NEW YORK, June 14, 2024 /PRNewswire/ — The global rice wine market size is estimated to grow by USD 3.00 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.36% during the forecast period. Increasing use of online sales channels is driving market growth, with a trend towards growing popularity of rice wine in cocktails and cuisines. However, rising competition from other wines poses a challenge. Key market players include 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..
Technavio has announced its latest market research report titled Global Rice Wine Market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Rice Wine Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
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Market growth 2024-2028 |
USD 3.00 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.22 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 67% |
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Key countries |
US, China, Japan, South Korea, and UK |
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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 Driver
The global rice wine market is experiencing growth due to the rising demand for rice wine as a flavorful ingredient in cocktails and various cuisines. Consumers seek unique tastes and new experiences, leading to increased interest in different types of beverages. Asian cuisines, such as Japanese and Chinese, are gaining popularity worldwide, driving the demand for rice wine. Its ability to tenderize meats and enhance flavors makes it an essential ingredient in many dishes. The flourishing tourism industry and the growing use of rice wine in cocktails are expected to boost market growth during the forecast period.
The Rice Wine market is currently experiencing significant growth, with increasing demand for Alcoholic beverages, Acids, and Flavors. The market includes various types of Rice Wine, such as Sparkling, Vintages, and Aromatic.
The key regions driving this trend are Minerals, Yogurt, and Sugars. The market is also witnessing a rise in Cooking and Culinary uses of Rice Wine. The major players in this market are focusing on improving the taste and quality of their products to cater to the changing consumer preferences. The market is expected to continue its upward trajectory in the coming years.
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Market Challenges
The rice wine market encounters increasing competition from various alcoholic beverages, including red wine, merlot, and sparkling wine. Global availability and accessibility of these alternatives pose a challenge. Moreover, the popularity of imported wine brands further impacts the rice wine market’s growth. Consumer awareness regarding rice wine’s health benefits and food pairing is also lacking, contributing to the market’s difficulties in maintaining its market share during the forecast period.
The rice wine market faces several challenges in the industry. One major challenge is the high cost of production due to the lengthy fermentation process and the use of specific types of rice and yeast. Another challenge is the competition from other alcoholic beverages, such as beer and spirits.
Additionally, there are regulatory issues in different countries that impact the import and export of rice wine. Furthermore, consumer preferences are constantly changing, making it necessary for businesses to adapt and innovate to stay competitive. Lastly, the rise of counterfeit rice wine is a significant concern, which can damage the reputation of legitimate rice wine producers.
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Segment Overview
Type
1.1 Sake wine
1.2 Makgeolli wine
1.3 Others
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Sake wine- The sake segment dominates the global rice wine market, accounting for the largest market share in 2023. Sake, a Japanese rice wine, is produced by fermenting polished rice, resulting in a translucent, sweet, carbonation-free beverage with an alcohol content of 14-16%. Its cultural significance in Japan, where it’s served in a special ceremony, adds to its appeal.
The segment’s growth is driven by expanding consumer knowledge of traditional and premium beverages, Japanese cuisine popularity, and Japan’s thriving tourism sector. The rising demand for low-alcohol, gluten-free beverages further boosts the sake segment’s growth in the global rice wine market.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report
Research Analysis
The Rice Wine Market encompasses the production and distribution of fermented rice-based beverages, contributing significantly to the Alcoholic Beverage Market. These beverages, which include Sake, Rice Wine, and various types such as Red Rice Wine, Rose Rice Wine, and Sparkling Rice Wine, are renowned for their Unique Flavor Profiles and Unusual Tastes. Rice Wine’s Nutritional Properties include essential Amino Acids, Sugars, Vitamins, and Minerals.
The Fermentation Process, utilizing Yeast and converting Rice Starches into Alcohol, enhances the Beverage’s Taste and Aroma. Low-Alcohol Beverages derived from Rice are gaining popularity due to their Health Benefits. Asian Fusion Cuisine frequently incorporates Rice Wine as a Cooking Ingredient, further expanding its applications in the Beverage Business. Mold Strains play a crucial role in creating distinct Rice Wine varieties, contributing to the Market’s diversity and growth. The Market for Fermented Rice-based Drinks continues to evolve, offering opportunities for entrepreneurs and investors in the Alcoholic Beverage Industry.
Market Research Overview
The Rice Wine Market encompasses various types of rice wines produced globally. These include Alcoholic Fermented Rice, Sparkling Rice Wines, and Flavored Rice Wines. The production process involves cooking rice and adding yeast to initiate fermentation. The market is driven by the growing popularity of rice wines, particularly in Asian countries. The demand for rice wines is increasing due to their unique taste and health benefits.
The market also caters to the growing trend of consumers preferring locally produced alcoholic beverages. The market faces challenges such as the availability of raw materials and the need for stringent quality control measures. The future of the Rice Wine Market looks promising with the increasing acceptance of rice wines in the global market. The market is expected to grow significantly due to the rising demand for rice wines and the ongoing research and development activities in the sector.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Sake Wine
Makgeolli Wine
Others
Distribution Channel
Offline
Online
Geography
APAC
Europe
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
