Sake Market is estimated to be 17.0 Billion by 2029 with a CAGR of 4.3% during the forecasted period.
Sake is an alcohol prepared by fermenting rice, which has been polished to get rid of the bran. Sake is additionally referred to as Japanese rice wine. Unlike wine, during which alcohol is ready by fermenting sugar that's naturally present in fruit (typically grapes), sake, and indeed any East Asian rice wine (such as huangjiu and cheongju), is especially produced by a brewing process, which is more like that of beer, where starch is essentially converted into sugars which ferment into alcohol. The brewing process for sake basically differs from the method for beer, where the conversion from starch to sugar and from sugar to alcohol occurs in two distinct steps. Like other rice wines, when sake is brewed, these conversions occur simultaneously. In Japan, sake is usually served with a special ceremony, where it's gently warmed during a small earthenware or porcelain bottle then sipped from a little porcelain cup called a sakazuki. Undiluted sake has an ABV of about 18%-20%. If sake is diluted with water before it's bottled, the ABV are going to be around 15%.
The report "Global Sake Market, By Range (Intopremium, Medium, and Low), By Type (Ordinary Sake, Junmai, Honjozo, Junmai Ginjo, Ginjo, and Junmai Daiginjo), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In March 2019, Takara Sake USA Inc. introduced Sho Chiku Bai Sho premium range of sake. This will enhance the product offerings of the company and helps the consumers to choose from a wide range of categories.
· In February 2016, Nestle Japan launched alcohol-inspired sake kitkat in Japan. The sake chocolate claimed to contain 0.8% alcohol within it.
Analyst View:
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.
The trend of infusing sake with ingredients and beverages, such as chocolates and beer growing rapidly as they form an exotic combination and hold the potential to gain customer attention. KItkat Japan has already launched an alcohol inspired sake kitkat in the country that has gained immense popularity since its launch. The idea of the development of sake infused product witness the rapid demand growth due to its novel nature and its characteristics.
Key Market Insights from the report:
The global sake market accounted for 8.2 billion in 2020 and is estimated to be US$ 17.0 billion by 2029 and is anticipated to register a CAGR of 4.3%. The market report has been segmented on the basis of range, type, and region.
· Depending upon range, the low segment is projected to grow at highest CAGR over the forecast period. At present, around 70%–80% of the sake produced is non-premium or low priced Futsushu, also called as regular ‘table Sake’ or Sanzoshu. Sanzoshu is called as triple sake; referring to the 3-fold increase in yield the addition of raw ethanol can deliver the cost-conscious brewer.These types are typically brewed for maximum yield and value, using cheaper rice grades that are generally less polished under 30% removed and then brewed with significant amounts of distilled alcohol and sometimes other additives.
· Depending upon type, the ordinary sake segment is projected to grow at highest CAGR over the forecast period. This is attributed to growing use of ordinary sakes in foodservice industry is expected to drive the growth of this segment.
· By region, North America holds the significant share of the global sake market due to the high use of this beverage by consumers. Moreover, the sake market in North America is expected to grow at the highest CAGR during the forecast period. The US and Canada are among the leading countries in terms of sake consumption.
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Competitive Landscape:
The prominent player operating in the global sake market includes 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..
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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