Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Wagyu Beef Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global Wagyu beef market is positioned for impressive expansion, with an anticipated increase from $2.18 billion in 2022 to $2.35 billion in 2023, reflecting a compound annual growth rate (CAGR) of 7.8%. Furthermore, the Wagyu beef market is projected to reach $3.07 billion by 2027, with a CAGR of 6.8%. This growth is underpinned by several key factors that are reshaping the industry's landscape.
Surging Food and Beverage Industry Fuels Market Growth
A primary driver behind the growth of the Wagyu beef market is the rapid expansion of the food and beverage industries. The food and beverage sector encompasses businesses involved in the transformation of raw agricultural materials into consumer food products, food transportation services, catering, and more. Wagyu beef finds its primary consumption in the food industry, owing to its high levels of fat marbling, resulting in a rich flavor best enjoyed in small portions.
For instance, according to data from the Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales reached $506 billion in 2022 and are poised to reach $857 billion by 2025. Moreover, statistics from Statistics Sweden, a government agency in Sweden, revealed that food and beverage sales in 2021 amounted to $30.74 billion (SEK 334 billion), marking a 2.9% increase, equivalent to $8.28 billion (SEK 9 billion), from 2020. Consequently, the exponential growth of the food and beverage industries is a driving force behind the Wagyu beef market's expansion.
Product Innovations at the Forefront
In addition to the surge in demand due to the booming food and beverage industry, the Wagyu beef market is witnessing a surge in product innovations. Prominent companies operating in this market are prioritizing the development of novel products and solutions to maintain their competitive edge.
For example, in February 2023, Hall Farmstead, a US-based producer of Wagyu beef, unveiled purebred artisan Wagyu beef. This offering introduces sustainable and ethically raised products to the market, setting itself apart with its exceptional marbling, delivering a delicate, buttery flavor that distinguishes it from crossbred Wagyu alternatives.
Regional Insights: Asia-Pacific Leads, North America on the Rise
Regionally, Asia-Pacific took the lead in the Wagyu beef market in 2022. However, North America is expected to be the fastest-growing region in the forecast period. The geographical scope of the Wagyu beef market includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Key countries encompassed within the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA, Italy, Spain, and Canada.
Key Market Players Shaping the Landscape
The Wagyu beef market is characterized by the presence of several major players who play a significant role in its development. Noteworthy companies in this market include:
- Starzen Company Ltd.
- Itoham Foods Inc.
- Stanbroke
- Australian Agricultural Company
- West Coast Prime Meats
- Masami Foods
- Broadleaf
- DeBragga & Spitler Inc.
- Middle East Fuji L.L.C.
- Westholme
- Mishima Reserve
- The Dorset Meat Company
- Jack's Creek
- Black Hawk Farms
- Chicago Steak Company
- Holy Grail Steak Co.
- KC Cattle Company
- Lone Mountain Cattle Company
- Nebraska Star Beef
- Rangers Valley
- Sher Wagyu
- Snake River Farms
- Tajimaya UK Ltd.
- Morgan Ranch LLC
- DrybagSteak LLC
- Blackmore Wagyu
- Darling Downs Wagyu
- Toriyama Umami Wagyu
Wilders Wagyu's Strategic Acquisition
In a strategic move aimed at enhancing its position in the Wagyu beef market, Wilders Wagyu, a US-based provider of farm-raised beef, acquired 249 Fullblood Wagyu from Double 8 Cattle Co. in March 2022, for an undisclosed amount. This acquisition included DECFS3086 Double 8 Cattle Double Down On X (ET). With this purchase, Wilders Wagyu intends to explore various avenues, including production sales, genetics production, and Wagyu beef sales, thereby expanding its footprint in the market. Double 8 Cattle Co. is a US-based family-owned farm known for offering full-blood Wagyu beef products.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $2.35 Billion |
| Forecasted Market Value (USD) by 2027 | $3.07 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Wagyu Beef Market Characteristics
3. Wagyu Beef Market Trends and Strategies
4. Wagyu Beef Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Wagyu Beef Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Wagyu Beef Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Wagyu Beef Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Wagyu Beef Market Segmentation
6.1. Global Wagyu Beef Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Wagyu and Kobe
- Crossbreeding
- 100% Fullblood Wagyu
6.2. Global Wagyu Beef Market, Segmentation by Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Stores
- Retail Stores
6.3. Global Wagyu Beef Market, Segmentation by Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Direct to Human Consume
- Industrial Use
7. Wagyu Beef Market Regional and Country Analysis
7.1. Global Wagyu Beef Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Wagyu Beef Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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