The global Wagyu beef market size was USD 21.42 billion in 2021. The market 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.
This information is provided by Fortune Business Insights, in its report titled, “Wagyu Beef Market, 2022-2029.”
List of Key Players Covered in the 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)
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 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.
Browse Summary of this Research Report:
Consumers' Increasing Demand for Animal Protein will Drive Market Growth
Global urbanization is expanding quickly, and more people are finding work in the formal economy, which is a major contributor to the rise in the population's disposable income. Additionally, changes in consumer dietary habits also affected how much animal protein was consumed in a number of nations, including China and Indonesia. As a result, the demand for beef products in these areas is rising quickly.
Asia Pacific to Lead Supported by Presence of Key Players
One of the world's largest Wagyu beef manufacturers is Asia Pacific. Japan and Australia are a couple of the region's biggest Wagyu beef producers. A few significant beef-consuming nations are also present in the region in addition to the producer market.
The Wagyu beef market share in North America is primarily driven by growing consumer knowledge of the product and an increase in American customers' willingness to pay a premium for well-marbled, high-quality meat.
The industry's effects on the environment, the economy, and society have an effect on the overall consumption of Wagyu beef in Europe. The buying habits of European consumers of beef are significantly influenced by these interrelated factors.
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.
Key Industry Development
June 2022: Blackmore Wagyu tomahawk steak is a limited Wagyu entrée that was added to the menu of the American restaurant Matilda 159 Domain. Such a brief promotion encouraged customers to spread the word about the products and piqued their interest in trying them.