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The rice wine market size is projected to increase by USD 3.00 billion, at a CAGR of 4.36% between 2023 and 2028
The Asia-Pacific (APAC) region dominated the global market, boasting the highest growth rate and is poised to maintain its leadership in 2023. This is attributed to the escalating consumption of rice wine in countries like China, Japan, Taiwan, South Korea, and India. The popularity among young Chinese consumers, driven by affordable prices and easy accessibility in supermarkets, further propels demand. With a rich tradition the region, especially China, stands as a major global producer and consumer. Asahi Shuzo Co. Ltd. contributes to this market with offerings like Dassai 23, Dassai 45, and Dassai Beyond, aligning with emerging trends such as the preference for organic and artisanal rice wines, driven by growing health awareness and a penchant for authentic flavours. The Western market's increasing rice consumption is influenced by the popularity of Asian cuisine, highlighting the distinctive flavors that are expected to drive regional market growth during the forecast period.
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Increasing use of online sales channels is notably driving market growth. Apart from the convenience of online shopping, there is a wide variety of choices for consumers through the availability of Internet shops and Internet stores dedicated to specialty products. In addition to the fact that price comparison is possible, consumers are more comfortable with online shopping. The global market is likely to grow over the forecast period as more consumers use online sales channels to buy rice wine.
Furthermore, the online sales platform eliminates middlemen such as distributors and enables vendors to offer products at competitive prices while maintaining their profit margins. Thus, the growing adoption of online sales channels will increase the profit margins of vendors, which, in turn, will drive the growth of the market during the forecast period.
The growing popularity of rice wine in cocktails and cuisines is an emerging trend shaping the market growth. The market growth is fueled by the growing demand for an ingredient in a variety of cocktails and cuisines. People are looking for more interesting, unique flavors, and they are looking for something new and exciting. This has led to an increasing interest among consumers in different types of drinks, such as cocktails. Adding rice wine as an ingredient in cocktails adds a unique taste, which in turn is driving its demand as an ingredient in cocktails. Moreover, the rising popularity of Asian cuisines, such as Japanese and Chinese cuisines, and more across the globe, is fueling the demand.
In addition, rice wine brings out the meat's tenderness, enhances its flavour, and adds depth of taste to a dish. In Chinese recipes, it is an ingredient that contributes to the special and characteristic tastes of Chinas cuisine. The flourishing tourism industry in Asian countries, including China, Japan, and others, and the growing popularity of cocktails and cuisines are expected to drive the demand, thereby driving the global market during the forecast period.
Rising competition from other wines is a significant challenge hindering the market growth. The market faces rising competition from other alcoholic beverages, which can impact its growth and popularity. Some of the factors contributing to this competition include the availability of alternatives: Other alcoholic beverages, such as red wine, merlot, sparkling wine, and others, are widely available worldwide and more accessible than rice wine.
However, these factors, along with others, can make it challenging for the market to compete with other wines and maintain its growth and popularity, which will negatively impact the growth of the market during the forecast period.
The offline segment of the market generates revenue from the sales through specialty stores, on-trade stores (bars, pubs, and restaurants), hypermarkets, supermarkets, convenience stores, clubhouse stores, and department stores. The retailers and market vendors are opening new stores in local and regional markets to fuel sales through offline channels. Companies can adopt an online-to-offline (O2O) business strategy to increase their sales through the offline distribution channel and to offer a digital experience. They can adopt omnichannel commerce and multi-marketing strategies, which will help them increase their market share and expand their consumer base. The purchase of rice wines owing to their unique flavour and taste is expected to fuel the growth of the market through the offline segment during the forecast period.
The market share growth by the sake wine segment will be significant during the forecast period. Sake, also known as Japanese rice wine, is a type of alcohol with Japanese roots that is produced by fermenting rice that has had the bran removed through polishing. Sake has a translucent shade a sweet flavor, is carbonated-free, and has between 14 and 16 percent alcohol by volume.
The sake wine segment was the largest and was valued at USD 4.71 billion in 2018
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Further, sake is best enjoyed within a year or less of bottling. The sake segment in the global market has grown significantly in recent years. The main drivers of this expansion have been the expanding consumer knowledge of traditional and premium alcoholic beverages, the growing popularity of Japanese cuisine, and Japan's thriving tourism sector. The growth of the sake wine segment is expected to be aided by the rising demand for beverages that are low in alcohol and gluten-free. Thus, the sake wine segment is expected to grow significantly in the global market during the forecast period.
APAC is estimated to contribute 67% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. In 2023, APAC accounted for the largest market share of the global wine market, and it is expected to be one of the leading markets during the forecast period owing to increasing consumption across various APAC countries such as China, Japan, Taiwan, South Korea, and India. Further, demand will be stimulated due to the rising popularity of such products among young people in China due to the availability at a lower price and easy access resulting from the increasing number of supermarkets.
In addition, sake is an excellent rice wine with a fine taste and served at various temperatures. It is very popular in Japan. In particular, growing health awareness and preference for true flavors are driving the market growth and trends of demand for organic or artisan rice wine. Secondly, consumption in Western countries is driven primarily by the popularity of Asian cuisine. Thus, the distinct flavors and high consumption are expected to fuel the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting market growth analysis.
The market growth and forecasting market report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including Asahi Shuzo Co. Ltd., DEWAZAKURA SAKE BREWERY CORP., Forbul Co. Ltd., Gekkeikan Sake Co. Ltd., HAKKAISAN CO. LTD., Hana Makgeolli, KOKURYU SAKE BREWING CORP., Kooksoondang Brewery Co. Ltd., Kuaijishan Shaoxing Wine Co. Ltd., Lotte Chilsung Beverage Co. Ltd., Luzhou Laojiao, Otokoyama Co. Ltd., Ozeki Sake Inc., SakeOne, Shaanxi Xifeng Wine Co. Ltd., SUDOHONKE CO. LTD., Takagi Sake Brewery Co. Ltd., Takara Holdings Inc., YAEGAKI Corporation of USA, and Zhejiang Guyue Longshan Shaoxing Wine Co. Ltd.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing a surge in demand, spurred by its versatility in culinary applications and cultural significance. Popular in Asian cuisines like Chinese and Japanese, rice wine enhances dishes through marination, braising, and sauces, contributing to the authenticity of traditional meals. Its subtle flavors complement a wide range of foods, from grilled meats in barbecue to pasta dishes in Italian cuisine. Beyond cooking, rice wine is gaining traction in the foodservice industry, appearing in dishes across French, Mediterranean, and Spanish cuisines. Additionally, its use in fortified wine production and the creation of unique desserts like Kit Kat chocolate bars underscores its adaptability. With an increasing emphasis on organic food and diverse flavor profiles, rice wine continues to carve out a prominent place in the global food and beverage market.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Rice Wine Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting Period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market Growth 2024-2028 |
USD 3.00 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.22 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 67% |
Key countries |
US, China, Japan, South Korea, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asahi Shuzo Co. Ltd., DEWAZAKURA SAKE BREWERY CORP., Forbul Co. Ltd. , Gekkeikan Sake Co. Ltd., HAKKAISAN CO. LTD., Hana Makgeolli, KOKURYU SAKE BREWING CORP., Kooksoondang Brewery Co. Ltd. , Kuaijishan Shaoxing Wine Co. Ltd., Lotte Chilsung Beverage Co. Ltd., Luzhou Laojiao, Otokoyama Co. Ltd., Ozeki Sake Inc., SakeOne, Shaanxi Xifeng Wine Co. Ltd., SUDOHONKE CO. LTD., Takagi Sake Brewery Co. Ltd., Takara Holdings Inc., YAEGAKI Corporation of USA, and Zhejiang Guyue Longshan Shaoxing Wine Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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