According to The Insight Partners’ research, the global Wasabi Market was valued at US$ 279.7 million in 2018 and is projected to amass US$ 590.8 million by 2027, growing at 8.7% CAGR from 2019 to 2027. Growing popularity of Japanese cuisine across the world and growing awareness of the health benefits of wasabi are the crucial factors credited for this expansion.
Wasabi is usually paired along with sushi. Ordinarily, a dab of wasabi is placed in the rice, and the diners get a double punch of wasabi with each piece of sushi, which is then dipped into a blend of soy sauce and another blob of wasabi. Wasabi comes with several health benefits; further, it helps in softening the smell of the fish, while drawing out more of its flavor. Additionally, wasabi suppresses the microbes and bacteria that can lead to food poisoning.
Japan remains the primary wasabi market in the world for consumption in sushi and sashimi predominantly. Further, the demand in other countries is because of the Japanese influence and the creation of new markets by the domestic producers that are looking to expand their reach. Additionally, the global popularity of sushi with a reflective transformation in the worldwide role of the Japanese fishing industry is driving the growth of the market.
Wasabi has several benefits such as antibacterial properties and anti-inflammatory properties. It also promotes weight loss and helps in suppressing cancer. The increasing awareness of these benefits of wasabi among the populace will also facilitate market augmentation over the analysis timeframe
Based on product type, the global wasabi market is divided into powder, paste & sauces, and others. Among these, the powder segment held 60.6% of the market share in 2018. The segment was assessed at US$ 169.5 million in 2018 and is expected to grow at 7.9% CAGR during the forecast period to reach US$ 335.1 million by 2027.
As per packaging type, the market is split into bottles, tubes, pouches & sachets, and others. Among these, the others segment captured 38.9% of the market share in 2018. The segment was evaluated at US$ 108.7 million in 2018 and is predicted to gather US$ 204.2 million by 2027, expanding at 7.3% CAGR from 2019 to 2027.
Speaking of distribution channel, the global wasabi market sphere is bifurcated into store-based and non-store based. Of these, the store-based segment accounted for 70.2% of the market share in 2018. The segment was appraised at US$ 196.2 million in 2018 and predicted to register 7.7% CAGR during the forecast period to accrue US$ 381.9 million by 2027.