The global surimi market was valued at USD 3.78 billion in 2022 and is projected to reach USD 6.07 billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030. The growing popularity of surimi as an affordable alternative to seafood in various regions worldwide is a key factor driving market expansion during the forecast period.
The demand for seafood-based products has been steadily increasing, and surimi is increasingly being used as an essential ingredient in a variety of dishes, particularly in Asian cuisine. Furthermore, factors such as surimi’s high nutritional value, long shelf life when frozen, and low cost are contributing to its growing popularity among consumers, further fueling market growth.
In addition, rising awareness about the health benefits of surimi—such as its high protein and low-fat content—has helped increase its demand. The market faced both positive and negative impacts due to the COVID-19 pandemic. During the initial phase of the pandemic, there was a surge in demand as consumers stocked up on products with longer shelf lives. However, the market also experienced disruptions due to supply chain issues, economic challenges, reduced consumer purchasing power, and a decline in exports.
Moreover, production and processing were hindered by labor shortages and temporary shutdowns of manufacturing facilities. The closure of the food service industry, including restaurants, also led to a decline in surimi consumption. Nevertheless, the rising demand for healthy food products continues to contribute to the growth of the surimi market. Additionally, surimi's widespread use in processed foods, driven by the growing popularity of such products, is another key factor supporting market expansion.
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Key Market Trends & Insights
- Asia Pacific dominated the global surimi market with a share of over 50% in 2022 and is expected to continue leading the market throughout the forecast period. The region is also anticipated to grow at the fastest CAGR of 6.6% from 2023 to 2030. Surimi is highly popular in Asia Pacific due to its affordability, versatility, and flavor. In many parts of Asia, seafood is a staple food, and surimi has been extensively promoted as a key ingredient in local cuisines. Products like fish balls, crab sticks, and kamaboko are common in the region, often consumed as snacks or added to dishes as a protein source.
- By source, the tropical segment held the largest market share of approximately 70% in 2022 and is expected to remain dominant in the forecast period. Tropical surimi, derived from fish species such as big eye snapper, lizardfish, threadfin bream, and goatfish, remains a cost-effective seafood alternative, making it a popular choice among consumers looking for affordable options.
- By form, the frozen segment led the market with a share of over 70% in 2022 and is expected to grow at a faster CAGR of 6.4% during the forecast period. Frozen surimi offers the benefit of a longer shelf life compared to fresh seafood, making it a convenient option for consumers who do not have access to fresh seafood or prefer stocking up for future use. Its wider availability in frozen food sections also makes it a more accessible option for consumers.
- By distribution channel, the B2C segment is projected to grow at the fastest rate, with a CAGR of 6.5% from 2023 to 2030. The B2C segment is further divided into hypermarkets & supermarkets, convenience stores, online retail, and others. The hypermarkets & supermarkets segment held a significant share of around 30% in 2022, thanks to a wider selection of products, including frozen surimi available in the frozen seafood section.
Market Size & Forecast
- 2022 Market Size: USD 3.78 Billion
- 2030 Projected Market Size: USD 6.07 Billion
- CAGR (2023-2030): 6.1%
- Asia Pacific: Largest market in 2022
Key Companies & Market Share Insights
Key players in the surimi market are focusing on strategies such as partnerships, mergers & acquisitions, and global expansion to increase their market presence. For example, in January 2023, Santa Bremor, a Belarusian seafood processor, announced the relocation of its surimi stick production to its Russian Sea facility in Noginsk, near Moscow, to streamline operations and improve market reach.
Key Players
- HAI THANH CO., LTD
- MEENA Brand Surimi
- APITOON GROUP
- Starfish Co., Ltd.
- Java Seafood
- PT. INDO SEAFOOD
- Southern Marine
- SEAPRIMEXCO
- Zhejiang Longsheng Aquatic Products Co.,Ltd.
- PT.Indonesia Bahari Lestari
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Conclusion
The global surimi market is poised for significant growth due to its rising popularity as a cost-effective seafood alternative, particularly in Asian cuisines. The demand for surimi is driven by factors such as its high nutritional value, long shelf life, and affordability. As the Asia Pacific region continues to dominate the market, tropical fish species and frozen surimi are expected to remain key drivers of growth. The increasing consumption of processed foods, rising health awareness, and the growing adoption of surimi-based products are expected to sustain the market's expansion through 2030. Major players in the industry are expanding their global presence, further driving the overall market growth.
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