LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rice wine market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global rice wine market will grow at a CAGR of around 2% during the forecast period. The increasing popularity of craft rice wine is a major factor driving the market’s growth.
The demand for craft rice wine is increasing in countries such as the UK, the US, China, and others. The changing taste preferences of consumers is evident in their willingness to try new products and flavors. In addition, consumers in the US are demanding new and innovative products and the players in the market are coming up with new product ideas, which cater to this increasing demand for quality and variety. Therefore, there is an increased demand for craft rice wine in the US that will help the rice wine market grow during the forecast period.
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In this report, Technavio highlights the increasing use of rice wine in cooking as one of the key emerging trends driving the global rice wine market:
Increasing use of rice wine in cooking
One of the positive trends that have been influencing the growth of the market during the forecast period is the growing use of rice wine for cooking purposes. Rice wine is used for making desserts, soups, stews and other products. Rice wine is used as a cooking ingredient in APAC countries such as China and Japan. The rising use of rice wine as a cooking ingredient in the US and European countries will drive the growth of the market during the forecast period.
“The addition of rice wine to stir-fried vegetables infuses a delectable aroma and augments their flavor. Rice wine is used as an alternative while preparing Hong Shao Rou, a classic pork dish from China. Rice wine is also used for preparing Taiwanese ginger and sesame chicken soup. It is used along with dried longan fruit to prepare a popular Taiwanese dessert. The increasing use of rice wine as a cooking ingredient will help in the growth of the market during the forecast period,” says a senior analyst at Technavio for research on alcoholic beverages.
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Global rice wine market segmentation
This market research report segments the global rice wine market into the following products (yellow rice wine, white rice wine, and red rice wine) and key regions (the Americas, APAC, and EMEA).
The yellow rice wine segment held the largest market share in 2017, accounting for nearly 44% of the market. The segment is expected to dominate the market throughout the forecast period.
APAC was the leading region for the global rice wine market in 2017, accounting for a market share of around 61%. It was followed by the Americas and EMEA. This region is anticipated to project steady growth during the forecast period.
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