PUBLISHER: DataM Intelligence | PRODUCT CODE: 1304568
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1304568
The Global Sake Market reached US$ 9.1 billion in 2022 and is expected to reach US$ 12.9 billion by 2030 and is expected to grow with a CAGR of 4.5% during the forecast period 2023-2030.
Sake is sometimes called rice wine because it is made from fermented rice. However, unlike grape wine, which is produced through the fermentation of fruit sugars, sake is made through a brewing process similar to beer. Sake production involves several steps, including rice polishing, koji mold cultivation, fermentation, and filtration. The process requires careful craftsmanship and adherence to traditional brewing techniques. Different types of rice are used in sake production, and the choice of rice variety can impact the flavor, aroma, and overall quality of the sake. Specially cultivated sake rice varieties, such as Yamada Nishiki and Gohyakumangoku, are often preferred for premium sake.
Premium and high-quality sake are increasingly in demand on a global scale. Customers are open to trying new things and are willing to pay more for the sake of distinctive flavors, craftsmanship, and brewing methods. For instance, breweries in Japan have been concentrating on making the premium Junmai Daiginjo sake, which is renowned for its excellence and complexity.
Globalization has led to the expansion of international trade networks, making it easier for sake producers to export their products to various countries. This increased accessibility and distribution of sake in global markets contribute to the growth of the sake industry. According to the National Tax Agency of Japan, Japanese sake exports almost tripled from 2010 to 2020 with an annual export value of 24,141 million JPY (US$ 234.2 million).
Globalization has resulted in cross-cultural culinary exchanges, where people are more willing to explore and appreciate cuisines from different parts of the world. The popularity of Japanese cuisines, such as sushi and ramen, has significantly contributed to the increased consumption of sake globally.
Premiumization is a global trend observed across various industries, including the alcoholic beverage sector. Consumers are increasingly willing to pay a premium for high-quality and distinctive products. Sake, with its diverse range of flavor profiles and craftsmanship, has the potential to capture the premium market segment and cater to consumers seeking unique and refined drinking experiences. According to a study published by Pennsylvania State University, in 2021, 24% of consumers in the U.S. spent $50 or more on a bottle of alcohol, with the percentage growing to 33% in 2022.
Sake producers are exploring new techniques, ingredients, and styles to differentiate their offerings and cater to evolving consumer preferences. This includes experimenting with aging techniques, using different rice varieties, and incorporating innovative flavors or brewing methods. Product innovation not only attracts new consumers but also encourages existing sake drinkers to explore different options within the category.
The alcoholic beverage market offers a wide range of options, including beer, wine, spirits, and cocktails. Consumers have diverse preferences and varying taste profiles. The availability and variety of these alternative beverages can divert consumer attention away from sake, limiting its market growth.
Different regions and countries have their traditional alcoholic beverages deeply rooted in their cultures. For example, in Western countries, wine and beer are often preferred, while spirits hold a prominent position in some other regions. These established drinking habits and cultural preferences can make it challenging for Sake to gain significant market share outside of its traditional consumer base.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Geopolitical tensions and conflicts can lead to trade disruptions and restrictions, including tariffs, embargoes, or import/export difficulties. These barriers can affect the import and export of sake between the countries involved, potentially impacting the availability and distribution of sake in the affected regions. Geopolitical conflicts often create economic instability, affecting consumer purchasing power and overall market conditions. Uncertainty and economic downturn can lead to reduced consumer spending on non-essential goods, including specialty beverages like sake.q
The global sake market is segmented based on type, age group, and region.
As individuals enter their 40s and beyond, they often develop a more refined palate and a greater appreciation for complex flavors. Sake, with its diverse range of styles, flavors, and craftsmanship, appeals to individuals who seek unique and sophisticated drinking experiences.
By their 40s and 50s, individuals have typically had more exposure to different cultures, including Japanese cuisine and traditions. The familiarity with Japanese culture, along with a sense of curiosity and willingness to explore new experiences, can drive the interest in and consumption of sake.
Japanese cuisine, including sushi, ramen, and other traditional dishes, has gained significant popularity in Europe. As consumers become more familiar with Japanese food culture, there is a corresponding interest in pairing sake with these culinary experiences. This growing interest in Japanese cuisine creates a favorable environment for the growth of the sake market in Europe.
Europe has experienced increased cultural exchange and globalization, leading to greater exposure to different cultural traditions and products. Sake, as a traditional Japanese beverage, is gaining recognition as part of this cultural exchange. According to Japan Sake and Shochu Makers Association, France recorded the highest percentage of growth in both total value and volume with a 230.3% increase in value and a 197.5% increase in volume compared to 2020. The expanding multicultural environment contributes to the growing demand and consumption of sake in Europe.
The major global players in the market include: Hakutsuru Sake Brewing Co., Ltd., Ozeki Sake, KANPAI London Craft Sake, Aramasa Shuzo Co., Sun Masamune Pty Limited, Takara Holdings Inc., Blue Current Brewery, Asahishuzo CO., Ltd., Tatsuuma-Honke Brewing Co. Ltd., and Gekkeikan Sake Co., Ltd.
The global Sake market report would provide approximately 53 tables, 50 figures and 190 pages.
LIST NOT EXHAUSTIVE