Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The global wagyu beef market size was USD 21.42 billion in 2021 and is projected to grow from USD 22.64 billion in 2022 to USD 34.87 billion by 2029, exhibiting a CAGR of 6.37% during the forecast period 2022-2029.
The Wagyu beef market has experienced substantial growth and global recognition in recent years, driven by the increasing demand for premium and high-quality meat products. Wagyu beef, a premium beef cut available in the market, is exclusively derived from cattle breeds native to Japan, including Japanese Black, Japanese Brown, Japanese Polled, and Japanese Shorthorn. Japan's geographical isolation and its distinct regional climatic conditions have played a pivotal role in shaping these exceptional cattle breeds. Consequently, their genetic makeup has enabled the development of high levels of intra-muscular fat, resulting in a unique flavor profile that sets Wagyu beef apart from other cattle breeds.
Fortune Business Insights™ displays this information in a report titled, “Wagyu Beef Market, 2022-2029.”
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Leading Players Featured in the Wagyu Beef Market Research Report:
- Blackmore Wagyu (Australia)
- Agri Beef Co. (U.S.)
- Australian Agricultural Company Limited (Australia)
- Starzen Co., Ltd (Japan)
- Stockyard Pty Ltd (Australia)
- Lone Mountain Wagyu, LLC (U.S.)
- Jack's Creek (Australia)
- Sugar Mountain (U.S.)
- Stanbroke (Australia)
- Beefcorp Australia Pty Ltd (Australia)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 6.37% |
| 2029 Value Projection | USD 34.87 Billion |
| Wagyu Beef Market Size in 2022 | USD 22.64 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 207 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Wagyu Beef Market Drivers | Rising Demand for Animal Protein among Health Conscious Consumers to Propel Market Growth |
| Increased Trade Activities among Countries Promote the Sales of Wagyu Beef Globally |
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Segments
Fullblood to Dominate the Market owing to its Rich Flavor and Superior Marbled Appearance
There are three types of Wagyu cattle breed available in the market, fullblood, purebred, and crossbred. Fullblood wagyu refers to cattle that are 100% bred with Wagyu cattle and have not been crossed with any other cattle breed.
Foodservice Channels Segment to Remain Dominant due to High Volume Sales of Products through this Segment
By end-use, the market is bifurcated into foodservice channels and retail channels. A significant proportion of this beef is sold through foodservice channels such as restaurants, steakhouses, and hotels.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report presents a holistic study of the global market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified and their strategies to bolster the market growth are shared in the report.
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Driving Factors
Increased International Trade Activities Boost Wagyu Beef Sales Globally
In order to trade beef, the major producing nations have signed trade agreements with the major consuming nations. Such trade agreements assist developing nations in expanding their market presence and gaining access to new markets. As an illustration, Japan and the U.S. engaged in a trade deal that included a low tariff quota on Japanese Wagyu meat imports. Such tariff quotas support an increase in Japanese breed beef exports to the U.S.
Regional Insights
Asia Pacific to Dominate Assisted by Existence of Major Players
Asia Pacific held the largest Wagyu beef market share. Japan and Australia are two of the region's leading producers of this beef. There are other significant beef-consuming nations in the region in addition to the producer market.
Increased customer knowledge of the product and expanding consumer readiness to pay a premium for well-marbled, high-quality meat are the main factors driving the North American market.
The industry's effects on the environment, the economy, and society have an impact on Europe's overall beef consumption. These variables are interrelated and have a significant impact on how European customers choose to buy beef.
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COVID-19 Impact
Supply Chain Delay During Pandemic Significantly Affected Sales and Production, Limiting Market Growth
The pandemic had a big impact on Japan, one of the biggest producers of Wagyu steak. Particularly for the expected tourists during the Summer Olympics tournament, the manufacturers produced significant numbers of goods. The producers kept enormous amounts of this meat in their storage facilities as the Olympics were postponed throughout the pandemic. The global supply chain was damaged by their inability to export their goods to other nations.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster the Wagyu Beef Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID on Supply Chain of Wagyu Beef Market
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Wagyu Beef Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Fullblood Wagyu
- Purebred Wagyu
- Crossbred Wagyu
- By End Use (Value)
- Foodservice Channels
- Retail Channels
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Wagyu Beef Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Fullblood Wagyu
- Purebred Wagyu
- Crossbred Wagyu
- By End Use (Value)
- Foodservice Channels
- Retail Channels
- By Country (Value)
- U.S
- By Type (Value)
- Fullblood Wagyu
- Purebred Wagyu
- Crossbred Wagyu
- By Type (Value)
- Canada
- By Type (Value)
- Fullblood Wagyu
- Purebred Wagyu
- Crossbred Wagyu
- By Type (Value)
- Mexico
- By Type (Value)
- Fullblood Wagyu
- Purebred Wagyu
- Crossbred Wagyu
- By Type (Value)
- U.S
- By Type (Value)
TOC Continued...!
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Key Industry Development
September 2021: Blackmore Wagyu, one of the well-known suppliers of Australian Wagyu beef, has expanded its selection of this product to include a new grass-fed breed. Due to the great demand for grass-fed beef from Australia's fine dining establishments, Blackmore will benefit from the introduction by seeing a rise in sales and revenue.
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