The Sake Market size was USD 6.3 Billion in 2022 and is anticipated to reach USD 9.5 Billion in 2032, growing at a rate of 4.2% from 2023 to 2032.
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Sake is an alcoholic beverage from Japan that is made from fermented rice. It is typically around 15% alcohol by volume, although some types can be as high as 20%. Sake is traditionally served in small cups or glasses and is often drunk before or during a meal. It can also be used in cooking, such as in marinades or sauces.
Sake is made by first polishing the rice to remove the outer layer of the grain. The rice is then washed and soaked in water for several hours. Next, the rice is steamed, and a starter culture of yeast and mold is added. The mixture is then left to ferment for several weeks. Finally, the sake is pressed to remove the solids and then bottled or canned.
Key Trends
Sake technology is constantly evolving in order to meet the demands of a changing market. One of the key trends in sake technology is the development of new brewing methods that allow for a more consistent product. Additionally, there is a trend towards using new ingredients and brewing techniques that result in a lighter, more refreshing sake. Finally, there is a growing trend towards organic and artisanal sake production, as consumers become more interested in supporting local and sustainable producers.
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Key Drivers
There are several key drivers behind the sake market. Firstly, the popularity of sake as a beverage is on the rise globally, with more and more people discovering its unique taste and properties.
Secondly, the increasing number of Japanese restaurants and bars outside of Japan is helping to drive sake sales, as many of these establishments serve sake as a specialty drink.
Finally, a number of sake producers are now marketing their products more aggressively to international audiences, which is also contributing to the growth of the sake market.
Restraints & Challenges
The key restraints and challenges in the sake market are as follows:
- The high cost of production: Sake production is a costly affair due to the need for high-quality ingredients and the lengthy brewing process. This makes it difficult for small-scale producers to compete with larger companies.
- The declining popularity of sake: In recent years, sake has been losing popularity in Japan as younger generations turn to other drinks such as beer and wine. This has led to a decline in sales and profitability for many sake producers.
- The strong competition from other alcoholic beverages: Sake faces strong competition from other alcoholic beverages such as beer, wine, and spirits. This is particularly true in the international market where Japanese sake is often overshadowed by more well-known drinks.
- The limited export market: The export market for sake is quite limited due to the drink’s relatively unknown status outside of Japan. This makes it difficult for producers to expand their business beyond their home market.
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Market Segmentation
The Sake Market is segmented by product type, range, and region. Based on product type, the sake market is bifurcated into ordinary sake, honjozo, Junmai Ginjo, Ginjo, and others. By range, the market is classified into premium, medium, and low. By region, the market is classified into North America, Europe, Asia-Pacific, and rest of the world.
Key Players
The key players in the Sake Market are 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.
Market Segmentation
By Product Type
- Ordinary Sake
- Honjozo
- Junmai Ginjo
- Ginjo
- Others
By Range
- Premium
- Medium
- Low
By Distribution Channel
- Hypermarkets and Supermarkets
- Specialty Stores
- Online Channel
- Others
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