After a slow start in the first month of the quarter, Vietnam’s fish cake and surimi exports posted consecutive growth in the following two months, bringing total export value in Q1 2025 to over USD 80 million, up 31% year-on-year.
By the end of Q1, Vietnamese fish cake and surimi products had reached 43 international markets, including several new destinations such as Russia, Spain, and the UK. Export value rose significantly across major markets including South Korea, Thailand, China, Hong Kong, and Japan.
Global surimi demand is on an upward trajectory. In 2024, the global market was valued at USD 6.4 billion and is forecasted to exceed USD 10 billion by 2033. China is expected to lead with a market value of USD 1.8 billion. While the U.S. will likely rank behind China in market size, it will continue to play a major role due to high consumption of surimi-based seafood such as imitation crab. India is also contributing to market growth through large-scale surimi production.
The Asia-Pacific region, which accounted for 63% of the global surimi market in 2024, is projected to maintain its dominance. Countries like Japan, Indonesia, Malaysia, and Thailand are not only key consumers but also important hubs for product innovation. Surimi's affordability and versatility have facilitated its global expansion, especially through the growth of modern retail chains.
For Vietnam, the increasing global demand and positive market outlook present strong opportunities to grow surimi exports. However, these opportunities also come with challenges that require greater investment in product quality, processing technology, and global competitiveness.