Pune India, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Wagyu Beef market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Wagyu Beef market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as nature, application, distribution channel, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Wagyu Beef market are Blackmore Wagyu, Itoham Foods Inc., DeBragga and Spitler, Sysco Corporation, Snake River Farms, Starzen Co. Ltd., Chicago Steak Company, Fairway Packing Company\The Butcher's Market, West Coast Prime Meat, Creek Bed Country Farmacy, LLC, American Grass Fed Beef, DrybagSTeak, LLC, among others. To achieve a substantial market share in the worldwide Wagyu Beef market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Wagyu refers to any one of the four Japanese beef cow breeds. In a few regions of Japan, wagyu beef is shipped with region designations. A few examples include Matsusaka beef, Kobe beef, Yonezawa meat, Mishima beef, mi beef, and Sanda beef. Larger, fatter cattle have led to an increase in the fat content of Wagyu meat as a result of less grass and more feed being used in recent years. Along with caviar and black truffles, Wagyu beef is the extraordinarily tender, fatty, and umami-rich steak that has come to be associated with luxury. Wagyu is just Japanese cattle, yet this unassuming name hides a topic that is riddled with urban legends. To start, the word is pronounced wah-gyoo. Additionally, it makes no mention of any Japanese cows. The term "luxury Wagyu" refers to a particular breed of Japanese cattle having unique genetic characteristics. Japan has four indigenous breeds. One of those four breeds is genetically distinct. When compared to ordinary beef, it has a better ratio of monounsaturated fats since it is high in omega-3 and omega-6. There are unique ways that it differs from other types of beef that make it tastier and more delicate. Consumer eating habits are changing as they become more self-aware, health-conscious, and willing to pay more for high-quality goods that contain essential nutrients. The two nations that now export the most wagyu beef are the United States and Australia, with the U.S. importing roughly 80–90% of Australian exports.
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Scope of Wagyu Beef Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | By Nature, By Application, By Distribution Channel, region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Blackmore Wagyu, Itoham Foods Inc., DeBragga and Spitler, Sysco Corporation, Snake River Farms, Starzen Co. Ltd., Chicago Steak Company, Fairway Packing Company\The Butcher's Market, West Coast Prime Meat, Creek Bed Country Farmacy, LLC, American Grass Fed Beef, DrybagSTeak, LLC, among others |
Segmentation Analysis
Organic segment is expected to be the fastest growing segment in 2021.
The nature segment is organic and conventional. During the forecast period, the organic segment is anticipated to develop at the fastest rate. A recent study that appeared in the Journal of the Science of Food and Agriculture found that organic beef has higher levels of antioxidants, including 34% more Q10, 72% more taurine, and 53% more beta-carotene. With 17% less cholesterol, 32% less fat, 16% fewer fatty acids, and 24% fewer monounsaturated fatty acids, organic beef also exhibited superior lipid (fat) balance. Organic beef has 170% more of the heart-healthy linolenic acid than conventional cattle.
The online segment is expected to be the fastest-growing segment in 2021.
The distribution channel includes online and retail. The online segment is expected to witness the highest CAGR during the forecast period. Customers actively engage in online shopping and spend an increasing amount of time there. Because of their quick delivery options and vast selection of reasonably priced products, online shops are gaining more and more favor with customers. Players have been urged to improve their online presence as internet usage has risen, especially in developed North America and Europe. The large businesses are collaborating with other well-known e-commerce sites to improve their overall internet visibility.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Wagyu Beef include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- Asia Pacific region witnessed a major share. Wagyu beef exports from Japan are among the highest on the market and are primarily to developed regions. Due to its geographical position and regulatory framework, Japan is the only country where one can find premium Wagyu or Kobe. Full blood 100% beef is a common breed in the region and accounts for 96% of all wagyu cattle worldwide. The FAO claims that Japanese individuals eat about 1000 kilocalories less per day than Americans do. Because Japanese people spend a larger percentage of their income on food and drink, the country has expensive food. The people of the nation have a need for a variety of high-quality food items, which has led to the development of a market for premium beef. Building a base for the local wagyu beef market are declination food sector trends and expanding fast-food restaurants. The estimated market potential for the regions during the forecast period is shown in the info-graph below.
Country Analysis
- Germany
Germany's Wagyu Beef market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.22 billion by 2029, at a CAGR of 5.3% from 2022 to 2029. Fullblood Wagyu that belong to members of the Wagyu Association Germany are offspring of Japanese genetics that were exported and produced in the United States, Canada, and Australia. The region's high meat consumption, particularly of steak, increases demand for Wagyu beef.
- China
China Wagyu Beef’s market size was valued at USD 0.36 billion in 2021 and is expected to reach USD 0.57 billion by 2029, at a CAGR of 6% from 2022 to 2029. The market is being driven by increased disposable incomes, particularly in urban regions. Additionally, China's enormous pool of affordable and competent employees allows the nation to sell its goods on the worldwide market at extremely competitive prices, which increases regional product demand.
- India
India's Wagyu Beef market size was valued at USD 0.23 billion in 2021 and is expected to reach USD 0.35 billion by 2029, at a CAGR of 5.7% from 2022 to 2029. Manufacturers are being compelled to implement an Omni channel distribution strategy in order to boost income as the e-commerce business expands at a rapid rate. Online browsing and purchasing are two consumer activities that are growing in popularity. Online retailers are preferred by customers due to their quick delivery options and extensive product selection at low rates. People in the region are purchasing wagyu beef online due to rising online sales.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as food & beverage, semiconductors, manufacturing, etc. However, several companies operating in the food sector have seen increased revenue due to significant changes in consumer preferences toward luxurious food. In addition, the pandemic has led to significant growth in online shopping across countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for wagyu beefs from various applications.
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