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

Wasabi Market to 2027 - Global Analysis and Forecasts by Product Type (Powder, Paste & Sauces, and Others); Packaging Type (Bottles, Tubes, Pouches & Sachets, and Others); Distribution Channel (Store based and Non-Store based); Application (Food & Beverages, Medical, and Nutraceutical)

Publication Month : Sep 2019

  • Report Code : TIPRE00005910
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 182
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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.

Wasabi Market

Wasabi Market
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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.

Wasabi Market, by Product Type– 2018 and 2027

Wasabi Market, by Product Type– 2018 and 2027
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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.

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Wasabi Market: Strategic Insights

wasabi-market
Market Size Value inUS$ 279.7 Million in 2018
Market Size Value byUS$ 590.8 Million by 2027
Growth rateCAGR of 8.7% from 2019-2027
Forecast Period2019-2027
Base Year2019
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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- 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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type ; Packaging Type ; Distribution Channel ; Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

  1. World Wasabi Inc.
  2. Clearspring Ltd.
  3. Eden Foods
  4. KINJIRUSHI Co., Ltd.
  5. Oregon Coast Wasabi
  6. Real Wasabi, LLC
  7. Wingreens Farms
  8. Wasabi Essentials Ltd.
  9. S&B Foods Inc.
  10. Silver Spring Foods, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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