Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Sake Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global sake market reached a value of nearly $9.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.96% since 2018. The market is expected to grow from $9.2 billion in 2023 to $11.9 billion in 2028 at a rate of 5.19%. The market is then expected to grow at a CAGR of 6.20% from 2028 and reach $16.1 billion in 2033.
Going forward, changes in health-conscious consumers and lifestyles, growing interest in Japanese culture and cuisine and increase in social media engagement promoting alcoholic beverages will drive the growth. Factor that could hinder the growth of the sake market in the future include high cost.
The sake market is segmented by type into ordinary sake, junmai, honjozo, junmai ginjo, ginjo and junmai daiginjo. The ordinary sake market was the largest segment of the sake market segmented by type, accounting for 37.22% or $3.4 billion of the total in 2023. Going forward, the junmai segment is expected to be the fastest growing segment in the sake market segmented by type, at a CAGR of 6.02% during 2023-2028.
The sake market is segmented by range into premium, medium and low. The low market was the largest segment of the sake market segmented by range, accounting for 51.23% or $4.7 billion of the total in 2023. Going forward, the premium segment is expected to be the fastest growing segment in the sake market segmented by range, at a CAGR of 5.91% during 2023-2028.
The sake market is segmented by application into commercial use and home use. The commercial use market was the largest segment of the sake market segmented by application, accounting for 62.71% or $5.8 billion of the total in 2023. Going forward, the home use segment is expected to be the fastest growing segment in the sake market segmented by application, at a CAGR of 5.84% during 2023-2028.
The sake market is segmented by age group into 20-40 years old, 40-60 years old and above 60 years old. The 20-40 years old market was the largest segment of the sake market segmented by age group, accounting for 50.25% or $4.6 billion of the total in 2023. Going forward, the 20-40 years old segment is expected to be the fastest growing segment in the sake market segmented by age group, at a CAGR of 5.73% during 2023-2028.
Asia Pacific was the largest region in the sake market, accounting for 46.86% or $4.3 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the sake market will be North America and Western Europe where growth will be at CAGRs of 6.72% and 5.78% respectively. These will be followed by Eastern Europe and Asia Pacific where the markets are expected to grow at CAGRs of 5.19% and 4.68% respectively.
The global sake market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 3.76% of the total market in 2022. Takara Holdings Inc. was the largest competitor with a 1.296% share of the market, followed by Gekkeikan Sake Co. Ltd. with 1.266%, Tatsuuma-Honke Brewing Co. Ltd. with 0.476%, Hakutsuru Sake Brewing Co. Ltd. with 0.192%, Konishi Brewery Co. Ltd. with 0.129%, Asahi Group Holdings Ltd. with 0.093%, Taiyo Shuzo Co. Ltd. with 0.0844%, Kiku-Masamune Sake Brewing Co. Ltd. with 0.0835%, SakeOne with 0.079% and Homare Sake Brewery Co. Ltd. with 0.057%.
The top opportunities in the sake market segmented by type will arise in the ordinary sake segment, which will gain $954.54 million of global annual sales by 2028. The top opportunities in the sake market segmented by range will arise in the low segment, which will gain $1.29 billion of global annual sales by 2028. The top opportunities in the sake market segmented by application will arise in the commercial use segment, which will gain $1.5 billion of global annual sales by 2028. The top opportunities in the sake market segmented by age group will arise in the 20-40 years old segment, which will gain $1.5 billion of global annual sales by 2028. The sake market size will gain the most in China at $690.24 million.
Market-trend-based strategies for the sake market include focus on developing innovative products, focus on increasing their investments, focus on advanced technologies, focus on launching new sake brewing projects and focus on strategic partnerships and collaborations.
Player-adopted strategies in the sake market include focus on investments to expand geographical reach and focus on introducing new products into market to expand geographical reach.
To take advantage of the opportunities, the analyst recommends the sake companies to focus on innovating product offerings, focus on strategic investments for expansion, focus on technological advancements in sake production, focus on innovative sake brewing projects, focus on junmai segment, focus on premium segment, focus on strategic partnerships for distribution expansion, expand in emerging markets, continue to focus on developed markets, focus on robust pricing strategies, provide competitively priced offerings, prioritize digital marketing channels, cultivate authentic brand storytelling, participate in trade shows and events, continue to use B2B promotions, focus on targeting commercial use segment and focus on targeting 20-40 years old consumer segment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 298 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $9.2 Billion |
| Forecasted Market Value (USD) by 2033 | $16.1 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Major Market Trends
- Introduction of Innovative Products to Meet Consumer Demand
- Increasing Investments in Sake Products to Increase Production Capacity
- Focus on Advanced Technologies to Improve Sake Production
- New Advanced Project Developments in Sake Production
- Strategic Partnerships and Collaborations Among Market Players
Competitive Landscape and Company Profiles
- Takara Holdings Inc.
- Gekkeikan Sake Co. Ltd
- Tatsuuma-Honke Brewing Co. Ltd
- Hakutsuru Sake Brewing Co. Ltd.
- Konishi Brewery Co. Ltd.
Other Major and Innovative Companies
- Asahi Group Holdings Ltd.
- Taiyo Shuzo Co. Ltd.
- Kiku-Masamune Sake Brewing Co. Ltd.
- SakeOne
- Homare Sake Brewery Co. Ltd.
- Hananomai Brewing Co. Ltd.
- Shiragiku Shuzo Co. Ltd.
- Blue Current Brewery
- Suntory Holdings Limited
- Tsukasabotan Co. Ltd.
- Shochikubai Sake Brewing Co. Ltd.
- Koyama Honke Shuzo Co. Ltd.
- Kenbishi Sake Brewing Co. Ltd.
- Masumi Sake Brewing Company
- Kikusui Sake Co. Ltd.
Key Mergers and Acquisitions
- Shaw Ross International Importers Acquired TYKU Sake Co Ltd
- AMASS Brands Inc. Acquired Winc Inc.
- Next Century Spirits Inc. Acquired XED Beverages Ltd
- Heavensake Collaborated with Monarq Group
- Anora Group Plc. Acquired Globus Wine a/S
For more information about this report visit https://www.researchandmarkets.com/r/ylhf8s
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