Wasabi Market Research Report: Information by Product Type (Powder, Paste and Sauces, Others), Packaging Type (Bottles and Jars, Tubes, Pouches and Sachets, Others), Distribution Channel (Store-Based, Non-Store-Based) and Region - Forecast till 2030

Wasabi Market Overview

The Wasabi Market Size value is expected to USD 757.27 Million CAGR 8.21% rise during the current forecast 2020-2030. Wasabi is witnessing an excellent demand as a part of the Japanese cuisine in various parts across the globe as people are recognizing the health benefits attached to the consumption of the same especially in regions like China, Korea, and New Zealand, as a part of the APAC region alongside some parts of North America like Mexico, Canada, and the USA, as well.

Covid 19 Analysis of Wasabi Market

The arrival and the spread of the pandemic across all the global locations have not only created havoc but have also posed major questions and challenges for the public healthcare system and service providers. Since the initial cases of the coronavirus disease were reported, the governments of the world were struggling with measures that could reduce the chances of the community’s spread of the infection and disease. Lockdown is one of the decisions that worked as people were sitting in their homes and hence, there were fewer chances of transmission. Also, social distancing and temporary shutting down of the businesses and their manufacturing and production units has impacted them negatively. Also, the demand patterns are disrupted as there was a decline in employment and earning abilities. The non-availability of raw materials and lack of a skilled workforce are disrupting the supply chain mechanism, as well.

Hence, to help the prominent players across the globe revive the demand, it was important to lift the lockdown and ease the restrictions for the upcoming forecast period. The government has been introducing functional regulations owing to which, the players can resume their operations and increase their investment in the research and development departments. The main aim behind this is to develop and launch products on a large scale and push for the target audience to demand the market products.

Market Dynamics

Drivers

During the forecast period, the wasabi market experts and industry leaders predict that there will be growing proliferation and trends that will result in the recognition of Japanese cuisine across various global regions in the world. The consumption of wasabi leads to improvement of health and also, has other benefits in store that will help the market players lead the operations at a pace that will result in the massive growth of the market products in various forms. Food and beverage are one of the prominent market segments that belong to the wasabi market size and it is expecting to rise at an excellent rate as there is an advent in the number of restaurants that serve Japanese cuisine that will further help the players to expand their production and manufacturing units.

Restraints

However, people are more convenient in trying the foods they already have developed a taste for. Trying new food items and cuisines and the fear of not having a good experience is one of the major restraints that the wasabi market is witnessing during the forecast period. Also, the market and target audience is taking time to accept this cuisine and developing a reliable taste for the same which is impacting the sales at the global level.

Technology Analysis

The wasabi market operations are experiencing a huge hike in the quantum of orders, alongside the revenues earned by the segments in various global locations. The market demand is rising as there is a growth in the availability of investment and hence, it is anticipated to have a huge impact on the supply quantum of the market in the upcoming years. However, the high prices associated with market products like Easabia Japonica needs to be worked upon so that the rising trends related to the market demand don’t flame down.

Study Objectives

• To project the valuable market statistics in the form of the 8.21% CAGR rate and the final market value by the end of the forecast period based on the wasabi market trends and the dynamics available to the market operations in the form of the drivers, opportunities, restraints, and challenges during the period.


• To have an idea about the revenue potential held by the global market segments and the resources available to them that will push them to expand their working and cater to the demands of the target audience and establishing a proper flow of the supply chain mechanism in the global forecast period.


• To draw a competitive graph amongst the prominent players of the wasabi market based on their recent developments in the form of product launches, mergers, acquisitions, and joint ventures that will benefit them to emerge as global competitors during both the regional and international market especially during the forecast period.

Segment Overview

Based on the wasabi market trends, the global market segmentations are responsible for catering to the vibrant needs of a large global audience and further, help the market operations to expand at the projected rate during the period. The global market segmentation is as follows:

Based on the product type

The wasabi marketincludes several products like paste, sauces, and powder amongst others to be used on global customer’s liking, taste, and preference.

Based on the packaging type

The packaging type market segment includes the availability of jars and bottles, sachets, tubes, pouches, and others like containers and boxes.

Based on the distribution channel

The availability of the final market goods is based on the role of the distribution channels. The distribution channels are both store-based and non-store-based verticals. The store channels include hypermarkets, supermarkets, and convenience stores, amongst others.

Regional Analysis

Globally, this wasabi market is inclusive of 4 major regions in which the market players and services are functional. These are North America, Europe, the APAC region, alongside the rest of the world (RoW). The other major countries like South America, the Middle East, and Africa (MEA) are a part of the rest of the world classification. Based on the trends and rising demand, the North American market segment is expecting to grow at a whooping rate and hence, attain the highest CAGR growth rate by the end of the forecast period.

Competitive Landscape

To analyze the rising degree of competition and predicting the patterns that will lead to the global growth of wasabi market, it is important to have an idea about the prominent market players. They are as follows:

• World Wasabi Inc.


• Real Wasabi LLC


• Eden Foods


• KINJIRUSHI Co. Ltd.


• Silver Spring Foods Inc.


• Oregon Coast Wasabi


• Wasabi Essentials Ltd.


• Clearspring Ltd.


• S&B Foods Inc.


• Wingreens Farms

Recent Developments

• The North American region like the US and Canada are experiencing an increase in many people flocking to the countries owing to better opportunities, career aspects, and lifestyle. The variation of the population is leading the demand for various cuisines and Japanese cuisine being one of them. Hence, the wasabi market has great aspects and opportunities for growth in this region during the forecast period.


• The companies belonging to the APAC region are expected to take the market operations and help them grow at such a rate that the APAC region is likely to hold the largest market share during the forecast period. There has been major economic development on the way for the regions belonging to the APAC region that look impressive and hold various points that will drive wasabi market.


• The European companies are developing new products and offering them at prices that go well with the spending capacity of the population in the countries. This will help in increasing the sales and demand for the products.

Report Overview

The wasabi market report is a result of extensive research that has been carried out to predict the market demand and supply patterns prevalent during the forecast period. The report helps in highlighting the market dynamics that will help the market grow as per the projections laid by the industry experts and leaders. The report highlights the recent developments undertaken by the market players and also, understands the revenue potential of the market segments present in various global locations.