Consumption of Exotic Cuisines to Drive Global Wasabi Market
The wasabi market size is projected to increase by 8.21% with an estimated value of USD 757.27 million within the forecast period of 2020-2030.
Wasabi is a paste made from its ground rhizomes and used as a condiment in various cuisines. High volume of isothiocyanate compounds in wasabi gives it a unique flavor and helps in tackling asthma and anaphylaxis. Openness to trying new flavors and addition of spicy ingredients in Western cuisines can provide wasabi ample scope in global foods. The global wasabi market report by Market Research Future (MRFR) outlines numerous drivers, challenges, and opportunities for players for the period of 2020 to 2030 (forecast period).
Market Scope
The global Wasabi Market Outlook is expected to perform exceptionally owing to demand for mild tasting sauces with the flavor of wasabi. Influence of social media has spread the benefits of wasabi as well as its servings paired with various dishes globally. Promotion by influencers and the proliferation of the digital space has led to maximum reach worldwide. Introduction of wasabi products according to local tastes and foods is likely to culminate in high dividends for the market in the coming years.
Segmentation
The global wasabi market Insights has been segmented based on product type, packaging type, and distribution channel.
Based on product type, the wasabi industry has been classified as powder, paste and sauces, and others. The paste and sauces segment is projected to dominate the market owing to the hot and pungent taste of wasabi. Its distinct texture and hotness from chilly sauce, accompaniments in various cuisines, and inclusions in cocktails can bode well for the global wasabi market till 2023.
On the basis of packaging type, the global market has been segregated into bottles and jars, tubes, pouches and sachets, and others. The bottles and jars segment had accounted for a large market share and will continue its reign till the end of the forecast period. This can be attributed to the convenience offered by bottles and jars.
The global wasabi industry has also been divided, on the basis of distribution channel, into store-based and non-store-based. The store-based segment has been further categorized as supermarkets and hypermarkets, convenience stores, and others. The store-based segment will dominate the global wasabi market owing to access to wasabi products in supermarkets and hypermarkets in their proximity. But the non-store segment can witness maximum demand owing to the proliferation of ecommerce stores.
Regional Analysis
The global wasabi market has been studied for four regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is anticipated to dominate the market during the forecast period owing to the serving of wasabi to be used in Asian cuisine such as noodles or sushi. Its pungent and hot taste combined with other properties is likely to induce massive demand for wasabi. Large sales of savory snacks are bound to fuel the demand for wasabi in the coming years.
Europe has a large share of the market owing to the penchant for servings with quality, texture, and taste. The demand for ethnic cuisines and incorporation of wasabi as a flavor in savory or salty snacks is projected to contribute to regional market demand. Consumption of snacks by private labels can be lucrative for the global wasabi market.
But the North America wasabi market is deemed to exhibit the highest growth rate among the regions owing to changing tastes of consumers and the need for consuming exotic cuisines. Price consciousness among consumers will trigger the need for innovative campaigns and promotions.
Competition Outlook
Clearspring Ltd., Kinjirushi CO., Ltd, Eden Foods, Inc., World Wasabi Inc., SB Foods Inc., Wingreens Farms Pvt. Ltd., Oregon Coast Wasabi, Real Wasabi, LLC, and Pacific Coast Wasabi Ltd. are notable players of the global wasabi market.
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