Global Surimi Market to Witness Stunted Growth amid global COVID-19 outbreak

CITY, Country, 2021-Mar-04 — /EPR Network/ —

Growing demand for seafood analogs such as imitation crabs and lobster meat has been driving demand for surimi in the global market. Innovative products such as surimi noodles and efforts by companies to adopt new taste trends to meet consumer demand are also aiding market expansion. As such, the surimi market is expected to experience high growth in terms of volume over the coming decade.

As per Fact.MR analysis, the global surimi market is anticipated to reach a valuation of over US$ 12 billion by 2030, with its growth rate pegged at nearly 6% from 2020 to 2030.

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Key Takeaways from Surimi Market Study

  • East Asia accounts for a share of more than 35% in the global surimi market, and is expected to experience growth of 1.8X by 2030 over the value in 2020.
  • The surimi market in South East Asia & Oceania is expected to portray the highest growth rate of over 6% during forecast period.
  • Based on source, demand for itoyori accounts for the highest share in the market, and is expected to offer the highest absolute dollar opportunity during the forecast period.
  • While demand for chilled or fresh surimi is observed to be high at present, frozen surimi is expected to grow 1.9X by 2030 over the value in 2020.
  • Demand for surimi through direct sales is higher in comparison with retail sales, and is expected to show higher growth during the forecast period.
  • The COVID-19 pandemic is projected to have a low to moderate impact on the global surimi market.

“Gap between supply and demand for surimi has been driving prices in recent years, and further imposition of sustainable fishing practices is expected to have a high impact on prices in future,” says a Fact.MR analyst.

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Players Focused on Inorganic Strategies to Increase Penetration

The surimi market is highly fragmented in nature, with the top players accounting nearly one-fifth of the market share. Due to this fragmented nature, players in the market have shown high tendency for acquisitions and mergers to increase their revenue share. For example, in January 2018, Viciunai Group acquired Creative Seafood France. This acquisition was aimed at increasing the presence of the company in France, as CSF France holds 10 to 15% of the French surimi market. Similar acquisitions are being carried out by many companies. The surimi market is expected to remain fragmented till the end of the forecast period.

Find More Valuable Insights on Surimi Market

Fact.MR, in its new offering, provides an unbiased analysis of the global surimi market, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The surimi market report discloses compelling insights into the demand for surimi based on source (Alaska Pollock, Itoyori, Pacific Whiting, Silver Carp, and others), packaging (frozen and chilled or fresh), end use (households, HoReCa, food processing, and others), and distribution channel (direct sales and retail sales {supermarkets & hypermarkets, online retail, and wet markets & others}), across several different regions.

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