Increasing number of export activities for sake and sake-infused products across the world is expected to drive the marketgrowth at CAGR of 4.7%
NEW YORK, UNITED STATES, December 9, 2022 /EINPresswire.com/ — The sake market was valued at US$ 9,290.16 million in 2019 and is projected to reach US$ 13,146.68 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027.
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.
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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.;and Tatsuuma-Honke Brewing Co. Ltd. are among the key players operating in the global sake market.
Increase in export of sake is expected to drive the market demand during the forecast period.The high demand for sake from several countries across the world will lead to an increase in the sake market growth rate in the coming years. With the declining trend for the sake market in Asia Pacific, the companies operating in that region have shifted their focus on promoting the drink in other parts of the world. There is an immense scope of expansion for the sake market in some Asian countries, Europe, and North America, where Japanese food is highly appreciated and dining out at Japanese food joints and restaurants is a part of regular life. Activities such as promotional programs and events have all contributed to sake market growth. As a result of high product demand, there is an increase in the number of export activities for the product across several countries. The sake of exports to the US has grown multiple times in the past few years owing to its extra-ordinary sensory characteristic to drink and high inclination of people of the states toward traditionally styled drinks.
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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.
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Sake Market is expected to reach US$13,146.68 million by 2027 | The Insight Partners
