Report : Sake Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type (Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, Junmai Daiginjo); and Range (Premium, Medium, Low)
Increasing number of export activities for sake and sake-infused products across the world is expected to drive the marketgrowth at CAGR of 4.7%
According to our latest market study on “Global Sake Market Forecast to 2027 – COVID-19 Impact and Analysis – by Type (Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, Junmai Daiginjo); Range (Premium, Medium, Low),”the marketwas valued at US$ 9,290.16 million in 2019 and is projected to reach US$ 13,146.68 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027.The report highlights key factors drivingthe market growth and the prominent players along with their developments in the market.
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Sake is an alcoholic beverage prepared by fermenting rice, which has been polished to remove the bran. Sake is also known as Japanese rice wine. In contrast to wine, in which liquor is set up by aging sugar that is normally present in organic product (ordinarily grapes), sake, and in reality any East Asian rice wine, (for example, huangjiu and cheongju), is fundamentally created by a blending cycle, which is more similar to that of lager, where starch is essentially changed over into sugars which mature into alcohol.
Increase in export of sake is expected to drive the market demand during the forecast period.The high demand for sake from several countries across the world will lead to an increase in the sake market growth rate in the coming years. With the declining trend for the sake market in Asia Pacific, the companies operating in that region have shifted their focus on promoting the drink in other parts of the world. There is an immense scope of expansion for the sake market in some Asian countries, Europe, and North America, where Japanese food is highly appreciated and dining out at Japanese food joints and restaurants is a part of regular life. Activities such as promotional programs and events have all contributed to sake market growth. As a result of high product demand, there is an increase in the number of export activities for the product across several countries. The sake of exports to the US has grown multiple times in the past few years owing to its extra-ordinary sensory characteristic to drink and high inclination of people of the states toward traditionally styled drinks.
North America holds the significant share of the global sake market due to the high use of this beverage by consumers. The US and Canada are among the leading countries in terms of sake consumption. The US dominated the North America sake market in 2019 and is projected to lead the market during 2020–2027. Several sake breweries have a strong foothold in the North American region.Takara Sake USA Inc., Gekkeikan Sake, and Ozeki Sake are among the key market players present in the North America sake market. These breweries are constantly working toward innovation and development of different varieties of sake with improved tastes and qualities to attract new consumers and widen the consumer base in the region. The export of sake to several countries across North America will contribute to the rise in demand for sake in the region. Innovative programs aimed at marketing the product across North America will constitute to increase the demand for sake in North America.
The COVID-19 outbreak has affected economies and industries in various countries due to government-imposed as well as self-imposed lockdowns, travel bans, and business shutdowns. Food& beverages processing is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The global market breakdown due to COVID-19 spread is also affecting the growth of the market for sakeapplications.
Aramasa Co, Ltd.; Asahishuzo CO., Ltd.;Blue Current Brewery; Gekkeikan Sake Co., Ltd;Hakutsuru Sake Brewing Co., Ltd; Kanpai London Craft Sake; Ozeki Corporation; Sun Masamune Pty Limited; Takara Sake USA Inc.;and Tatsuuma-Honke Brewing Co. Ltd. are among the key players operating in the global sake market.
Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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