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The Wagyu beef market size is projected to increase by USD 3.67 billion at a CAGR of 6.78% between 2023 and 2028. The market for wagyu beef is experiencing growth driven by several key factors. Firstly, there is an increasing production and trade of wagyu beef, driven by its reputation for superior quality and taste. This growth is also supported by the rising demand for wagyu beef in the food service industry, where it is valued for its flavor and tenderness. Additionally, wagyu beef is known for its health benefits, including higher levels of monounsaturated fats and omega-3 and omega-6 fatty acids compared to other types of beef, which is driving consumer interest and further contributing to market growth. These factors collectively highlight the strong market potential for wagyu beef, driven by its premium quality, culinary versatility, and health benefits.
The market shows an Accelerate CAGR during the forecast period.
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The market is vital for various industries, including foodservice, where it ensures the package integrity and presentation of products like Fullblood Wagyu, Purebred Wagyu, and Crossbred Wagyu meats. These films play a crucial role in maintaining the quality and safety of products, especially in light of concerns like bovine spongiform encephalopathy. They are also essential for packaging meats from specific Wagyu cattle breeds such as Japanese Black, Japanese Brown, Japanese Polled, and Japanese Shorthorn, known for their high intramuscular fat and conjugated linoleic acid content. The market caters to the luxury hospitality sector and upscale restaurants, providing packaging solutions that meet the demands of gourmet dining and culinary experiences. As health-conscious individuals seek products that align with their dietary goals, the market continues to innovate with genetic enhancement technologies to ensure the consistency and quality of its products.
The market is experiencing significant growth due to the increasing production and trade. Japan holds the leading position as the largest exporter since 2020, closely followed by Australia. The rising stock of this beef in Japan is expected to drive growth in the global market during the forecast period, as it helps meet the growing demand for this premium meat.
Furthermore, the government's initiatives to promote production, such as Japan's support payments to these cattle producers under the Japan Beef Livestock Stabilisation Programme (Marukin), have led to increased production, further propelling the market growth in the forecast period.
Cell-cultured beef and enhanced traceability measures are driving trends in the market. Researchers worldwide are innovating with cell culture technology to develop meat, while unique identification numbers on beef products offer consumers detailed information about the cattle's origin. Innovations are also seen in incorporating effective traceability of the meat throughout the supply chain to assure the consumer of the meat's quality as well as adherence to standards on meat production and distribution.
Moreover, in Japan, wagyu beef products have complete traceability across the supply chain and distribution channels. Using a unique identification number labeled on beef products, consumers can get detailed information on the cattle from which the beef product was made. This increased traceability reduces counterfeit products and boosts consumer confidence, leading to market growth in the forecast period.
The high premium price is a significant challenge for the market. With costs about three times higher than other meats, price-sensitive consumers may be discouraged. However, the exclusive taste profile of the beef, especially Kobe beef, is gaining popularity in fine dining restaurants worldwide.
Furthermore, the premium prices are attributed to the meticulous cattle-raising processes required for the unique marbling gene in Wagyu. Skilled ranchers create a stress-free environment for cattle, which further drives up prices. Additionally, the ban on Chinese rice straw imports in Japan due to the African swine fever outbreak is expected to increase the prices further.
The market share growth by the offline segment will be significant during the forecast period. Offline distribution is characterized by supermarkets, hypermarkets, specialty shops, major discounters, and convenience stores. On the product packages in their shops, retailers are using promotional and marketing strategies including branding with signs or discounts. Growth in the global retail sector can be attributed to the popularity of retail outlets.
The offline segment showed a gradual increase in the market share of USD 6.92 billion in 2018.
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Consumers are attracted to the large discount offers of supermarkets and hypermarkets, as well as their use of appealing cabinets for showing different types of meat. In 2021 and 2022, the increased vaccination rate across the world led to the lifting of social distancing restrictions which, in turn, led to the restoration of the supply chain through offline channels. Hence, the market is expected to witness growth during the forecast period.
APAC is estimated to contribute 71% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional market growth and trends influencing the market's trajectory throughout the forecast period. The regional market in APAC is primarily driven by the high consumption in countries such as Japan. In addition, the high volume trade is a key driver for the regional market. In APAC, Japan and Australia are the leading producers and exporters. The major importers are Hong Kong, Taiwan, and Singapore.
Moreover, the market in APAC faces various challenges, including the ban on beef imported from Japan. China is one of the largest meat-consuming countries, and the ban on the import is impacting market growth in APAC. Moreover, In recent years, India's political campaign against meat consumption has put the growth of markets in APAC at risk during this forecast period. A major growth factor for the markets in the Asia Pacific is the growing food service sector. Wagyu beef products are being offered in several new restaurants, which can lead to higher consumption of meat. The market is expected to grow during the forecast period driven by an increasing food service sector.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about Key companies, including:
Agri Beef Co., Australian Agricultural Co Ltd, Black Hawk Farms, Blackmore Wagyu, Chicago Steak Co., DEBRAGGA Inc., Dolan Foods Inc., GRAND WESTERN, Havel Wagyu GbR, Holy Grail Steak Co., Japan PREMIUM BEEF Inc., JBS SA, Lone Mountain Wagyu LLC, Masami Cattle Ranch Inc., Morgan Ranch Inc., Starzen Co. Ltd., Stockyard Pty Ltd, Sugar Mountain, WAGYU MASTER Europe GmbH, and Wagyu World
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Grass-fed Beef Market: Grass-fed Beef Market by Product, Distribution Channel, and Geography - Forecast and Analysis
Beef Market: Beef Market - North America, Europe, EMEA, APAC: US, Canada, China, Germany, UK - Forecast
US - Beef Market: US - Beef Market by Distribution Channel and Type - Forecast and Analysis
The market is driven by the premiumization of beef products, catering to B2B clients and high-end restaurants. Farms like Morgan Brook Farm are pivotal in this market, offering high-quality, grass-fed breed beef with a reputation for excellence. The market benefits from celebrity endorsements, food influencers, and extensive media exposure, enhancing consumer appreciation. E-commerce websites and gourmet food retailers increase accessibility to these premium products. The limited supply of Japanese cattle breeds like those found in Queensland adds to the exclusivity and profitability. Health-conscious consumers and those with rising disposable incomes prefer premium beef products over conventional beef, aligning with changing dietary preferences and the rise of gourmet cuisine. Adhering to stringent production standards and a robust certification program ensures the consistent quality and excellence of Wagyu beef.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 3.67 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 71% |
Key countries |
Japan, US, Hong Kong, Australia, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agri Beef Co., Australian Agricultural Co Ltd, Black Hawk Farms, Blackmore Wagyu, Chicago Steak Co., DEBRAGGA Inc., Dolan Foods Inc., GRAND WESTERN, Havel Wagyu GbR, Holy Grail Steak Co., Japan PREMIUM BEEF Inc., JBS SA, Lone Mountain Wagyu LLC, Masami Cattle Ranch Inc., Morgan Ranch Inc., Starzen Co. Ltd., Stockyard Pty Ltd, Sugar Mountain, WAGYU MASTER Europe GmbH, and Wagyu World |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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