A recently published study by FMI expects the global wagyu beef market to augment at a 4.8% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 40 Billion is expected for the market. Consumer eating habits are evolving as individuals grow more self-aware and health-conscious, willing to spend more money on high-quality food products containing necessary nutrients. Furthermore, expanding population and consumer disposable income are major factors boosting the wagyu beef industry.
The wagyu beef market is currently expanding and is likely to expand rapidly in the near future. The future for the wagyu beef industry is upbeat, owing mostly to worldwide increases in family affluence and beef consumption. There are around two million whole blood 100% wagyu in the world, with Japan accounting for more than 90%. The USA and Australia are now the major exporters of wagyu beef, with over 80 to 90% of Australian exports heading to the USA. The significant rise in demand for dry-aged wagyu beef, particularly in developed countries, is propelling market expansion. Consumers increased spending on premium beef and eating habits drive industry expansion.
According to the Food and Agriculture Organization (FAO), worldwide beef consumption is expected to increase by 3.3 million tonnes by 2023. Within the last five years, the Asia-Pacific region’s fast-rising tourism has increased demand for Wagyu beef. The country’s economic expansion is driving greater demand for Wagyu beef in Hong Kong. There are currently no indigenous manufacturers in the nation, resulting in massive imports of the commodity. Furthermore, the increase of animal husbandry operations in APAC’s primary producing areas is projected to lower prices, providing the market with a bigger client base. For example, the Australian Wagyu Association (AWA) predicts that by 2020, Wagyu beef will contribute approximately 7% of feedlot cattle.
Because Japan is the greatest production and consumer of various forms of wagyu beef, notably full blood and wagyu, the Asia-Pacific region now leads the wagyu beef industry. In Japan, wagyu is consumed on a regular basis by nearly 80% of the population. As the food service industry grows, the Japanese invest heavily in promotional initiatives to achieve high reach and value sales. Australia, the United States, and Canada are predicted to develop substantially throughout the projection period due to their standing as the world’s leading exporters of wagyu beef.
Key Takeaways from the Market Study
- FMI projects the global wagyu beef market to expand at a 4.8% value CAGR by 2033.
- The global wagyu beef market is estimated at a market value of US$ 25 Billion in 2023.
- The global wagyu beef market is expected to garner a market value of US$ 40 Billion
- As per Future Market Insights, the Asia Pacific is expected to be the most lucrative market for wagyu beef during the assessment period 2023-2033.
- Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd., are some prominent wagyu beef manufacturers
- As per Future Market Insights, the North America is expected to grow at a CAGR of 4.3% during the assessment period 2023-2033.
- As per Future Market Insights, the Europe is expected to grow at a CAGR of 4% during the assessment period 2023-2033.
- The fullblood wagyu segment is expected to market share for wagyu beef in the forecast period 2023-2033
“During the projected period, the expanding inventory of wagyu beef in Japan is expected to boost the wagyu beef market. Increased production of Wagyu beef can close the supply-demand imbalance and boost consumption, driving the market throughout the projection period” Ssays an analyst at FMI
Market Competition
Key players in the wagyu beef market are Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd.
Recent Developments:
- In June 2022, Matilda 159 Domain, a restaurant in the United States, launched a limited-time Wagyu item on its menu called Blackmore Wagyu tomahawk steak. This limited-time offer helps to generate favourable word of mouth among consumers and pique people’s curiosity in trying these things.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global wagyu beef market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of Type (Fullblood, Purebred and Crossbred), End use (Food Service Channels and Retail Channel), across five major regions (North America, Europe, Asia Pacific, South America and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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