Vietnam's exports of fish cakes and surimi, after a decline in the first month of the quarter, have continuously increased over the following two months. The export value of fish cakes and surimi in the first three months of 2025 reached over USD 80 million, a 31% increase compared to the same period in 2024.
Vietnam has exported fish cakes and surimi to 43 global markets, including several new destinations compared to the previous year. Export turnover has shown strong growth in most markets, particularly in key markets such as South Korea, Thailand, China, Hong Kong, and Japan. In addition to traditional markets, Vietnamese surimi products have also gained access to new markets early in the year, including Russia, Spain, and the United Kingdom.
In 2024, global surimi consumption reached USD 6.4 billion. Experts forecast that this figure will exceed USD 10 billion by 2033. Surimi markets in key countries are showing positive growth and potential for future success.
China is expected to lead the surimi market by 2033, with a market value of USD 1.8 billion. Although the United States has also contributed to the market's growth, it is forecasted to have a lower surimi market value than China by 2033. Nevertheless, the U.S. will continue to play a major role in the market due to high demand for surimi-based seafood products like imitation crab or crab sticks.
India, similar to the U.S., is contributing to market growth through large-scale surimi seafood production. This is connected to the broader Asia-Pacific region, which held a 63% market share in 2024 and is expected to maintain its dominance in the coming years. In this region, surimi adoption is driven by the increasing number of supermarkets and hypermarkets.
As part of the Asia-Pacific region, countries such as Japan, Indonesia, Malaysia, and Thailand have become key players in the global surimi market, actively contributing to both consumption and product development.
Overall, the global surimi market is expanding steadily. The versatility and affordability of surimi have played a crucial role in market expansion, offering a convenient choice for consumers worldwide. As a result, Vietnam has strong opportunities to grow its exports of these products. However, opportunities often come with challenges.
Currently, pollock supplies in Russia and the U.S. are increasing, which is expected to intensify competition in export markets. At the same time, Vietnamese producers and exporters of fish cakes and surimi are facing significant difficulties, such as raw material shortages that drive up input costs and reduce competitiveness. Additionally, unresolved issues related to the issuance of S/C and C/C certificates for seafood exports have caused backlogs in documentation, hindering production and export activities.
