July 02, 2020
As per the report titled ‘Global Wasabi Market Size study with COVID-19 impact, by Application (Food and Beverage, Medical and Nutraceuticals) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global wasabi market attained a valuation of USD 303.27 million in 2019 and is projected register an appreciable CAGR of 8.7% through 2026.
Rising prevalence of chronic diseases, in tandem with growing awareness regarding various health benefits of wasabi are fueling the growth of global wasabi market, cites the report.
For the uninitiated, wasabi, also known Japanese horseradish, is a plant of the Brassicaceae family. It is a rich source of carbohydrates, water, and fat. Moreover, wasabi aids in joints & muscles pain relief owing to its anti-inflammatory properties. It also reduces risk of cancer and heart diseases, prevents bacterial infections especially in the mouth, and lowers the irritation from seasonal allergies.
According to the projections of World Health Organization till 2020, chronic diseases will account for nearly three-quarters of worldwide deaths. It also stated that ischemic heart disease is responsible for 71% of deaths in developing nations, while stroke and diabetes account for 75% and 70% of deaths respectively. Thus, growing health consciousness is likely to boost the demand for wasabi. Furthermore, rapid growth of food & beverage industry worldwide is expected to present lucrative opportunities for wasabi market in the coming years.
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On the contrary, unforeseen climatic changes may affect crop yield and restrain the industry growth to a certain extent. In addition, global COVID-19 crisis has withheld the processing and import & export of wasabi due to strict lockdown mandates and shutdown of manufacturing plants, resulting in sluggish growth of worldwide wasabi industry.
Considering the geographical landscape, global wasabi market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America market garnered majority revenues in the recent past, owing to burgeoning cases of chronic diseases in the region.
Meanwhile, Asia Pacific wasabi market is slated to show remarkable growth during the study period, attributable to rising popularity of wasabi in southeast Asian countries and growth of beverage industry across APAC.
Key players operating in global wasabi market are Silver Spring Foods Inc., S&B Foods Inc., Wasabi Essentials Ltd., Wingreens Farms, Real Wasabi, LLC, Oregon Coast Wasabi, KINJIRUSHI Co. Ltd., Eden Foods, Clearspring Ltd., and World Wasabi Inc.