Wasabi Market to Reach US$ 590.8 Mn at a CAGR of 8.7% in 2027

The Wasabi market was valued at US$ 279.7 million in 2018 and is projected to reach US$ 590.8 million by 2027; it is expected to grow at a CAGR of 8.7% from 2019 to 2027.

Wasabi has a distinct flavor that stems from sulfur compounds known as isothiocyanates (ITCs). When plant tissues are injured, ITCs are formed from the precursor glucosinolates (GSLs). Wasabi's ITCs help in the treatment of inflammatory disorders such as anaphylaxis and asthma. As a result, increased awareness of wasabi's qualities is projected to propel the worldwide wasabi market forward in the coming years. In addition, the shifting taste preferences, particularly in the West, are also driving the market. The addition of hot and spicy spices in Western cuisine has inspired food and beverage makers to develop wasabi-containing products. Because of the improved taste and flavor, there is a growing demand for lighter mayonnaises and sauces, including wasabi, because of the enhanced taste and flavor.

The Wasabi market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is mainly attributed to the rising disposable income, increasing upper middle class, changing lifestyles, and evolving food habits are some of the factors that are anticipated to drive the demand of wasabi based products in Asia Pacific countries. In addition to this, the increasing risks of lifestyle diseases related to cardiovascular, digestive and respiratory systems are leading to increased consumer attention towards the importance of a balanced diet and nutrient rich foods. The temperate and tropical climates in most of the Asia Pacific countries favor the cultivation of a large variety of crops. Hence, the availability of fertile and rich organic soil in many Asian countries presents a significant opportunity for wasabi cultivation.

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Wasabi Market: Strategic Insights

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Market Insights

Rising Awareness Of Health Benefits Of Wasabi Is Expected to Fuel Wasabi Market Growth

Wasabi is a cruciferous vegetable that naturally grows typically along the streambeds in the mountain river valleys. Some compounds in wasabi, including isothiocyanates (ITCs), are responsible for the pungent flavor of wasabi that is associated with several health benefits such as antibacterial properties, anti-inflammatory properties, might promote fat loss, wasabi for cancer suppression, and other benefits. The growing awareness of these health benefits is supplementing the production of wasabi across the world and is propelling the growth of the market.

Product Type Insights

Based on product type, the wasabi market is bifurcated into powder and paste & sauces. The powder segment accounted for a larger market share in 2018. The wasabi is available in powder form and is freeze-dried, helps in retaining isothiocyanate (ITC) content and contains no additives. The wasabi powder mostly has a longer shelf life. The powder wasabi is relatively less expensive than paste available in a squeeze tube. The wasabi powder is offered in a sealed package; however, in case it is provided in a plastic bag, then it might have lost some flavors. Also, these powders are stored in the freezer to maintain the quality and taste of wasabi. Thus, all are expected to propel the demand for the wasabi during the forecast period.

Packaging Type Insights

Based on packaging type, the wasabi market is segmented into bottles, tubes, pouches & sachets, and others. The bottles segment accounted for the largest market share in 2018. The wasabi in the form of paste, beads, and capsules are offered in a bottle type of packaging. Owing to the highly susceptible nature of sauces, spreads, and soups, a requirement for packaging materials which retains the freshness and quality of a product are rising. The products mentioned above are exposed to oxidation and flavor loss in case of improper packaging; therefore, the manufacturers are reverting to glass jars and bottles from plastic packaging which is expected to increase the market growth.

A few players operating in the wasabi market are World Wasabi Inc., Clearspring Ltd., Eden Foods, KINJIRUSHI Co., Ltd., Oregon Coast Wasabi, Real Wasabi, LLC, Wingreens Farms, Wasabi Essentials Ltd., S&B Foods Inc., and Silver Spring Foods, Inc 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.

Report Spotlights

• Progressive industry trends in the wasabi market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the wasabi market from 2019 to 2027
• Estimation of global demand for Wasabi
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the wasabi market
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the wasabi market size at various nodes
• Detailed overview and segmentation of the market, as well as the wasabi industry dynamics
• Size of the wasabi market in various regions with promising growth opportunities

Wasabi Market Regional Insights

The regional trends and factors influencing the Wasabi Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wasabi Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Wasabi Market Report Scope

Wasabi Market Players Density: Understanding Its Impact on Business Dynamics

The Wasabi 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 Wasabi Market are:

1. World Wasabi Inc.
2. Clearspring Ltd.
3. Eden Foods
4. KINJIRUSHI Co., Ltd.
5. Oregon Coast Wasabi

Disclaimer: The companies listed above are not ranked in any particular order.

Wasabi Market- by Product Type

• Powder
• Paste & Sauces
• Others

Wasabi Market – by Packaging Type

• Bottles
• Tubes
• Pouches and Sachets
• Others

Wasabi Market – by Distribution Channel

• Store based
• Non-Store based

Wasabi Market- by Application

• Food & Beverages
• Medical
• Nutraceutical

Company Profiles

• World Wasabi Inc.
• Clearspring Ltd.
• Eden Foods
• KINJIRUSHI Co., Ltd.
• Oregon Coast Wasabi
• Real Wasabi, LLC
• Wingreens Farms
• Wasabi Essentials Ltd.
• S&B Foods Inc.
• Silver Spring Foods, Inc.