, product standards, safety regulations, and new developments in this research study for surimi by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Countries such as Vietnam and Thailand from the South Asia & Oceania region are projected to emerge as key exporters of surimi over the coming years. Meanwhile, the expanding tourism industry in this region is poised to uplift sales of surimi in countries such as Indonesia, Singapore, Malaysia, and India by the end of the study period.

What are Surimi Manufacturers Thriving in Vietnam?

“Increasing Surimi Exports from Vietnam Creating Lucrative Business Scope”

Attribute	Vietnam
Market Value (2024E)	US$ 182.5 Million
Growth Rate (2024 to 2034)	5.2% CAGR
Projected Value (2034F)	US$ 304 Million

A sizeable amount of surimi is being exported from Vietnam and this is attracting surimi companies to invest in this country. The country mainly exports surimi to Thailand, Japan, and China. A rapid hike was observed in demand for surimi from all over the world and this has made Vietnam a highly opportune space for surimi companies. High use of surimi in the preparation of different Vietnamese recipes is also a prospect that could bolster shipments of surimi in the country through 2034.

• As per numbers provided by Vietnam Customs, surimi exports from Vietnam for the first five months of 2021 were up 37% over the same period from 2020.

What Should Surimi Suppliers in Thailand Focus On?

“Export of Frozen Surimi Keeping Thailand in the Game”

Attribute	Thailand
Market Value (2024E)	US$ 152.6 Million
Growth Rate (2024 to 2034)	6.3% CAGR
Projected Value (2034F)	US$ 282 Million

Surimi production in Thailand has been taking a hit since 2012 and declining but, after the COVID-19 pandemic, the country has managed to bounce back and increase its exports of frozen surimi. Efforts of local surimi producers to maximize their profits are allowing them to hold a notable revenue share in terms of surimi sales in South Asia & Oceania region.

Category-wise Insights

Surimi manufacturers in South Asia & Oceania are making most of their products by using Itoyori fish owing to its high abundance in this region and focusing on supplying it through direct channels to advance their business potential.

Surimi of Which Fish Species is Most Popular?

“Itoyori Surimi Accounts for Bulk of Revenue in South Asia & Oceania”

Attribute	Itoyori
Segment Value (2024E)	US$ 932.9 Million
Growth Rate (2024 to 2034)	7.2% CAGR
Projected Value (2034F)	US$ 1.72 Billion

High use of Itoyori surimi in the preparation of different Asian cuisines in South Asia & Oceania is predicted to favor growth in this segment going forward. Itoyori has lean white meat with a mild flavor that goes with all kinds of flavors and condiments, which is why Itoyori surimi is highly popular in this region. Irregularity in the availability and prices of Alaskan Pollock in South Asia & Oceania is also estimated to favor demand for Itoyori for surimi making in the future.

From Where Will Most of Surimi Be Sold?

“Majority of Surimi to Be Sold through Direct Sales”

Attribute	Direct Sales
Segment Value (2024E)	US$ 603 Million
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 1.15 Billion

Surimi is highly popular in restaurants and hotels as it is an important ingredient in the preparation of many dishes of Asian origin. Growing demand for seafood in hotels, restaurants, and catering is promoting surimi sales via direct channels in South Asia & Oceania. The increasing number of tourists in this region and rising interest in Asian seafood among the aforementioned travelers are also forecasted to benefit surimi demand via direct channels through 2034.

Analysts’ Opinion

Surimi manufacturers are focusing on maximizing their output by expanding their footprint to satisfy the surging demand for surimi from all over the world.

• In May 2023, Lucky Union, a leading supplier of surimi based in Thailand, announced the expansion of its facility located in the southern part of Thailand. A storage warehouse, quality control lab, and other offices were part of the expansion.

Segmentation of Surimi Study in South Asia & Oceania

• By Species :

  • Alaska Pollock
  • Itoyori
  • Pacific Whiting
  • Silver Carp
  • Others

• By Form :

  • Fresh
  • Frozen
  • Chilled

• By End Use :

  • HoReCa (Hotels, Restaurants, and Catering)
  • Food Processing
  • Households
  • Others

• By Distribution Channel :

  • Direct Sales
  • Retail Sales
    • Online Retail
    • Supermarkets & Hypermarkets
    • Wetmarket & Others

• By Country :

  • Malaysia
  • Thailand
  • Vietnam
  • Rest of South Asia & Oceania