Technavio analysts forecast the global wasabi market to grow at a CAGR over 10% during the forecast period, according to their latest market research report.
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Technavio forecasts the global wasabi market to grow at a CAGR over 10% by 2022. (Graphic: Business Wire)
Growth in online sales is one of the major trends being witnessed in the global wasabi market 2018-2022. The proliferation of e-commerce businesses has given a huge playing field for market players to ramp up their profitability. More customers prefer to shop online and pay for their purchases with credit or debit cards, saving time-consuming trips to stores and the need to queue up. This trend has encouraged many companies to target internet-savvy customers and venture into the growing online retail format. This business module also helps players save on operating costs, which are much lower in the online retail format compared to the physical store format. Vendors such as Oregon Coast Wasabi and Frog Eyes Wasabi, and PACIFIC COAST WASABI offer fresh wasabi products across the US. In the UK, THE WASABI COMPANY is a leading seller of wasabi products online.
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According to Technavio analysts, one of the key factors contributing to the growth of the global wasabi market is the increasing demand for Japanese cuisine:
Global wasabi market: Increasing demand for Japanese cuisine
Japanese cuisines are popular for the various health benefits they are believed to promote. The global Japanese food boom started with sushi in the 1970s and spread throughout the US riding on a health-conscious trend. Sushi then spread to Europe and gradually throughout the world. The popularity of Japanese food outside of Japan experienced qualitative changes over time, and demand began to surge for more realistic Japanese food. Strong demand is a major driving factor for the global wasabi market as wasabi is among the key ingredients used in sushi, sashimi, and other Japanese food.
According to a senior analyst at Technavio for research on food, “Apart from increasing demand for Japanese cuisine, other factors boosting the growth of the global wasabi market are increasing awareness about the health benefits of wasabi, the rise in demand for nutritious foods, and growth in the imitation of wasabi products.”
Global wasabi market: Segmentation analysis
The global wasabi market research report provides market segmentation by the application (F&B and medical and nutraceuticals), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for close to 68% share, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating the global wasabi market as well as register the highest incremental growth.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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