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The year 2025 marks a significant recovery for the global surimi industry, driven by robust growth in key markets across the Asia-Pacific region. Amid this resurgence, Vietnam has emerged as a standout exporter. According to data from the Vietnam Association of Seafood Exporters and Producers (VASEP), the export value of fish cakes and surimi reached over $257 million in the first nine months of the year, a 26.1% increase compared to the same period in 2024.
Asian markets remain the industry’s cornerstone, with South Korea and Thailand leading the way, accounting for 25% and 23% of Vietnam’s total export turnover, respectively. Both markets recorded double-digit growth—17% in South Korea and 24% in Thailand.
Exports to countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also show promising growth, with double-digit increases. The China & Hong Kong market expanded by 45%, reaching nearly $36 million. Notably, the European Union (EU) saw a remarkable 79% surge, fueled by rebounding demand in Lithuania and Spain.
Another highlight is Malaysia’s explosive growth, with a 44% increase in the first nine months, signaling Southeast Asia’s emergence as a new potential market for Vietnamese surimi products.
In 2025, global surimi prices have stabilized after hitting a low point in late 2023, driven by renewed demand, particularly for convenience and ready-to-eat seafood products like crab sticks, fish cakes, and seafood snacks.
Major producers in Thailand, China, and Vietnam are investing heavily in advanced processing lines to enhance product value and meet stringent import standards. Simultaneously, traceability, sustainability certifications, and food safety compliance are becoming mandatory for maintaining export competitiveness.
Analysts predict that global surimi prices will remain stable or slightly increase by the end of 2025, supported by well-managed raw material supplies and sustained consumer demand. By 2026, the market is expected to grow sustainably at 5–7% annually, with Asia remaining central and Europe and the U.S. expanding in the value-added product segment.
However, Vietnamese enterprises face intensifying competition from regional suppliers, fluctuating logistics costs, and technical barriers.
To navigate these challenges, Vietnamese companies must adopt proactive strategies, including securing raw material sources, investing in value-added products, diversifying markets, and expanding distribution channels. Expanding into high-growth markets like Malaysia and the EU, or leveraging CPTPP tariff benefits, offers a viable path forward.
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