Wasabi Market Outlook, Key Trends, Demand and Forecast to 2028
Market Highlights
The processed food industry is growing
worldwide due to changing consumer preferences and increasing purchasing power.
The growing influence of social media has led to consumers becoming more aware
of the different cuisines around the world. A variety of wasabi products
with different characteristics and forms have been introduced by companies to
cater to the demand for enhanced flavor and texture. This is expected to drive
the demand for wasabi across the world.
The global wasabi market has been
segmented by product type, packaging type, distribution channel, and region.
Based on product type, the
global wasabi market has been segmented into powder, paste and sauces, and others. The paste
segment is projected to be the largest during the forecast period. The taste of
wasabi is hot and pungent. However, it is different from chilies, and the
hotness of wasabi dissipates in the mouth, with a mild aftertaste. Wasabi paste
is used as an accompaniment to various Japanese dishes such as sushi and
sashimi and is also used in cocktails. The segment is also expected to register
the highest growth rate during the review period owing to the increasing
popularity of Japanese cuisine across the globe.
The global wasabi market has been
segregated, by packaging type, into bottles
and jars, tubes, pouches and sachets, and others. The
bottles and jars segment is projected to gain the majority share, in terms of
revenue, of the global wasabi market. The segment is expected to maintain its
dominance during the forecast period and grow at the fastest pace due to the
convenience offered by bottles and jars in the consumption and application of
wasabi.
By distribution channel, the global
wasabi market has been segmented into store-based and non-store-based. The
store-based segment has further been divided into supermarkets and
hypermarkets, convenience stores, and others. The store-based segment is
projected to account for the larger market share due to the widespread
availability of wasabi in supermarkets and hypermarkets. Moreover, there is a
high preference for store-based channels as they provide a one-stop shopping
experience. However, the non-store-based segment is projected to register the
higher CAGR due to the increasing adoption of e-commerce in food & beverage
retail.
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Regional Analysis
The global wasabi market has been segmented, on the basis of region, into North America,
Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate
the global wasabi market owing to the high consumption of wasabi products in the countries
of the region. Wasabi is used in various cuisines to enhance taste, flavor, and
appeal.
The market in North America is
expected to be the fastest-growing due to the expanding food & beverage
industry and changing consumer eating patterns in the region.
Key Players
Some of the key players in the global
wasabi market are Wingreens Farms Pvt. Ltd. (India), Oregon Coast Wasabi (US),
Real Wasabi, LLC (US), Kinjirushi CO., Ltd (US), Pacific Coast Wasabi Ltd.
(US), S&B Foods Inc. (Japan), Eden Foods, Inc. (US), Clearspring Ltd. (US),
and World Wasabi Inc. (New Zealand).
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