The processed food industry is growing worldwide due to changing consumer preferences and increasing purchasing power. The growing influence of social media has led to consumers becoming more aware of the different cuisines around the world. A variety of wasabi products with different characteristics and forms have been introduced by companies to cater to the demand for enhanced flavor and texture. This is expected to drive the demand for wasabi across the world.
The global wasabi market has been segmented by product type, packaging type, distribution channel, and region.
Based on product type, the global wasabi market has been segmented into powder, paste and sauces, and others. The paste segment is projected to be the largest during the forecast period. The taste of wasabi is hot and pungent. However, it is different from chilies, and the hotness of wasabi dissipates in the mouth, with a mild aftertaste. Wasabi paste is used as an accompaniment to various Japanese dishes such as sushi and sashimi and is also used in cocktails. The segment is also expected to register the highest growth rate during the review period owing to the increasing popularity of Japanese cuisine across the globe.
By distribution channel, the global wasabi market has been segmented into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of wasabi in supermarkets and hypermarkets. Moreover, there is a high preference for store-based channels as they provide a one-stop shopping experience. However, the non-store-based segment is projected to register the higher CAGR due to the increasing adoption of e-commerce in food & beverage retail.
Regional Analysis
The global wasabi market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to dominate the global wasabi market owing to the high consumption of wasabi products in the countries of the region. Wasabi is used in various cuisines to enhance taste, flavor, and appeal.
The market in North America is expected to be the fastest-growing due to the expanding food & beverage industry and changing consumer eating patterns in the region.
Key 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), and World Wasabi Inc. (New Zealand).
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