Global Wagyu Beef Market Insights Forecasts to 2030
- The global wagyu beef market was valued at USD 2.21 billion in 2021.
- The market is growing at a CAGR of 6% from 2021 to 2030
- The global wagyu beef market is expected to reach USD 3.73 billion by 2030
- North America is expected to grow the fastest during the forecast period
Get more details on this report -
The global wagyu beef market is expected to reach USD 3.73 billion by 2030, at a CAGR of 6% during the forecast period 2021 to 2030. The market for wagyu beef is expanding dramatically, supported by shifting customer preferences and an elevated level of life. The market for wagyu beef has a positive outlook, which is mostly supported by rising household affluence and beef consumption worldwide.
A Japanese beef cow breed altered from Asian cattle is known as wagyu. It differs from other forms of beef in specific ways that make it more delicate and flavorful. As consumers grow more self-aware and health-conscious and are willing to spend more money on high-quality items containing important nutrients, consumer eating habits are shifting. Currently, the U.S. and Australia are the two countries that export the most wagyu beef, with the U.S. receiving almost 80–90% of Australian exports. The market is expanding quickly due to the sharp demand for dry-aged wagyu beef, particularly in industrialized countries. Consumers increased spending on premium beef and changing eating habits are driving industry expansion. Consumer eating patterns and habits have changed quickly in recent years as people, particularly those in the working class, live away from home consumption. The demand for wagyu beef is primarily driven by rising consumer disposable income and population growth. Hong Kong's economic expansion has a significant impact on the demand for Wagyu beef. The country now imports a significant amount of the product because there are no domestic producers. Additionally, the increase of animal husbandry activities in the major APAC producing regions is projected to drive down prices, giving the industry a broader client base. For instance, the Australian wagyu Association (AWA) projects that by 2020, 7% of cattle raised for feedlots will be used to produce Wagyu beef.
This research report categorizes the market for the global wagyu beef market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wagyu beef market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global wagyu beef market sub-segments.
Global Wagyu Beef Market Report Coverage
|Market Size in 2021:||USD 2.21 billion|
|Forecast Period 2021-2030 CAGR:||6%|
|2030 Value Projection:||USD 3.73 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||215|
|Tables, Charts & Figures:||154|
|Segments covered:||By Product Type, By Applications, By Nature, By Distribution Channels, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Blackmore Wagyu, Itoham Foods Inc., Snake River Farms, Starzen Co. Ltd., DeBragga and Spitler, Sysco Corporation, Chicago Steak Company, Creek Bed Country Farmacy, LLC, Fairway Packing Company\The Butcher's Market, West Coast Prime Meat, American Grass Fed Beef, DrybagSTeak, LLC|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
Get more details on this report -
- In 2021, the Online delivery segment dominated the market with the largest market share of 55% and market revenue of 1.21 billion.
Based on the distribution channel, the Wagyu Beef Market is categorized into Online delivery and Store-based Retail. In 2021, the Online delivery segment dominated the market with the largest market share of 55% and market revenue of 1.21 billion. Consumers are actively engaged in online buying and are increasingly spending an increasing amount of time online. Due to quick delivery options and extensive product selection at low rates, online businesses have gained popularity among customers. Players have been pushed to increase their online presence by rising internet usage, especially in developed North America and Europe. The major firms are collaborating with other well-known e-commerce websites to improve the total digital presence.
- In 2021, the organic segment accounted for the largest share of the market, with 57% and market revenue of 1.25 billion.
Based on nature, the Wagyu Beef Market is categorized as Organic and Conventional. In 2021, Organic dominated the market with the largest market share of 57% and market revenue of 1.25 billion. A recent study that was published in the Journal of the Science of Food and Agriculture found that organic beef has higher levels of antioxidants, including 34% more Q10, 72% more taurine, and 53% more beta-carotene. With 17% less cholesterol, 32% less fat, 16% fewer fatty acids, and 24% fewer monounsaturated fatty acids, organic beef also showed a better-balanced lipid (fat) profile. Organic meat proved particularly advantageous, with 170% more heart-healthy linolenic acid than conventional beef.
- In 2021, the direct-to-human use segment dominated the market with the largest market share of 53% and market revenue of 1.17 billion.
Based on the application, the Wagyu Beef Market is categorized as Direct To Human Use and Industrial Use. In 2021, The direct to human use segment dominated the market with the largest market share of 53% and market revenue of 1.17 billion. When it comes to the application, Wagyu beef is used directly for human use as it contains a lot of nutrients which is beneficial for human health.
Regional Segment Analysis of the Wagyu Beef Market
Get more details on this report -
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia-Pacific emerged as the largest market for the global Wagyu beef market, with a market share of around 40% and 2.21 billion of the market revenue in 2021.
- In 2021, Asia- Pacific emerged as the largest market for the global Wagyu beef market, with a market share of around 40% and 2.21 billion of the market revenue. Because Japan is the greatest producer and consumer of various forms of Wagyu beef, the Asia-Pacific area now rules the Wagyu beef market. In Japan, Wagyu is regularly consumed by almost 80% of the population. The Japanese participate in intensive promotional operations to ensure high reach and value sales as the food service industry grows in their country. Australia, the United States, and Canada are anticipated to have rapid growth throughout the forecast period as they are the top three exporters of Wagyu beef in the world.
- The North American market is expected to grow at the fastest CAGR between 2022 and 2030. The rising relevance of foods with high nutritional content and the desire for high-end products are the main factors driving the Wagyu beef market in North America. The Wagyu beef market is anticipated to be led by the United States and Canada throughout the forecast period. Due to an enhanced supply network and a growing meat sector, the region has seen a rise in beef consumption over the past several years.
The report offers the appropriate analysis of the key organizations/companies involved within the global Wagyu beef market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Blackmore Wagyu, Itoham Foods Inc.
- Snake River Farms
- Starzen Co. Ltd.
- DeBragga and Spitler
- Sysco Corporation
- Chicago Steak Company
- Creek Bed Country Farmacy, LLC
- Fairway Packing CompanyThe Butcher's Market
- West Coast Prime Meat
- American Grass Fed Beef
- DrybagSTeak, LLC
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Chinese company WH Group, located in Hong Kong, and Brazilian red meat processor JBS have signed a memorandum of understanding (MoU) to supply beef and other meat products in China starting in January 2020. In order to acquire and build the factory, JBS invested US$ 17.08 Mn. JBS is currently selling a variety of Seara and Friboi goods in the Chinese market, including Do Chef Friboi, Maturatta Friboi, Reserva Friboi, Swift Black, and 1953 Friboi.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Wagyu beef market based on the below-mentioned segments:
Global Wagyu Beef Market, By Product Type
- Japanese Breed
- Australian Breed
Global Wagyu Beef Market, By Applications
- Direct To Human Use
- Industrial Use
Global Wagyu Beef Market, By Nature
Global Wagyu Beef Market, By Distribution Channel
- Online delivery
- Store-based Retail
Global Wagyu Beef Market, Regional Analysis
- North America
- The US
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Wagyu Beef market?As per Spherical Insights, the size of the Wagyu Beef market was valued at USD 2.21 billion in 2021 to USD 3.73 billion by 2030.
What is the market growth rate of the Wagyu Beef market?The Wagyu Beef market is growing at a CAGR of 6% from 2021 to 2030.
Which country dominates the Wagyu Beef market?Asia emerged as the largest market for Wagyu Beef.
Who are the key players in the Wagyu Beef market?Key players in the Wagyu Beef market are Blackmore Wagyu, Itoham Foods Inc., Snake River Farms, Starzen Co. Ltd., DeBragga and Spitler, Sysco Corporation, Chicago Steak Company, Creek Bed Country Farmacy, LLC, Fairway Packing Company\The Butcher's Market, West Coast Prime Meat, American Grass Fed Beef, and DrybagSTeak, LLC.
Which factor drives the growth of the Wagyu Beef market?The growing trend of exotic meals drives the market's growth.
Need help to buy this report?