Wagyu Beef Market Size to Reach USD 34.87 Billion by 2029 | Exclusive Report by Fortune Business Insights™
Fortune Business Insights
7 min read
Key companies covered in Wagyu beef market are 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) and more players profiled.
Wagyu Beef Market
Wagyu Beef Market Size
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.”
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.
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.
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
North America Wagyu Beef Market Analysis, Insights and Forecast, 2018-2029
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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