The surimi market will reflect healthy growth at approximately 6% CAGR during the forecast period ranging from 2020 to 2030. The covid-19 outbreak is expected to marginally hurt short term prospects as lockdown restrictions hurt supply chain operations in terms of raw materials.
Dubai, United Arab Emirates -- (SBWIRE) -- 11/25/2020 -- The surimi market will reflect healthy growth at approximately 6% CAGR during the forecast period ranging from 2020 to 2030. The covid-19 outbreak is expected to marginally hurt short term prospects as lockdown restrictions hurt supply chain operations in terms of raw materials. On the other hand, growing levels of health consciousness among consumers will bolster market prospects for non-meat products including surimi.
"The surimi industry has been gaining consumers around the world owing to higher consumption of processed meat, such as kamaboko and seafood analog products. Globalization of cuisines will drive adoption in western markets in the near future," says the Fact.MR report.
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Surimi Market - Takeaways
Pollock based surimi remains highly sought after owing to widespread application in seafood analog production.
Frozen surimi will hold substantial market share on the back of logistical and trade benefits.
Retail sales are witnessing strong growth on the back of sophisticated and robust supply chains in Europe and North America.
East Asia is a dominant market, led by high production and demand in Japan and China, owing to easy availability of raw materials.
Surimi Market - Drivers
Demand for non-meat protein sources, and health concerns over red meat consumption contributes to demand.
Growing use of surimi in varying processed seafood functional foods will bolster demand in the long-term.
Surimi Market - Constraints
Competition from conventional seafood, and unsustainable fishing of sources will remain a challenge for surimi manufacturers.
Health concerns in terms of processed food ingredients holds back adoption.
Anticipated Market Impact by Coronavirus Outbreak
The covid-19 pandemic has had a marginal impact on the operations of the surimi market. Restrictions on trade and supply chains for raw materials has been a major concern for market players during the crisis. In addition, the slump in demand in the food service industry has also hurt short-term prospects.
On the other hand, the surimi market is expected to gain traction through online retail channels, even as applications in functional foods has shot up during the outbreak, creating lucrative opportunities. Recovery is likely to be fast towards 2021 as the pandemic subsides across Asia and Europe.
Explore the global surimi market with 152 figures, 70 data tables, along with the table of contents of the report. You can also find detailed segmentation on @ https://www.factmr.com/report/5014/surimi-market
Major manufacturers in the surimi market include but are not limited to Pescamar, Viciunai Group, A B Golden Seafood, Russian Fishery Company, Ocean More Foods Co Ltd., Trans-Ocean Products, Gadre Marine, Seaprimexco Vitenam, and Thong Siek Global among others.
Prominent manufacturers in the surimi market are focusing on the expansion of production facilities with strategic product development and launches gaining importance among market players in a highly competitive sector.
For example, Gadre Marine has pushed to expand its chilled food products sector with the launch of frozen surimi for consumers in the US and EU. H-E-B has announced intentions to source surimi only from Alaskan pollock stock. Kobar Fisheries has attracted investors to expand the potential of fisheries in through surimi production in West Kotawaringin.
More on the Report
Fact.MR's market research report provides insights on the surimi market. The market is segregated by source (Alaska pollock, itoyori, pacific whiting, silver carp, and others), packaging (chilled or fresh, frozen), end use (household, hotels, restaurants, and catering, food processing, and others), and distribution channel (direct sales, retail sales, supermarkets & hypermarket, online retail, wet markets and others) across six key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).
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