Sake is a Japanese alcoholic beverage that is made from fermented rice and is referred to as a rice wine. Sake is generally brewed using polished sake mai rice, a mold known as Aspergillus oryzae, water, and yeast. Fine sakes are aged for more than a year and most of the variations have an alcohol by volume content of between 15% and 20%.
The sake market in North America is expected to grow at the highest CAGR during the forecast period. The growth of the sake market in this region is mainly attributed to the rising consumption of alcoholic beverages in North America. The growing demand for alcoholic beverages including sake, has been catered by the rise in the number of breweries and distilleries in the region. The rising demand for sake in North America has attracted the manufacturers to establish their presence in the region, which has further fueled the growth of the sake market in North America. The presence of established companies such as Takara Sake USA Inc., Gekkeikan Sake, and Ozeki Sake are providing growth opportunities for the sake market in North America.
The COVID-19 outbreak adversely affects economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food and beverages are among the significant industries suffering from severe disruptions such as restrictions on the supply chain and shutdown of production plants. The shutdown of different plants and factories in various countries disrupts the global supply chains and negatively impacts the manufacturing activities, delivery schedules, and multiple goods sales. The COVID pandemic initially disrupted the demand for alcohol due to the shutdown of restaurants, food service providers, liquor shops, hotels, and bars which had a negative impact on the sake market. The shutdown of the local shops and pubs has generated opportunities for the online service providers which has steadied the demand for alcoholic beverages in the period of pandemic which has had a positive impact on the sake market. Thus, initially COVID 19 had a negative impact on the sake market but slowly and steadily as the demand for alcohol increased, leading to an increased demand for sake.
The decrease in demand of sake in Japan as well as in Asia Pacific countries has led to an increase in export of sake. Due to the high consumption of alcohol along with a high inclination of people towards traditional styled drinks in the US has led to an increase in export of sake to the US. The increasing growth in the number of Japanese restaurants across region such as Europe, North America has led to an increase in demand for sake. The high appreciation as well as a rising trend of pairing cuisine varieties with sake is leading to an increase in export of sake to various countries.
Based on product type, the sake market is bifurcated into Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, and Junmai Daiginjo. The ordinary sake segment accounted for the largest share of the market in 2019; whereas, the Junmai sake segment is expected to register the highest CAGR during 2020–2027. Ordinary sake is also called Futsū-shu which is an equivalent of a table wine and also accounts for the majority of the sake produced. According to Takara Sake, ordinary sake comprises of approximately two-thirds of the worldwide sake production having a mild tase and body with a subdued sweet palate and little-to-no acidity. The rice that is used to make the ordinary sake is most polished to 70% and may or may not contain added brewer’s alcohol.
Based on range, the sake market is segmented into premium, medium, and low. The low segment accounted for the largest share in market in 2019, and the premium segment is expected to register the fastest CAGR during 2020–2027. The low-price range segment of sake is brewed for obtaining maximum yield and value as well as using cheaper rice grade which are mostly polished under 30%. Most of the sake that is produced lies under the low range segment.
A few players operating in the sake market are Aramasa Co, Ltd.; Asahishuzo CO., Ltd.; Blue Current Brewery; Gekkeikan Sake Co., Ltd; Hakutsuru Sake Brewing Co., Ltd; Kanpai London; Craft Sake; Ozeki Corporation; Sun Masamune Pty Limited; Takara Sake USA Inc.; Tatsuuma-Honke Brewing Co. Ltd. among many others. The key companies implement the mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.
The regional trends and factors influencing the Sake Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Sake Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 9.29 Billion |
| Market Size by 2027 | US$ 13.15 Billion |
| Global CAGR (2019 - 2027) | 4.7% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Sake Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Sake Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Sake Market