Mochi Market

Global Mochi Market Size (2024 to 2029)

Global Mochi Market size is expected to be valued at USD 483.30 million in 2024. The Mochi market share value is expected to grow at a CAGR of 11.83% during the forecast period 2024 to 2029 to reach USD 845.30 million by 2029.

Mochi is a traditional Japanese sweet rice cake, crafted by steaming, mashing, and pounding rice until it transforms into a sticky rice mixture, which is then shaped into adorable forms. While its origins may trace back to China, mochi has been deeply intertwined with Japanese culture for centuries. These delightful mochi cakes hold a special place in Japanese culinary traditions, often prepared for celebratory occasions. As a New Year's tradition, mochi cakes are simmered in vegetable broth and savored. Mochi can be incorporated into savory dishes, frequently found in soups and snacks, but it is most commonly enjoyed as a confectionery delight. In its dessert form, mochi is often adorned with various food coloring, resulting in a plethora of delightful color combinations. One of the most well-known confections is daifuku, which are round cakes filled with a variety of ingredients, including traditional red bean paste, strawberries, or even ice cream. Due to its chewy texture, it's important to exercise caution and savor small bites of this sticky treat when enjoying it. Thus, the mochi market will keep on generating profitable revenue.

The rising demand for product innovation and healthier snacks present untapped opportunities in the Mochi Market. Companies can enhance their market presence and reach new customer segments by consistently innovating their products, including flavors, fillings, and packaging. They can also respond to the rising interest in healthier snacking by introducing mochi variations that are low in sugar, gluten-free, or vegan, meeting the demands of health-conscious consumers.Furthermore, by venturing into untapped markets beyond Japan and established Asian markets, mochi manufacturers can discover fresh opportunities for growth and expansion.

Global Mochi Market Drivers:

Several key factors are driving growth in the Mochi Market. One significant driver is the rising disposable income of the middle class, coupled with increased consumer awareness of the health benefits of rice. The market is benefiting from increased disposable income and attractive discounts offered by online service platforms. The demand for online grocery shopping is on the rise due to technological advancements, ongoing urbanization, and shifting consumer buying habits. Merchants are introducing innovative business models, such as scheduled or expedited delivery and on-demand or subscription delivery services, which are enticing customers to explore online grocery shopping.Furthermore, the globalization of food culture and the growing influence of Japanese cuisine are expanding the Mochi Market beyond its traditional boundaries. Social media platforms, food blogs, and vlogs have played a pivotal role in popularizing mochi, as consumers are exposed to visually appealing and mouthwatering content. Lastly, the increasing popularity of mochi as a trendy and indulgent dessert option is a significant driver for the Mochi Market growth. Consumers are actively seeking unique and diverse food experiences, leading to a surge in demand for mochi.

Global Mochi Market Restraints:

Several factors have the potential to hamper the growth of the Mochi market. One significant challenge is the limited shelf life of Mochi products. Their relatively short shelf life presents difficulties for manufacturers concerning product storage, distribution, and the maintenance of freshness. Another hindrance is the higher price associated with Mochi, particularly for products with exotic flavors or gourmet ingredients. This premium pricing may limit market expansion in regions where consumers are more price-sensitive. Furthermore, there are concerns regarding allergies associated with Mochi ingredients. Some Mochi fillings may contain allergenic components like nuts or gluten, restricting consumption options for individuals with dietary restrictions or allergies.In addition to these factors, Mochi, as a traditional Japanese snack, has unique characteristics that can pose risks. Traditional Mochi cakes are large, chewy, and sticky, making them challenging to consume for both children and the elderly. There have been instances where the sticky texture has led to choking incidents, which, in some cases, tragically resulted in suffocation and death.

Impact of COVID-19 on the Mochi Market:

The global COVID-19 pandemic brought about significant disruptions across various industries as governments worldwide implemented lockdown measures to contain the virus's spread. Manufacturing facilities were forced to temporarily shut down, resulting in production halts. Furthermore, the global availability of mochi was severely affected as restrictions on international trade, logistics, and transportation caused disruptions in the supply chain, impacting the availability and distribution of mochi products. Another consequence of the pandemic was the closure of food service establishments such as restaurants, cafes, and dessert shops. This had a substantial impact on the consumption of mochi outside of the home.

However, it's worth noting that the food and beverages sector experienced a notable increase in demand during and after the pandemic. With more people spending time at home, there was a heightened demand for indulgent snacks and desserts like mochi. Additionally, the pandemic accelerated the expansion of e-commerce platforms, allowing consumers to conveniently purchase mochi products from the safety and comfort of their homes.

REPORT COVERAGE: 

This research report on the Global Mochi Market has been segmented and sub-segmented based on shape, distribution channel, and region.    

Global Mochi Market - By Shape:

• Strip Mochi
• Spherical Mochi
• Others

Based on shape, the spherical mochi segment dominated the Mochi Market in 2023 and is anticipated to grow at the highest CAGR during the projected period. Spherical Mochi, a traditional Japanese rice cake, is crafted from mochigome, a type of short-grain japonica glutinous rice, and occasionally supplemented with ingredients like water, sugar, and cornstarch. This rice is diligently pounded into a paste and then shaped into the desired form. It's worth noting that Spherical Mochi incorporates rice-derived starch in its composition.

On the other hand, strip mochi is somewhat gaining popularity in China region where it is fondly eaten during festivals.

Global Mochi Market - By Distribution Channel:

• Online Sales
• Supermarket
• Retails
• Others

Based on the distribution channel, the retail segment is expected to dominate the Mochi Market during the forecast period. The growth of the retailing segment can be attributed significantly to several associated benefits that are mutually advantageous for both buyers and sellers. Retail outlets offer customers the opportunity to physically inspect the products they intend to purchase, fostering a closer connection between buyers and sellers. Additionally, they provide the advantage of instant gratification, allowing customers to walk away with their purchases immediately. Retail sales expand the range of available products because not all items are accessible in the wholesale market from a single source. From the seller's perspective, retail shop owners have the autonomy to promote their products on their own terms and promptly address customer inquiries, eliminating the need for customers to cover shipping costs. Furthermore, retail stores contribute to simplified processes, reducing complications such as lost packages, customer complaints, and intricate online sales procedures. This, in turn, underscores the increasing significance of retailing in the mochi market.

On the other hand, online sales are gaining popularity after the pandemic, where consumers get multiple options to choose from. Thus this segment is expected to thrive in the Mochi Market during the forecast period.

Global Mochi Market – By Region:

• North America
• Europe
• Asia-pacific
• Middle-East and Africa
• Latin America

Based on region, in terms of regional dominance, Asia-Pacific is currently leading the Mochi Market, while the automated segment is taking the lead in terms of snack types. The Asia-Pacific region is experiencing a significant shift in lifestyles and eating habits, with snacking no longer solely driven by indulgence. This shift in snacking habits is also influencing the types of snacks people choose. As meal-replacing snacks become more popular, there's a growing demand for nutritious and healthier snack options. Snacks that are high in protein, high in fiber, and low in sugar are seeing increased retail volume sales. Creative branding and packaging strategies have played a role in driving this growth.

In North America and Europe, there's also growth in the market, driven by the rising popularity of Japanese cuisine. Many Japanese restaurants and food chains are marketing these products as convenient "ready-to-eat" options, which are gaining popularity, especially among younger generations.

Furthermore, Latin America and the Middle East offer promising opportunities for mochi manufacturers, as they are witnessing a growing embrace of international cuisines and are increasingly influenced by the impact of social media.

KEY MARKET PLAYERS:

Key market players of Mochi Market are BESTORE, Three Squirrels, Mikawaya, My/Mochi, Haoxiangni Health Food Co., Ltd, Bamboo House Food Co., Ltd, Haitai, Fugetsu-Do, Royal Family Foods Corporations, Yuki&Love.

RECENT HAPPENINGS IN THE MARKET:

• In March 2022, My/Mochi introduced a new product. My/Mochi Smoothie Incredibites, bite-sized frozen treats. These treats consist of real fruit puree smoothies enveloped in a soft mochi dough, as announced by the Los Angeles-based company. You can find them in the frozen fruit and smoothie bowl section at your local grocery store.
• In September 2019, Mike Popcorn partnered with the Japanese confectioner Kikyouya to introduce an innovative mochi-flavored popcorn, aiming to capture the interest of Japanese consumers. Mochi has quickly risen in popularity and is now among the top choices in cuisine. Many consumers are eager to explore and enjoy the offerings of this culinary style.