Surimi Market Size, Share & Trends Analysis Report By Source (Tropical, Cold Water), By Form (Frozen, Fresh), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Surimi Market Size, Share & Trends Analysis Report By Source (Tropical, Cold Water), By Form (Frozen, Fresh), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Surimi Market Growth & Trends

The global surimi market size was estimated to reach USD 6.07 billion in 2030 and is anticipated to expand at a CAGR of 6.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. One major driver propelling the market expansion over the forecast period is the rising demand for surimi as a less expensive substitute for seafood in various parts of the world. The demand for seafood-based items is rising quickly, which has led to a rise in the price of surimi because it is a key ingredient in many Asian meals.

The tropical segment held the larger market size in 2022 and is further expected to remain the dominant segment during the forecast period Tropical surimi is a more cost-effective option for people seeking an economical way to enjoy seafood because it is less expensive than other varieties of seafood. Tropical surimi uses underutilized fish species that are plentiful in tropical areas, making it a more sustainable option than typical seafood. Thus the availability of tropical fish in abundance is contributing to the higher share of the segment.

The frozen segment dominated the market by holding a major share in 2022. Frozen surimi has a longer shelf life than fresh seafood, making it a practical choice for customers who don't have access to fresh seafood or who prefer to stock up on frozen goods for future use. This can be credited to the segment's rise. Furthermore, consumers have wider access to frozen surimi because it is more widely available than fresh seafood in many areas which is contributing to the segment growth.

Asia Pacific accounted for the largest share of the market The affordability, adaptability, and flavor of surimi contribute to its widespread consumption in the Asia Pacific region. Seafood is a common food and an important component of the local cuisine in many Asian countries. Owing to such factors the region is expected to remain the leading market for surimi. Moreover, the popularity of surimi has been extensively growing in the region owing to its increasing marketing and promotion which is further surging the growth of the market. Various steps are adopted by the major players including partnerships, mergers & acquisitions, global expansion, and others to gain more share of the market.

Surimi Market Report Highlights

• Asia Pacific is expected to register the fastest CAGR over the forecast period from 2023 to 2030. The heavy marketing and promotion of surimi by the fish industry is increasing the penetration of surimi in the region
• Cold water segment is estimated to grow with a higher CAGR during the forecast period. The segment's expansion is mostly driven by improvements in technology and fishing techniques that have made it simpler to acquire and catch certain fish species
• The fresh segment is anticipated to grow at a considerable CAGR during the forecast period. The superior quality goods compared to frozen surimi, which has a shorter shelf life and less processing, are credited with the segment's growth
• The B2C segment is expected to register a higher CAGR in the forecast period. Online distribution channels offer various conveniences for shopping owing to which its use is increasing among consumers thus surging the segment’s growth

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