(MENAFN- GlobeNewsWire - Nasdaq) Rockville , Sept. 21, 2023 (GLOBE NEWSWIRE) -- Fact.MR analysis reveals that the global Surimi By-product Market is currently valued at US$ 1,200.0 million in 2023 and is expected to grow significantly, reaching a market valuation of US$ 2,478.0 million by 2033, exhibiting a CAGR of 7.5% during the forecast period. The industry for surimi by-products will increase as a result of the increasing need for versatile and nutrient-dense seafood components on a global scale.
During the forecast period, demand for surimi by-products will also be driven by the increasing acceptance of sustainable sourcing. The market is anticipated to grow over the next ten years because of creative promotional strategies used by major surimi by-product manufacturers.
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| Report Attributes || Details |
| Forecast Period || 2023 – 2033 |
| Value Projection (2033) || US$ 2478.0 Million |
| Growth Rate (2023-2033) || 7.5% CAGR |
| No. of Pages || 170 pages |
| No. of Tables || 48 Tables |
| No. of Figures || 144 Figures |
Different innovative strategies such as product diversification, where manufacturers develop a wide range of surimi-based products to cater to different consumer preferences. This includes ready-to-eat surimi snacks, surimi-based seafood spreads, and surimi-based seafood alternatives. By offering diverse product options, manufacturers can target a broader consumer base and tap into new market segments.
Emphasizing the sustainability and eco-friendliness of surimi by-products which involves highlighting the responsible sourcing of surimi from sustainable fisheries and promoting the use of by-products to reduce waste and environmental impact. Manufacturers use eco-friendly packaging materials or promote recycling initiatives to align with consumers' growing focus on sustainability.
Collaborations with chefs and influencers that involve partnering with renowned chefs and food influencers, manufacturers can create buzz around surimi by-products, showcase their versatility in gourmet recipes, and reach a wider audience through cooking shows, recipe collaborations, and social media campaigns.
Key Takeaways from the Surimi By-products Report:
The global surimi by-products market is anticipated to be worth $ 2478.0 million by 2033. Global demand for surimi by-products is likely to soar at 7.5 % CAGR over the forecast period. Based on the source, the fish surimi by-products segment is anticipated to reach a valuation of US$ 1660.26 million by 2033. By end use, the feed industry surimi by-products segment is likely to exhibit 8.4% CAGR during the projection period. The United States surimi by-products market is projected to reach a valuation of US$ 651.71 million by 2033. During the forecast period, it is expected that the Indian market will grow in value at a CAGR of 5.2% .
“Surimi by-products have developed as useful culinary ingredients, with a variety of applications and benefits. Surimi by-products are renowned among manufacturers due to their adaptability in improving the texture and flavor of many culinary products. Their use aids in waste reduction and promotes sustainability. Surimi by-products are projected to see continuous demand and innovation in the next years.” – says a lead analyst at Fact.MR
Key Segments of Surimi By-product Industry Research Report
| By Source || By End Use || By Region |
| || |
Food Industry Pharmaceutical Industry Animal Feed Pet Food Food Service Retail
North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
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Who is Winning?
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 are key surimi by-products manufacturers listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
Nissui's invention of egg-free surimi was driven by customer demand for a vegetarian and allergen-free alternative
Demand for Fish Surimi as a source Remain High in the Market
During the evaluation period, the market is expected to maintain a strong demand for surimi sourced from fish. According to Fact.MR, the surimi derived from fish, holding approximately 67% of the market share, is anticipated to achieve a valuation of US$ 1,660.26 million by 2033.
Fish surimi stands as a crucial source for producing surimi by-products. Its production involves processing the flesh of white-fleshed fish into a paste-like consistency, resulting in a versatile ingredient known for its high protein content. Renowned for its mild flavor and excellent gel-forming properties, surimi serves as a fundamental element in various surimi-based food products.
The adaptability and cost-effectiveness of surimi have led to its extensive utilization in crafting seafood products such as crab sticks, fish cakes, fish balls, and more. This appeal has propelled its popularity within the global market, establishing it as a favored choice for both manufacturers and consumers.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the global surimi by-products market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the surimi by-products market based on source (fish surimi, meat surimi), and end use (food industry, pharmaceutical industry, animal Feed, pet food, food service, retail) across various regions.
Checkout More Related Studies Published by Fact.MR Research:
Surimi Market : Global demand for surimi is predicted to increase at a CAGR of 6% from 2023 to 2033. In 2023, the global surimi market is valued at US$ 6.1 billion and is estimated to reach a market size of US$ 11 billion by 2033.
Fish Meal Market : Expanding at a CAGR of 7%, the global fish meal market is predicted to increase from a valuation of US$ 5.6 billion in 2023 to US$ 11 billion by the end of 2033.
Fish Oil Market : The global fish oil market is valued at US$ 2.1 Bn, and is expected to witness a significant growth rate at a CAGR of 5.5% to top a value of US$ 3.6 Bn by 2031.
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