Wasabi Market To Grow By USD 466.1 Million (2024-2028), Driven By Health Benefits Awareness, With AI Impacting Market Trends - Technavio

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global
wasabi market
size is estimated to grow by USD 466.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
10.68%
during the forecast period. Rising awareness about health benefits of wasabi
is driving market growth,
with a trend towards
rising sales of wasabi online. However,
side effects on overuse of wasabi
poses a challenge market players include Beaverton Foods Inc., Clearspring Ltd., Connors
Greens LLC, Eden Foods Inc., Half Moon Bay Wasabi Co., J.R. Kelly Co., Kelchner Food Products, Kikkoman Sales USA Inc., KINJIRUSHI Co. Ltd., McCormick and Co. Inc., Mountain View Wasabi, MUSO Co., Ltd., Oregon Coast Wasabi, Pacific Coast Wasabi Ltd., Real Wasabi LLC, S and B Foods Inc., Shima Wasabi, Tamaruya Honten Co. Ltd., TasFoods Ltd., The Good Bean Inc., The Wasabi Co., and ZHUHAI KINGZEST FOOD CO. LTD..

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Market Driver

Wasabi, the peppery condiment known for its distinctive taste and nasal tingling sensation, is experiencing in popularity due to increased awareness of its health benefits. The consumption of wasabi extracts and food preparations, such as noodles and soups, is on the rise in both the nutraceutical and medical industries. Wasabi's anti-inflammatory and antimicrobial effects are being studied for their potential in preventing chronic diseases like heart disease, cancer, and diabetes. E-commerce businesses and online shopping platforms are making it easier for consumers to access fresh wasabi in various forms, including sauce, powder, bottles, tubes, and pouches and sachets. The food service industries are also embracing this trend, with sustainable agricultural practices and technology development, such as artificial intelligence, enhancing the production and packaging of wasabi. The rhizome, leaf, and petiole of the Wasabia japonica plant contain bioactive compounds like isothiocyanates, which have antioxidant, antimicrobial, and digestive properties. The gastronomy and pharmaceuticals industries are exploring innovative uses for these compounds, including in the treatment of arthritis and improving gut health. Authenticity and high-quality ingredients are essential in the Japanese cuisine, where wasabi is a staple condiment in restaurants. Cultivation methods and cultural significance are also important considerations, with geographical cultivation areas playing a role in the authenticity and flavor profile of the wasabi. The market for imitation products is growing, but consumers are increasingly demanding real, high-quality wasabi.

The e-commerce sector presents a significant opportunity for businesses to boost their profits as more consumers opt for online shopping. Convenience and time savings are key drivers, with customers preferring to pay for purchases using credit or debit cards instead of making time-consuming store visits and standing in queues. This trend has led many companies to target internet-savvy customers and enter the expanding online retail market. The global retail e-commerce sales are projected to reach over USD3.5 trillion in 2020. E-commerce offers consumers a wide selection of food products and reduces operating costs for businesses, making it an attractive business model.

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Market
Challenges

• Wasabi, the Japanese horseradish, is gaining increased awareness due to its numerous health benefits. Rising health consciousness has led to a rise in the consumption of wasabi extracts and food preparations like noodles and soups. Wasabi's anti-inflammatory and anti-microbial effects make it a valuable addition to the nutraceutical and medical industries. Its peppery smell, caused by allyl isothiocyanate, is known to prevent cancers, treat arthritis, and improve gut health. E-commerce businesses and online shopping platforms are making it easier to access fresh wasabi in various forms such as sauce, powder, bottles, tubes, pouches, and sachets. The food service industries, sustainable agricultural practices, technology development, and the gastronomy industry are also embracing wasabi's innovative uses. The wasabia japonica plant's rhizome, leaf, and petiole contain bioactive compounds, including isothiocyanates, which help combat oxidative stress and chronic diseases like heart disease, cancer, and diabetes. The nasal tingling sensation is a signature trait of authentic wasabi, making it a staple condiment in Japanese cuisine and restaurants. Despite its cultural significance, imitation products and low-quality ingredients have flooded the market. High-quality ingredients, authentic cultivation methods, and innovative packaging materials like glass jars and plastic packaging are essential to ensure the best consumer experience.
• Wasabi, known for its distinctive pungent flavor and potential health benefits, is a popular condiment. However, its spiciness and unique compounds may not be suitable for everyone, particularly those with digestive and respiratory issues. Wasabi contains substances that can slow blood clotting, reduce inflammation, and potentially fight cancer. While these properties are intriguing, scientific evidence supporting these claims is limited. Consumption of wasabi may lead to side effects, including gastritis issues due to its spiciness. Individuals with sensitive digestive systems may experience discomfort or pain. Furthermore, wasabi can affect the respiratory system, causing coughing or shortness of breath in some people. Additionally, its blood-thinning properties may interfere with blood coagulation, increasing the risk of bleeding in certain individuals. It is essential to consider these potential side effects when consuming wasabi and to consult a healthcare professional if experiencing any adverse reactions. While the health benefits of wasabi are intriguing, it is crucial to prioritize personal health and well-being.

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Segment Overview

This wasabi market report extensively covers market segmentation by