Sake Market
The market was valued at US$ 9,290.16 million in 2019 and is anticipated to reach US$ 13,146.68 million by 2027; it is expected to grow at a CAGR of 4.7% from 2020 to 2027. This is according to our most recent market study, “Global Sake Market Forecast to 2027 – COVID-19 Impact and Analysis – by Type (Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, Junmai Daiginjo),” The study outlines significant market growth drivers, well-known companies, and their recent industry developments.
Sake is a fermented alcoholic beverage made from polished rice that has had the bran removed. Japanese rice wine is another name for sake. Sake, and actually any East Asian rice wine (for example, huangjiu and cheongju), is fundamentally created by a blending cycle that is more similar to that of lager, where starch is essentially changed over into sugars which mature into alcohol. This is in contrast to wine, in which liquor is set up by ageing sugar that is normally present in organic product (typically grapes), sake.
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Demand for the market is anticipated to be driven by an increase in sake exports throughout the forecast period. In the upcoming years, the growth rate of the sake market will increase due to the strong demand for sake from numerous nations throughout the world. Companies operating in that region have turned their focus to promoting sake in other parts of the world as a result of the falling trend for the sake market in Asia Pacific. In various Asian, European, and North American nations where Japanese cuisine is well-liked and eating out at Japanese restaurants is a common occurrence, the sake market has enormous potential for growth.
The expansion of the sake market has been facilitated by events and promotional activities, among other things. Due to the growing demand for the goods, there are more export activities taking place for it in other nations. Due to its extraordinary sensory qualities and the US public’s strong preference for traditionally crafted drinks, sake exports to the US have increased significantly over the past several years.
A large portion of the worldwide sake market is concentrated in North America due to the region’s extensive consumption of this beverage. In terms of sake consumption, the US and Canada are among the top nations. In 2019 the US led the North American sake market, and it is anticipated that it will continue to do so from 2020 to 2027. The sake industry is well-represented in North America by a number of brewers. Among the leading companies operating in the North American sake market are Takara Sake USA Inc., Gekkeikan Sake, and Ozeki Sake. To draw in new customers and broaden the region’s consumer base, these breweries are continuously attempting to innovate and develop new varieties of sake with superior tastes and attributes.
Because to governmental and self-imposed lockdowns, travel restrictions, and business closures, the COVID-19 pandemic has had an impact on the economics and industries of many different nations. One of the key businesses experiencing severe setbacks as a result of this outbreak is food and beverage industry, which includes supply chain breakdowns, technology event cancellations, and office closures. Since China is the world’s greatest producer of raw materials and the centre of the manufacturing industry, disruptions in its business operations have an impact on many companies in other nations that depend on the manufacturing industry there. The market expansion for sake applications is also being hampered by the global market collapse brought on by the COVID-19 spread.
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.
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