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Grand News Network | November 8, 2023

Growing Interest In Japanese Culture Is Expected To Drive The Sake Market In The Forecast Period 2023-2027 As Per The Business Research Company's Sake Global Market Report 2023

LONDON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's sake global market report 2023, the global sake market is on the path to substantial growth, with a projected market size of $9.26 billion in 2023, compared to $8.81 billion in 2022, representing an impressive compound annual growth rate (CAGR) of 5.1%. Looking ahead, the sake market is expected to reach $11.13 billion in 2027, maintaining a CAGR of 4.7%. This growth is attributed to the increasing interest in Japanese culture and cuisine, which is igniting a global passion for sake.

The Cultural Connection: Japanese Culture and Cuisine

The surge in the sake market is closely linked to the growing interest in Japanese culture and cuisine. Japanese culture embodies a rich tapestry of customs, traditions, beliefs, and practices developed over centuries, while Japanese cuisine is celebrated for its unique style and food preparation. This cultural fusion is playing a significant role in the sake market's expansion, as the worldwide popularity of Japanese culture and cuisine is fueling demand for sake. Sake breweries are responding by introducing innovative products and expanding their marketing efforts to reach a broader audience.

For example, in November 2021, a report from ByFood, a Japan-based food tourism platform, revealed that 95% of foreign tourists reported high satisfaction with Japanese cuisine. Japan boasts over 1400 sake breweries, showcasing the global appeal of its culinary heritage. This burgeoning interest in Japanese culture and cuisine is ...

Full story available on Benzinga.com


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