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Global Sake Industry, Market Trends, Growth, Insights 2024
Global Sake Industry, Market Insights
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According to The Business Research Company's, The sake market size has grown strongly in recent years. It will grow from $9.28 billion in 2023 to $9.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, expansion of online sales platforms and increasing consumer preference for beverages.
The sake market size is expected to see strong growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to changes in health-conscious consumers and lifestyles, growing interest in japanese culture and cuisine and increasing government support. Major trends in the forecast period include evelop innovative products to meet the growing demand for sustainable products and reduce their environmental impact, focus on investments to increase production capacity and to sustain their position in the market, focus on advanced technologies to provide reliable products to their customers and strengthen their position in the market, focus on launching sake brewing projects for the sake industry.
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Market Drivers and Trends:
High demand for sake from several countries is expected to propel the growth of the sake market going forward. Sake refers to the Japanese alcohol brewed from different polished rice. In recent times, Japan's local drink has gained interest from various countries such as the USA, due to various factors such as increased awareness of sake's health benefits, which include stimulating blood alcohol metabolism, subduing blood pressure, and reducing cholesterol and blood triglycerides. For instance, in March 2022, according to the National Tax Agency, a Japan-based tax-collecting organization, in 2021, the export value of sake was around $302 million (JPY 40.2 billion), a rise of 66.4% from the previous year. Furthermore, according to the Japan Sake and Shochu Makers Association, a Japan-based association, the total volume of sake export in the USA was about 9,084 KL (kiloliter), a year-over-year increase of 102.9%, and in China was approximately ($10.89 billion) JPY 14.16 billion (137.8% increase year-over-year). Therefore, the high demand for sake from several countries drives the growth of the sake market.
Product innovations are a key trend gaining popularity in the sake market. Major companies in the sake market are focused on developing innovative products to strengthen their market position in the market. For instance, in December 2022, Fukuju Brewery, a Japan-based sake producer, launched Fukuju Junmai EcoZero, the world's first carbon-neutral sake with net zero emissions. The emissions are minimized by decreasing the rice polishing ratio from 70% to 80%, which thereby decreases the energy consumption during the milling process, and uses Kyokai dried yeast to shorten the brewing process by seven days.
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Major Key Players of the Market:
The Chemours Company, The Linde Group, Dongyue Group, Honeywell International Inc, Arkema S A, Orbia, SRF Limited, Asahi Glass Co Inc (AGC), Gujarat Fluorochemicals Ltd., Daikin Industries Ltd, Zhejiang Fotech International Co.Ltd., Changshu 3F Zhonghao New Chemical Materials Co. Ltd., Tazzetti S.p.A, AGC Inc., Sinochem Group Co. Ltd., GEA Group AG, Frigopoint, Quimobásicos, S.A. De C.V., Grupo CLIMSA, Mexichem Flúor S.A. de C.V., DuPont, Hudson Technologies, National Refrigerants Inc, The Bluon Energy, Cheminova Brasil Ltda, Climafrío S.A.S, Gulf Cryo, Abdullah Hashim Industrial Gases & Equipment Co. Ltd, National Gas Company (NGC), El-Sewedy Electrometer, Tasqeef, AIR LIQUIDE SA, Hychill, Hess Corporation, A-gas International
Sake Market 2024 Key Insights:
• The sake market size is expected to see strong growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Global Expansion And Rising Demand Driving Growth In The Sake Market
• Innovative Product Development Driving Growth In The Sake Market
• North America was the largest region in the sake market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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