The Wasabi Market to 2027 sheds light on the existing industry landscape and puts forward crucial market drivers and opportunities in the coming years. The Wasabi market is anticipated to witness decent growth in the coming years. The report offers an extensive pool of market data covering market sizes, revenue forecasts, value chain, product trends, and price trends that serve as a blueprint for businesses.
The global wasabi market accounted to US$ 279.7 Mn in 2018 and is expected to grow at a CAGR of 8.7% during the forecast period 2019 – 2027, to account to US$ 590.8 Mn by 2027.
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Many of the chefs are experimenting with fusion cuisine are finding new uses for wasabi. For instance, wasabi now finds its usage with steak, ice cream, and even for beer brewing. The growing usage of wasabi with steak and roast beef is opportunistic for the growth of the market. Other combinations of wasabi including chocolate bars, sweets, starch, popcorn, rice, and salad among others are estimated to bolster the market demand for wasabi at a global level across varied demographics of population and choices. Therefore, this factor will positively impact the growth of wasabi market.
The global wasabi market by prtoduct type is segmented into powder, paste & sauces, and others. The powder segment dominates the wasabi market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The wasabi powder is offered in a sealed package. The wasabi powder is stored in the freezer to maintain the quality and taste of wasabi.
The global wasabi market by packaging type is segmented into bottles, tubes, pouches & sachets, and others. The bottles dominates the wasabi market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The bottle packaging helps in maintaining the quality and shelf-life of wasabi.
The wasabi market by application is further segmented into food & beverage, medical, and nutraceutical. The food & beverage of the wasabi market dominate the application segment and is expected to continue its dominance throughout the forecast period from 2019 – 2027. With an increase in the number of Japanese restaurants, demand for authentic wasabi is also booming. Around 5-10% of restaurants serve wasabi which is made from the actual plant outside Japan, whereas, remaining hotels and restaurants uses imitation of wasabi made up from horseradish, green color flavoring, mustard, and others.
The global food and beverage sector has experienced significant growth over the past few years, with robust developments and innovations in the industry. Consumer preferences and demands have drastically changed owing to improved focus on dietary habits and the incorporation of super foods. On the other hand, processed, ultra-processed, and frozen foods are also witnessing high demand due to modern lifestyles. Besides, manufacturers are now looking at creating differentiated and customized food products, which further escalates the growth of the food & beverage industry.
The Wasabi market is segmented based on Type, Form and Applications. The report features exhaustive PEST analysis for five major regions, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (S&CAM). The report covers forecasts of 18 major countries along with existing trends and opportunities within these regions.
Leading companies profiled in the report include:
- World Wasabi Inc.
- Clearspring Ltd.
- Eden Foods
- KINJIRUSHI Co., Ltd.
- Oregon Coast Wasabi
- Real Wasabi, LLC
- Wingreens Farms
- Wasabi Essentials Ltd.
- S&B Foods Inc.
- Silver Spring Foods, Inc.
The report highlights key growth strategies adopted by these players of the Wasabi industry, including details such as financial overview, product/ services offered, notable developments, and SWOT analysis.
The report answers the following key aspects:
- Wasabi Market size and growth rate in the forecast period.
- Existing market trends.
- Factors driving Wasabi market growth.
- Future opportunities in the Global Wasabi Market.
- Market initiatives by the leading vendors.
- PEST analysis across five major regions.
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This post was originally published on The Picayune Current