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.
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.
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.
Increasing awareness of health benefits of wasabi
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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Top Key Players: 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.
Emergence of fusion cuisine
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.
GLOBAL WASABI MARKET SEGMENTATION
Global Wasabi Market – By Product Type
Global Wasabi Market – By Distribution Channel
Global Wasabi Market – By Packaging Type
Global Wasabi Market – By Application
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Some of the market Initiatives were observed to be most adopted strategy in the global wasabi market. Few of the recent market initiatives are listed below:
2018: Silver Spring Foods and Lambeau Field entered into partnership. The field is a home of the Green Bay Packers, for the NFL season. Silver Spring Foods horseradish are supplied where Bloody Marys are provided in the stadium. Through this partnership, the fans enjoyed the food in special events and suites inside the stadium.
2018: Clean Eating magazine acknowledged EDEN Genmai Miso as a 2018 Clean Choice. Clean Eating said EDEN Genmai Miso is a “Gluten-free and aged in cedar kegs for nearly 18 months. The organic miso enhance the taste of salad dressings, sauces, and soups.
2017: S&B Foods has introduced new wasabi powder products. The new 300g wasabi product is made without any additional colors, flavors, and food additives. Also, the 1kg product holds a strong pungency to satisfy the customer’s needs.
2017: Silver Spring Foods Inc. has extended its product line of Horseradish by adding horseradish Steak Sauce. The new sauce has a balance of sweet, savory, and horseradish heat. The sauce is to be stored in refrigerator to maintain its taste and significance.
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