Wasabi Market Overview by New Technology, Demand and Scope 2020 to 2027

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

Wasabi is a cruciferous vegetable that naturally grows typically along the streambeds in the mountain river valleys. Owing to its some of the medicinal properties such as anti-inflammatory properties, antibacterial properties, fat loss, cancer suppression, and healing muscle pain, wasabi is gainig high potential in the market. Thus, use of wasabi in the form of paste, powder is expected to be the main driving factor of the wasabi market.

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Geographically, the wasabi market is segmented into North America, Asia pacific (APAC), Europe, MEA, and SAM regions. Asia Pacific leads the wasabi market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years. North America would continue to generate relatively greater profit, as it is largely consumed as a condiment with Asian dishes but is also used as a flavoring and can be consumed fresh. Almost 60% of the world’s population lives in the Asia Pacific region, and many of the countries are the agriculture dominated countries, which further raises the growth of the agro-food industry in the region.

Global Wasabi Market – Company Profiles

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 North America is the second-largest market in the wasabi market. Apart from APAC and North America, Europe remains at the third-largest geographic segment in the wasabi market. In the European countries, the demand for healthy foods and diets is rising at a fast pace in developed countries such as Germany, France, Italy, and UK. The popularity of Japanese cuisine due to its superb mix of nutrition is also increasing among Europeans. All the aforesaid factors would help to boost the business of wasabi market.

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 distribution channel is segmented into store-based and non store-based. The store-based segment dominates the wasabi market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. Due to high price and scarcity of wasabi, the products of wasabi are available in specialty shop, as these shops deal in marketing of specific products only.

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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.

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This release was published on openPR.