The wasabi market is experiencing high growth during the forecast period. The rising popularity of Japanese cuisine worldwide coupled with the potential health benefits offered by wasabi are two of the major factors that are anticipated to drive the growth of global wasabi market during the forecast period. The growing customer preferences to opt for vegetables with health benefits are anticipated to boost the demand of wasabi in the future. Some of the other health properties of wasabi include anti-bacterial, anti-oxidant, anti-microbial, anti-mutagenic, and anti-inflammatory properties. Wasabi is also rich in flavonoids and polyphenols and according to some tests, it is expected to help in obesity regulation. Due to above-mentioned factors, adoption of wasabi is predicted to boom.
Moreover, the production of wasabi is proliferated across many other countries in the world including New Zealand, Taiwan, Israel, Brazil, Thailand, South Korea, US, Columbia, Canada, Great Britain, and China among others. The high price of Wasabi has led to the emergence of alternative and artificial methods of production. Several studies are carried out to develop a production environment in other parts of the world. For instance, the commercial cultivation of the plant is studied in Poland. As per the climatic conditions of Poland, it is probably possible to produce wasabi roots under polycarbonate cover with their chemical content in part similar to the original roots that is produced in Japan. This factor is anticipated to offer ample of growth opportunities to the wasabi players.
The wasabi market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region is holds a highest market share in the wasabi market. In comparison to other regions of the world, the economic outlook of APAC is quite dynamic. The economic growth in developing countries of APAC is quite impressive and these countries, which makes APAC as one of the most promising market for the growth of wasabi market.
Whereas, Asia Pacific holds the highest market share in the wasabi market, whereas, North America is expected to be fastest growing region of wasabi market. Wasabi being an aquatic perennial plant is highly prized for the culinary use of its root. The antibacterial, anti-inflammatory and other potential health benefits offered by wasabi are further driving the demand of wasabi in the US and Canada. The North American region is primarily dominated by meat eaters. Growing consumption of fish in North America and the significant health benefits of wasabi used in raw fish present a remarkable market opportunity for the wasabi growers in the region.
The wasabi market by packaging type is segmented into bottles, tubes, pouches & sachets, and others. The bottles holds a significant share in the market during the forecast period, tubes is expected to a highest growth rate. 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. On the other hand, wasabi in the tube becomes easier for the consumers, as an individual can squeeze out the necessary quantity and refrigerate the tube again. This helps in maintaining the remaining quality and pungent taste of wasabi for more days.
The major players operating in the market for 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 others.
Rest of Asia Pacific Wasabi Market by Application— Geographic Breakdown, 2018