Photo: VASEP/FIS

Vietnam's Surimi Industry Poised for Export Growth but Requires Support to Overcome Challenges

VIET NAM
Friday, May 16, 2025, 05:20 (GMT + 9)

Bolstered by a 31% surge in export value in Q1 2025 and access to new markets, Vietnam's surimi sector has significant growth potential, but raw material shortages and certification issues threaten its competitiveness, according to VASEP.

Vietnam's fish paste and surimi exports have shown a strong upward trend in the first three months of 2025. After an initial dip in January, exports steadily increased in February and March, culminating in a total export value exceeding USD 80 million for the quarter. This represents a substantial 31% increase compared to the same period in 2024, according to Ms. Nguyen Ha, a Tuna Market Expert at the Vietnam Association of Seafood Exporters and Producers (VASEP).

Vietnamese fish cakes and surimi have successfully reached 43 markets globally, including several new destinations compared to the first quarter of the previous year. Export turnover has experienced positive growth across nearly all markets, with significant increases observed in key markets such as Korea, Thailand, China, Hong Kong, and Japan. Notably, alongside these traditional partners, Vietnamese surimi products have also gained traction in new markets since the beginning of 2025, including Russia, Spain, and the United Kingdom.

The global surimi consumption market reached a value of USD 6.4 billion in 2024, and industry experts project this figure to exceed USD 10 billion by 2033. Key surimi markets worldwide are demonstrating both current growth and significant potential for future expansion.

China is forecasted to become the leading surimi market by 2033, with an estimated market value of USD 1.8 billion. While the United States has also contributed to the growth of the surimi market, projections indicate that its market value will be lower than China's by 2033. Nevertheless, the US will continue to be a major player due to its high consumption of surimi-based seafood products like imitation crab and crab sticks.

Similar to the US, India is also contributing to market growth through large-scale surimi seafood production. This trend aligns with the broader Asia-Pacific region, which held a dominant 63% share of the global surimi market in 2024 and is expected to maintain its leading position in the coming years. The increasing adoption of surimi in the Asia-Pacific region is largely attributed to the growing presence of supermarkets and hypermarkets.

Within the Asia-Pacific region, countries such as Japan, Indonesia, Malaysia, and Thailand have emerged as key players in the global surimi market, actively contributing to both consumption and the development of innovative surimi products.

Overall, the global surimi market is on a clear growth trajectory. The versatility and affordability of surimi have played a significant role in this expansion, establishing it as a convenient and accessible seafood choice worldwide. This presents a considerable opportunity for further growth in Vietnam's surimi exports. However, this potential is accompanied by several significant challenges.

Currently, increased pollock production in Russia and the United States is expected to intensify competition in key surimi markets. Domestically, Vietnamese fish cake and surimi production and export enterprises are facing considerable difficulties, including a shortage of raw materials, which is driving up raw material prices and consequently increasing overall product costs. This makes Vietnamese products more challenging to compete on price. Furthermore, persistent issues related to the issuance of Sanitary Certificates (S/C) and Certificates of Conformity (C/C) for seafood exports remain unresolved, causing a backlog of documents that hinders the production and export activities of enterprises. Addressing these challenges will be crucial for Vietnam to fully capitalize on the growing global surimi market.

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