Demand and Trend Analysis of Surimi in Latin America

Surimi Sales Outlook for Latin America (2024 to 2034)

Demand for surimi products in Latin America is calculated at a market value of US$ 146.1 million for 2024 and is projected to reach US$ 237.9 million by 2034-end. The Latin American market is forecasted to expand at a CAGR of 5% from 2024 to 2034.

Surimi is a seafood product that is typically made from fish, such as Pacific whiting, silver carp, pollock, hake, or cod. The surimi is produced by cleaning, deboning, mincing the fish, and then mixing the resulting fish paste with other ingredients and flavorings or additives. The mixture is often formed into various shapes and may be colored to resemble the appearance of crab, lobster, or other shellfish.

Surimi is known for its versatile use in the creation of imitation seafood products, such as imitation crab sticks or seafood extenders. These food products are popular in various cuisines and are often used in salads, sushi, and other food dishes as a more affordable alternative to traditional seafood.

• Demand for Pacific whiting-based surimi products is forecasted to increase at a CAGR of 4.5% through 2034 in Latin America.

Pacific whiting is a relatively abundant and cost-effective fish. Using it as a base for surimi can result in more affordable surimi products, appealing to cost-conscious Latin American consumers.

Report Attributes	Details
Surimi Sales in Latin America (2024E)	US$ 146.1 Million
Forecasted Sales (2034F)	US$ 237.9 Million
Demand Growth (2024 to 2034)	5% CAGR
Pacific Whiting-based Surimi Sales (2024E)	US$ 86.3 Million
Retail Sales of Surimi (2024E)	US$ 36.8 Million
Key Companies Profiled	Trident Seafoods Glacier Fish Company American Seafoods Group Aquamar Inc Viciunai Group Thong Siek Global

Will Rapid Urbanization and Hectic Lifestyles Drive Consumption of Surimi Products in Latin America?

“Surimi Favored as Easy and Portable Snacking Option for Busy Individuals”

Increasing urbanization and the associated rise in hectic lifestyles is significantly reshaping consumer preferences and food consumption patterns. As people increasingly find themselves pressed for time, the demand for convenient and ready-to-eat food options is increasing. Surimi, with its unique characteristics and versatility, is emerging as a favored ingredient that aligns seamlessly with the needs and preferences of urban consumers.

The versatility of surimi allows it to be used in a wide range of culinary applications. Whether it's being shaped into crab sticks for sushi, added to salads, or used in wraps and sandwiches, surimi adapts effortlessly to diverse cooking styles, offering urban consumers flexibility in their meal choices.

The pre-processed nature of surimi minimizes food waste, as it can be used in precise quantities, preventing the need for excess purchasing or the discarding of unused portions. Surimi's adaptability extends to on-the-go eating habits. It can be included in snack packs, bento boxes, or wraps, catering to the urban consumer's preference for portable and easily consumable food options.

“Growing Spending Power Pushing Sales of High-quality Surimi Products”

Increasing economic growth observed in the Latin American region, coupled with a rise in disposable income levels among its population, is bringing a notable shift in consumer spending patterns. One of the significant beneficiaries of this economic prosperity is the food industry, particularly the market for premium and convenience food products.

Surimi, with its versatility and ability to mimic the flavors and textures of premium seafood, caters to consumers who seek both quality and variety in their meals. Another aspect that contributes to surimi's popularity in urban settings is its adaptability to diverse cuisines. As urban areas often boast multicultural populations, surimi's neutral flavor profile allows it to seamlessly integrate into various culinary traditions. It serves as a versatile ingredient for creating a range of dishes, from Asian-inspired sushi rolls to Latin American seafood salads, catering to the diverse tastes of urban dwellers.

Country-wise Analysis

Which Factors are Driving Surimi Sales in Brazil?

“Versatility of Surimi Driving its Popularity Among Busy Brazilian Population”

Attribute	Brazil
Market Value (2024E)	US$ 28.8 Million
Growth Rate (2024 to 2034)	6.2% CAGR
Projected Value (2034F)	US$ 52.6 Million

Brazil's urbanization trend is leading to hectic lifestyles, where consumers prioritize convenience in their food choices. Surimi's ease of use and quick preparation make it a convenient option for urban dwellers, fitting well with the fast-paced nature of modern Brazilian life.

Brazil's extensive coastline and seafood-rich cuisines are also creating a natural acceptance and demand for surimi seafood products.

Why is Surimi Demand High in Mexico?

“Surimi Matching Well with Traditional Mexican Seafood Dishes”

Attribute	Mexico
Market Value (2024E)	US$ 21.1 Million
Growth Rate (2024 to 2034)	5.7% CAGR
Projected Value (2034F)	US$ 36.7 Million

Mexico's rich culinary heritage places significant emphasis on seafood, with dishes such as ceviche and tacos being popular. Surimi's versatility allows it to seamlessly integrate into traditional Mexican seafood recipes, making it a sought-after ingredient.

Surimi's ready-to-use nature and quick cooking times appeal to consumers looking for convenient ingredients without compromising the authenticity of their Mexican dishes. Its affordability also allows a wide range of consumers to enjoy seafood flavors without the premium price tag.

Category-wise Analysis

Why is the HoReCa Sector a Major Consumer of Surimi?

“Surimi Seen as Versatile and Flavorful Ingredient in HoReCa Dishes”

Attribute	HoReCa
Segment Value (2024E)	US$ 64.9 Million
Growth Rate (2024 to 2034)	5.3% CAGR
Projected Value (2034F)	US$ 108.8 Million

Surimi is often more cost-effective than fresh seafood, making it an attractive option for businesses in the HoReCa (Hotel, Restaurant, and Catering) sector seeking to manage operational costs without compromising on quality. This cost advantage allows for the creation of seafood-inspired dishes at a more accessible price point.

The versatility of surimi allows Latin American chefs to create a diverse range of dishes, from appetizers to main courses. Its ability to mimic the textures and flavors of various seafood types makes it a versatile ingredient for culinary innovation, enabling the development of unique and appealing menu items.

Competitive Landscape

Leading surimi companies in Latin America are employing various strategies to boost their market presence, meet consumer demands, and increase earnings. They are constantly introducing new surimi-based products and flavors to cater to changing consumer preferences and keep offerings fresh and exciting. Production of value-added products, such as surimi snacks or ready-to-eat options is boosting their revenue shares.

Key market players are forming strategic partnerships with suppliers, distributors, and other industry players to streamline the supply chain, reduce costs, and enhance overall efficiency. They are also collaborating with restaurants, hotels, and catering services to increase their surimi product sales.

Trident Seafoods is a prominent seafood company based in the United States, well-known for its surimi-based products. Through international distribution channels, sales of surimi are also increasing in Latin America.

Segmentation of Surimi Study in Latin America

• By Species :

  • Alaska Pollocks
  • Itoyori
  • Pacific Whiting
  • Silver Carp
  • Others

• By Form :

  • Fresh
  • Chilled
  • Frozen

• By End Use :

  • HoReCa (Hotel, Restaurant, and Catering)
  • Food Processing
  • Households
  • Others

• By Distribution Channel :

  • Direct Sales
  • Retail Sales
    • Online Retail
    • Supermarkets and Hypermarkets
    • Wet Markets
    • Others

• By Country :

  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Peru
  • Rest of Latin America