Wasabi Market Analysis, Key Players, Segments, Industry Development, Business Opportunities and Forecast to 2024

Market Overview

Wasabi is a perennial plant that is a member of the Brassicaceae or Cruciferous family (commonly known as the mustard family). Wasabi is mostly grown in Japan and some other parts of the world including the Pacific Northwest of the US and Canada. Wasabi is known for its hot and pungent flavor and it mostly eaten with various Japanese dishes.

Leading Players

Some of the key players in the Global Wasabi Market are

Wingreens Farms Pvt. Ltd. (India),
Oregon Coast Wasabi (US),
Real Wasabi, LLC (US),
Kinjirushi CO., Ltd (US),
Pacific Coast Wasabi Ltd. (US),
S&B Foods Inc. (Japan),
Eden Foods, Inc. (US),
Clearspring Ltd. (US)
World Wasabi Inc. (New Zealand).
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Market Segment

The global wasabi market has also been segmented based on product type, packaging type, and distribution channel.

Based on product type, the global wasabi market has been divided into powder, paste and sauces, and others. The paste segment is expected to be the largest during the review period owing to consumer preference for wasabi paste, as it is more flavorful and pungent than wasabi powder. Also, wasabi paste is a key ingredient in the preparation of sushi and other Japanese dishes.

Based on packaging type, the global wasabi market has been classified as bottles and jars, tubes, pouches and sachets, and others. The bottles and jars segment is projected to account for the largest market share and be the fastest-growing during the forecast period. This can be attributed to the convenience offered by bottles and jars in the consumption of wasabi.

By distribution channel, the global wasabi market has been segmented into store-based and non-store-based. The store-based segment is projected to account for the larger market share due to the widespread availability of wasabi in supermarkets and hypermarkets.

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Regional Analysis

The Global Wasabi Market has been segmented, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific is expected to be to gain the largest revenue share of the global wasabi market during the forecast period owing to the changing preferences of consumers and increasing popularity of Japanese cuisine in the region. The food & beverage manufacturers in the region are focused on innovation to cater to changing consumer needs. Wasabi adds a unique flavor, greenish color, and pungency to food products. Additionally, wasabi is a highly valued ingredient in Japanese cuisine as it adds aesthetic and culinary appeal to many foods and is considered a staple condiment.

The market in North America is projected to register the highest growth rate during the forecast period due to the rising use of wasabi in Western cuisine. Moreover, technological developments in the food & beverage industry have led to the development of innovative processed wasabi products. Additionally, the high purchasing power of consumers resulted in changing dietary and eating habits, with an increased demand for a variety of premium-quality food products in the region.

Europe is expected to account for a notable share of the global wasabi market due to the preference of consumers for products with enhanced taste and appeal. The rising demand for innovative products and changing taste trends are driving the sales of wasabi in the region. Additionally, wasabi is popular for its anti-asthmatic and anti-inflammatory properties, which is driving increases its use in remedies for clogged sinuses and relief of congestion.

South America is expected to be major markets contributing to the growth of the market in the rest of the world. The unique flavor of wasabi is expected to drive consumption in the region, boosting the growth of the market. Across the region, manufacturers are focusing on introducing a wide range of products with wasabi as a key ingredient, which is expected to fuel regional market growth.

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This release was published on openPR.