Surimi By-product Market

Surimi By-product Market Outlook (2023 to 2033)

The global surimi by-product market is estimated to be worth US$ 1,200.0 million by 2023 and is projected to reach a value of US$ 2,478.0 million by 2033 reflecting a CAGR of 7.5% over the assessment period 2023-2033

Attributes	Key Insights
Estimated Global Surimi By-product Market Size (2023E)	US$ 1200.0 million
Projected Surimi by-product Market Value (2033F)	US$ 2478.0 million
Value-based CAGR (2023 to 2033)	7.5%
Top 3 Countries’ Value	US$ 1395.11325 million

Key Trends Listed by Fact.MR

• Increasing awareness among consumers regarding the health and nutritional benefits associated with surimi by-products
• Increasing focus on utilizing seafood by-products to reduce waste
• Growing consumer preference for healthy and natural pet food ingredients
• Emergence of new surimi by-product extraction technologies
• Rising demand for surimi by-products in the pharmaceutical industry
• Adoption of surimi by-products as an alternative protein source in human diets
• Growing demand for surimi by-products in the Asian cuisine market
• Expansion of online and e-commerce platforms facilitating the direct-to-consumer sale of Surimi by-products
• Expansion of surimi by-products food trucks and mobile catering services

Surimi by-products are leftover materials or waste from the production of surimi, a popular seafood product derived from fish meat. Surimi is normally made by washing, grinding, and refining fish meat into a paste-like texture.

Surimi contains a high amount of omega-3 fatty acids. It helps in reducing inflammation and also improves weight and is now used in preparations of various foods.

It is also used in animal feed as a cheap substitute for soybeans or fish meals due to its high source of protein. The industry may minimize waste, improve resource utilization, and promote sustainable seafood processing methods by putting surimi by-products into animal feed.

Based on the surimi production which yields 30-40%, roughly 60-70% is lost as solid waste (45-55%) and soluble discharge (15%). Most of the solid waste generated in surimi factories is utilized as fishmeal. A variety of finished products made using surimi as a major ingredient cover the global market with an estimated volume of over 2.5 million tonnes. They are well-accepted as local specialty cuisines/appetizers.

How Has the Market Progressed So Far in 2023?

2018 to 2022 Global Surimi By-product Sales Outlook Compared to Demand Forecast from 2023 to 2033

Market Statistics	Details
Jan to Jun (H1), 2021 (A)	5.1%
Jul to Dec (H2), 2021 (A)	5.1%
Jan to Jun (H1), 2022 Projected (P)	5.3%
Jan to Jun (H1), 2022 Outlook (O)	5.0%
Jul to Dec (H2), 2022 Outlook (O)	6.0%
Jul to Dec (H2), 2022 Projected (P)	5.3%
Jan to Jun (H1), 2023 Projected (P)	7.1%
BPS Change: H1, 2022 (O) to H1, 2022 (P)	-20
BPS Change: H1, 2022 (O) to H1, 2021 (A)	28
BPS Change: H2, 2022 (O) to H2, 2022 (P)	-50
BPS Change: H2, 2022 (O) to H2, 2022 (A)	79

According to the Fact.MR analysis, global Surimi by-product sales grew at a CAGR of 3.1% from 2018 to 2022. For the next ten years, the worldwide market for surimi by-products is forecast to progress at 7.5% CAGR.

The food industry uses surimi by-products extensively to create products with a surimi base. Popular foods like surimi sticks, imitation crab meat, fish cakes, and seafood salads all contain surimi, a paste-like seafood product manufactured from fish meat.

The animal feed industry also makes use of surimi by-products as a significant source of protein and minerals. They are included in the formulations of animal feed for different livestock and aquaculture species. Surimi by-products are a suitable constituent in animal feeds, boosting growth, development, and general health as a result of their high protein content.

The low cost, wide availability, and reliable quality of products made from surimi are valued by consumers. These goods provide an inexpensive, practical seafood substitute with a moderate flavor and several culinary uses. When compared to natural seafood, certain consumers may have different judgments on the flavor and texture of products made using surimi.

Some people prefer the true flavor and texture of fresh or natural seafood, while surimi-based goods attempt to simulate the texture and flavor of actual seafood. In order to encourage growth and general health, consumers in the animal farming business understand the need of using protein-rich foods like surimi by-products in animal diets. Because they reduce waste and make use of every part of the fish that is taken, surimi by-products help to ensure the sustainability of the seafood sector.

The safety and quality of the components used in feed formulations are priorities for customers in the animal feed industry. To ensure that surimi by-products contribute to nutritious and secure animal feed, it is necessary that they meet quality criteria, including proper processing and adherence to regulatory rules.

Adjacent Markets Overview

Fishmeal Market :

Attributes	Fishmeal Market
CAGR (2023 to 2033)	7.7%
Market Value (2033)	US$ 15,000 Million
Growth Factor	The increase in the consumption of animal rearing like poultry and pig farms as well as aquaculture will boost the global market.
Opportunity	The growing demand for protein-rich animal feed, fueled by the expansion of the livestock and aquaculture industries, creates an opportunity for fish meal producers to meet this demand.
Key Trends	The demand for fish meal as an animal feed ingredient is steadily increasing due to its high protein content and essential amino acids.

Krill Meal Market :

Attributes	Krill Meal Market
CAGR (2023 to 2033)	3.6%
Market Value (2033)	~US$ 1900 Million
Growth Factor	Advanced processing methods and continuous improvements in canola meal processing techniques have enhanced its quality, nutritional value, and digestibility
Opportunity	Sustainable harvesting of krill ensures a reliable supply, while its potential benefits for animal health and performance make it an attractive choice for feed manufacturers
Key Trends	Growing demand for sustainable and eco-friendly animal feed ingredients drives the adoption of krill meal as a viable alternative.

Canola Meal Market :

Attributes	Canola Meal Market
CAGR (2023 to 2033)	4.0%
Market Value (2033)	8.12 Million Metric Tons
Growth Factor	Technological advancements that enable efficient manufacturing, expanding product portfolio, sophisticated design and packaging, effective operational maintenance, and sales monitoring
Opportunity	Canola meal's high protein content, balanced amino acid profile, and favorable nutrient composition make it a valuable ingredient in livestock and poultry diets
Key Trends	Increasing adoption of canola meal as a sustainable and cost-effective alternative to traditional protein sources in animal feed.

Country-wise Insights

North America - CAGR

Country	CAGR (%)
United States	4.9%

Europe - CAGR

Country	CAGR (%)
United Kingdom	7.8%

Asia Pacific - CAGR

Country	CAGR (%)
China	5.8%
India	5.2%
Japan	6.7%

North America - BPS Analysis

Country	BPS Analysis
United States	220

Europe - BPS Analysis

Country	BPS Analysis
United Kingdom	80

Asia Pacific - BPS Analysis

Country	BPS Analysis
China	110
India	80
Japan	50

North America - Market Value (2033)

Country	Market Value (2033)
United States	US$ 651.71 million

Europe - Market Value (2033)

Country	Market Value (2033)
United Kingdom	US$ 240.37 million

Asia Pacific - Market Value (2033)

Country	Market Value (2033)
China	US$ 441.08 million
India	US$ 270.10 million
Japan	US$ 302.32 million

Will Japan Retain its Dominance in the East Asia Surimi By-product Market?

Japan’s rich seafood culture and preference for high-quality surimi products contribute to its significant consumption of surimi by-products

As per Fact.MR, the Japan stock cubes market is expected to reach a valuation of around US$ 302.32 million by 2033. It will therefore hold a prominent value share of 12.2% in the East Asia market.

Surimi by-products provide a sustainable solution to utilize fish processing waste. The environmental impact can be reduced by recycling the surimi by-products and it can also promote a circular economy approach. Japanese surimi by-products are known for their quality and nutritional value.

The country has a long-standing tradition of surimi-based products and a well-established surimi industry. Japan has developed advanced processing techniques and quality standards for surimi production, ensuring the production of high-quality surimi and surimi by-products.

Fueled by this fast-growing market, surimi production grew through the 1960s via shore-based plants in Hokkaido. In the 1970s Japan launched the first factory trawlers sent to go fishing in the North Pacific Ocean. Surimi production reached 400,000 tons by the mid-1970s.

Japanese companies also introduced surimi products and surimi products technology to the rest of the world through the export market, primarily in the form of crabsticks. In Japan, these by-products are used in various applications such as fish paste and fish cakes which are known as kamaboko. These products are considered an integral part of Japanese cuisine.

What is Driving Surimi By-products Demand in the United States?

Growing consumer preference for healthy and convenient seafood options and the increasing popularity of Asian cuisine driving surimi by-products in the United States

According to Fact.MR analysis, the United States surimi by-products industry is poised to exhibit a CAGR of 4.9% during the assessment period. By 2033, the United States market size is expected to reach US$ 651.71 million.

Surimi by-products have gained significant popularity in the United States as a versatile and accessible seafood ingredient. Surimi, a paste prepared from deboned and minced fish, mainly white fish such as pollock, is processed into a variety of products such as surimi sticks, crab sticks, and seafood extenders. Surimi-based goods have become popular in a wide range of culinary applications, including sushi, seafood salads, fish cakes, and other seafood-based foods.

In the Western world, the USA was the first to start the surimi seafood industry in the form of crabsticks in the late 1970s and quickly developed this market in the early 1980s. The United States has a strong seafood culture, with a large majority of the population routinely consuming seafood. Surimi-based products are generally more affordable than fresh seafood, making them an attractive option for consumers looking to incorporate seafood flavors into their meals at a lower cost.

The surimi by-product sector has made investments in product development and marketing to boost its appeal. To meet the vast range of consumer tastes, producers have developed a wide range of surimi-based products with various flavors, textures, and shapes. These goods are positioned as ready-to-use and convenient, appealing to consumers who are short on time and looking for quick dinner options. Aside from resolving issues with ethical sourcing and seafood traceability, the sector has concentrated on promoting the sustainability and quality of its products.

What is the Demand Outlook for the Surimi by-products in India Market?

Nutritional value, longer shelf life, and ability to be used as a substitute for expensive seafood in various recipes in India driving the market

Surimi by-products demand in India is anticipated to rise at a steady CAGR of 5.2% during the forecast period from 2023 to 2033. By the end of 2033, India is likely to hold a market share of 10.9% in the South Asia market.

Surimi by-product usage is lower in South Asia compared to East Asian countries such as Japan and China, where surimi-based goods have a long history and strong cultural ties. India has now a major buyer of these products in the South Asia region due to its well-established seafood industry.

Several factors determine India's usage of surimi by-products as the country boasts a thriving food processing industry that specializes in seafood items such as surimi. As aquaculture practices improve and fish farming becomes more efficient, there is increased availability of raw materials for surimi production. Manufacturers are now able to cater to the rising demand from the food processing industry because of the steady supply of these products.

The reason behind the steady supply of these by-products lies in the improved fish farming business. India is now becoming a popular tourist place and is also known for its culinary seafood dishes which include spicy fish cakes and seafood salads.

Category-wise Insights

Which is the Most Sought-after Source Type in the Market?

Demand in the Market Remain High for Fish Surimi as a source

Based on source type, demand is expected to remain high for surimi fish sources during the assessment period. As per Fact.MR, with a market share of around 67%, the surimi fish source segment is projected to reach a valuation of US$ 1,660.26 million in 2033.

Fish surimi plays a vital role as the primary source for obtaining surimi by-products. Surimi is a versatile ingredient made by processing the flesh of white-fleshed fish into a paste-like consistency.

Surimi is considered a high-protein content product and is known for its mild flavor and gel-forming properties which can be used as a base in various surimi-based food products.

It is used in making crab sticks, fish cakes, fish balls, and other seafood products because of its adaptability and affordability. Because of such reasons, it has become popular in the overall global market.

Why is Demand for Surimi by-products in Animal Feed Rising Globally?

High nutritional value, sustainable sourcing practices, and their ability to improve animal performance Fuel their Demand

The animal feed segment is expected to register a CAGR of 8.4% from 2023 to 2033. The target segment is likely to reach a market value of US$ 842.52 million by the end of 2033.

There is growing awareness today about providing premium quality sustenance to our beloved pets. With pets progressively becoming an important part of households, pet owners seek out top-notch nourishment to promote their companions' wholesome existence and growth.

As a result, they look for specific products that contain optimal levels of proteins, essential vitamins, and necessary minerals, along with omega-3 unsaturated fats. One prominent source of these crucial constituents comes from fish-based items such as fish meals and fish oil. The inclusion of such ingredients in animal feed leads to better health outcomes for domestic animals.

An expanding interest in sustainability makes surimi by-products even more attractive due to their economic advantages and reduced environmental impact. Given its significance in today's marketplace, it should come as no surprise that producers have started to explore innovative ways of creating new products sourced from surimi.

Competitive Landscape

Leading surimi by-products manufacturers are constantly launching a new range of products to meet consumer demand. They are also using strategies such as mergers & acquisitions, partnerships, distribution agreements, collaborations, advertisements, and celebrity endorsements to gain a competitive edge in the market.

For instance :

• Nissui's invention of egg-free surimi was driven by customer demand for a vegetarian and allergen-free alternative

Scope of the Report

Attributes	Details
Market Size Value in 2023	US$ 1200. million
Market Forecast Value in 2033	US$ 2478.0 million
Anticipated Growth Rate (2023 to 2033)	7.5% CAGR
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	Volume (MT) and Value (US$ Million)
Key Regions Covered	Latin America, North America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa
Key Countries Covered	Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others
Key Market Segments Covered	Product Type, Nature, Form, Processing Type, Packaging Format, Sales Channel, and Region
Key Companies Profiled	Aquamar Inc. Trident Seafoods Pacific Seafood Group SeaPak Glacier Fish Company Boston Salads & Prepared Foods Arctic Storm Management Group OceanFood Sales Ltd. Maruha Nichiro Group American Seafoods Group Nippon Suisan Kaisha, Ltd. Aquastar Pacific Seafood Group

Surimi By-product Market by Category

• By Source :

  • Fish Surimi
  • Meat Surimi

• By End Use :

  • Food Industry
  • Pharmaceutical Industry
  • Animal Feed
  • Pet Food
  • Food Service
  • Retail

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa