What is Wasabi Sauce Market?
Wasabi is a spice which is traditionally prepared from a plant from the cabbage family. The roots are used as a spice and has a very strong flavor. They are smashed up into paste and used as a condiment. Wasabi’s hotness is more like hot mustard or horseradish than chili pepper, due to its irritation in the nose more than the tongue. The wasabi sauce is used in Japanese dishes such as sushi, sashimi, and soba. It is also used in western dishes like roast beef and various sauces. Moreover, wasabi has a health benefits as it has a bacteria killing effect.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | S&B Foods Inc. (Japan), Heinz (United States), Chung Jung One (South Korea), Kikkoman (Japan), Silver Spring Foods (United States), Tamaruya-Honten (Japan), Marui (Japan), Dalian Jinda Condiment (China), Blue Diamond (United States), Obento (United States) and Banjo Foods (Japan) |
The market study is being classified by Type (Hon-Wasabi and Seiyo-Wasabi), by Application (Vegetarian Recipe and Non vegetarian Recipe) and major geographies with country level break-up. According to AMA, the Global Wasabi Sauce market is expected to see steady growth rate.
S&B Foods Inc. (Japan), Heinz (United States), Chung Jung One (South Korea), Kikkoman (Japan), Silver Spring Foods (United States), Tamaruya-Honten (Japan), Marui (Japan), Dalian Jinda Condiment (China), Blue Diamond (United States), Obento (United States) and Banjo Foods (Japan) are some of the key players profiled in the study.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Japan Vendors will contribute to the maximum growth of Global Wasabi Sauce market throughout the forecasted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Wasabi Sauce market by Type, Application and Region.
On the basis of geography, the market of Wasabi Sauce has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Usage of Wasabi Sauce in Cuisines
- Health Benefits of Wasabi is Fuelling the Market
Market Trend
- Growing Popularity of Japanese Dishes
Restraints
- Availability of Alternative Options
Opportunities
- Rising Disposable Income
- Increasing Usage of Wasabi Sauce in Western Dishes
Challenges
- Lack of Awareness About the Wasabi Sauce
Market Leaders and some development strategies
On May 2020, Kikkoman has acquired Azuma Kirin from Kirin Holdings Company which produces beer. Kikkoman produces and markets soy sauce, alcoholic beverages, and other food products.
In March 2021 Heinz had announced the launch of Heinz Tarchup, Wasabioli and Hanch in Canada. Heinz is releasing Heinz Tarchup, Wasabioli, and Hanch, three new sauces inspired by Canadians. These new innovations blend some of Canada's favourite condiments into three equally saucy mashups. For a limited period, the new mashups are offered at select grocery shops across Canada.
Key Target Audience
Manufacturers, Raw material suppliers, Government associations, Research organisations and Others