Rice Wine Market Share, Trends, Analysis, Challenges and Future Competition 2034: SPER Market Research
In East and Southeast Asia, rice wine is a popular traditional alcoholic beverage prepared from fermented rice. In contrast to grape wine, which ferments sugars, rice wine is made by first turning starches into sugars with the help of mold or yeast, like Aspergillus oryzae. With different flavors and alcohol contents, popular variations include Korean makgeolli, Japanese sake, and Chinese Shaoxing wine. Cooking, religious rituals, and social events all make use of rice wine. Some varieties are hazy, while others are clear, and it can be sweet or dry. A popular beverage all throughout the world, rice wine is renowned for its distinct flavor and cultural significance.
According to SPER market research, ‘Global Rice Wine Market Size- By Product, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Rice Wine Market is predicted to reach 7.62 billion by 2034 with a CAGR of 4.51 %.
Drivers:
The increased popularity of Asian food, growing consumer knowledge of its health benefits, and rising disposable incomes in emerging economies are the main factors propelling the worldwide rice wine industry. Global customers now have easier access to rice wine thanks to the growth of international trade and e-commerce. A broader audience has also been drawn in by product innovation, such as flavored, organic, and high-end rice wines. The demand for classic yet distinctive alcoholic beverages and the diversification of the beverage industry both contribute to the market’s expansion. Beyond its core markets, rice wine is becoming more and more well-known as customers look for genuine ethnic experiences in food and beverages.
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Restraints:
Regulatory limitations and different alcohol import laws among nations are among the obstacles that the global rice wine market must overcome in order to grow. Rice wine finds it challenging to compete with well-known alcoholic beverages like beer and grape wine due to low consumer awareness outside of Asia. Price swings and possible shortages are also caused by supply chain interruptions and the effects of climate change on rice production. Because rice wine is frequently seen as a traditional beverage, which deters younger consumers, there are branding issues as well. The sector has additional challenges due to fierce market competition and some cultivars’ short shelf lives.
China holds the largest share of the global rice wine market, primarily due to its deep-rooted cultural traditions and substantial production and consumption levels. The country’s extensive history with rice wine, known locally as huangjiu, has ingrained it into various aspects of Chinese society. Some significant market players are Asahi Shuzo Co., Ltd., China Shaoxing Yellow Rice Wine Group Co., Ltd., Dewazakura Sake Brewery Co., Ltd., Hiro Sake LLC., Kokuryu, Kooksoondang Brewery Co. Ltd, Kuaijishan Shaoxing Wine Co., Ltd., Ozeki Sake (U.S.A.), Inc., Takara Holdings Inc., and Yaegaki Corporation of USA, and others.
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