NEW
YORK, July 8, 2024 /PRNewswire/ -- The global
wagyu beef market size is estimated to grow by USD 3.67 billion from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of 6.78%
during the forecast period. Increasing production and trade of
wagyu beef is driving market growth, with a trend
towards increase in the preference for clean labeled wagyu
beef. However, premium price of wagyu beef poses a challenge.
Key market players include 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.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Distribution Channel
(Offline and Online), Product (Japanese breed, Australian breed,
and Others), and Geography (APAC, North America, Europe, Middle
East and Africa, and South America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
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
|
Key Market Trends Fueling Growth
The Wagyu beef market is experiencing growth due to the
increasing consumer preference for clean-labeled products. Country
of origin significantly influences consumer purchase decisions,
with Wagyu beef from the US and Canada perceived as safer and of better taste
and freshness. However, country-of-origin labeling (COOL) adds
costs for producers. The clean labeling trend, aimed at reducing
fat, sugar, and salt, will further boost market growth during the
forecast period.
Wagyu beef, known for its high-quality and premium status, is
experiencing significant growth in farming, processing, packaging,
marketing, retailing, and consumer appreciation. With rising
disposable incomes and changing dietary preferences,
health-conscious consumers seek out Wagyu's health benefits,
including monounsaturated fats and omega-3 fatty acids. Producers
like Morgan Brook Farm focus on
stringent production standards for Fullblood Wagyu, Purebred Wagyu,
and Crossbred Wagyu. Processors ensure strict adherence to food
safety regulations and promote their products in the foodservice
industry, gourmet cuisine, and high-end restaurants. Gourmet food
retailers capitalize on the exclusivity and reputation for
excellence of Wagyu beef, catering to health-conscious consumers
and luxury hospitality sector. Brands like Agri Beef, Japanese
Black, Japanese Brown, Japanese Polled, and Japanese Shorthorn
differentiate themselves through intramuscular fat content and
conjugated linoleic acid. Despite concerns over Bovine Spongiform
Encephalopathy, Wagyu beef's profitability and popularity continue
to rise, making it a lucrative investment for producers and
retailers alike.
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Market Challenges
- The Wagyu beef market faces a significant challenge with
its premium pricing, which is approximately three times higher than
other types of beef. This high cost acts as a barrier for
price-sensitive consumers and may impact market growth during the
forecast period. The availability of 100% full-blood Wagyu,
especially in countries like the US, is limited. Despite this,
Wagyu beef's unique taste profile, particularly Kobe beef, is gaining popularity in fine
dining restaurants worldwide. For instance, the world's most
expensive taco at Grand Velas Los Cabos,
Mexico, costs USD25,000 and
features Kobe beef, langoustine,
Almas Beluga caviar, and black truffle brie cheese. Wagyu's premium
pricing can be attributed to the intricate cattle-raising
processes. Wagyu cattle possess an inherent marbling gene, which is
activated when they are raised in a stress-free environment.
Skilled ranchers provide individual care and implement practices to
create a favorable environment for the cattle.
- The Wagyu beef market faces several challenges for
suppliers like Morgan Brook Farm,
offering Fullblood, Purebred, and Crossbred Wagyu. Bovine
Spongiform Encephalopathy (BSE) is a concern, with strict
regulations for Japanese Black, Brown, Polled, Shorthorn, and other
Japanese cattle breeds. Intramuscular fat and Conjugated Linoleic
Acid (CLA) contribute to Wagyu's premium value, targeting
Foodservice, B2B clients, and the Luxury Hospitality Sector.
Premiumization, driven by marbling, tenderness, gourmet dining, and
culinary experiences, upscales restaurants' demand. Expert
analysis, genetic predisposition, dietary goals, and
health-conscious individuals seek quality and consistency. Limited
supply, especially in Queensland,
requires strategic decisions and accessibility through e-commerce
websites. Certification programs ensure excellence, while genetic
enhancement technologies and celebrity endorsements boost market
visibility. Intelligence services segment the market, enabling
informed business decisions.
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challenges - Download a Sample Report
Segment Overview
This wagyu beef market report extensively covers market
segmentation by
- Distribution Channel
- Product
- 2.1 Japanese breed
- 2.2 Australian breed
- 2.3 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Offline- The wagyu beef market's offline
distribution channel includes supermarkets, hypermarkets, specialty
stores, hard discount stores, and convenience stores. Major
retailers like Tesco, Walmart, and Target have dedicated sections
for wagyu beef in their stores, utilizing promotional strategies
such as signages and discounts. Specialty stores, focusing on
specific product categories, accounted for significant wagyu beef
sales in 2023. Hard discount stores and convenience stores had
marginal sales due to their focus on private-label brands and lower
prices. Despite challenges posed by the COVID-19 pandemic in 2020,
the offline distribution segment is projected to grow as vendors
strengthen partnerships with retailers. Vendors invest in
brick-and-mortar stores to expand their market share. Consumers
prefer specialty retailers for wagyu beef due to the wide variety
and dedicated focus on the product. The global retail sector's
growth contributes to the popularity of retail outlets. Despite
challenges, the offline distribution channel is expected to recover
and grow during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Wagyu beef, renowned for its rich marbling, tenderness, and
distinctive flavor, is a premium culinary experience sought after
by foodservice providers, luxury hospitality sector, and gourmet
dining establishments worldwide. The Wagyu breed includes Fullblood
Wagyu, Purebred Wagyu, and Crossbred Wagyu, with Japanese Black,
Japanese Brown, Japanese Polled, and Japanese Shorthorn being
popular sub-breeds. The intramuscular fat content and conjugated
linoleic acid (CLA) in Wagyu beef contribute to its health
benefits, making it a favorite among health-conscious individuals
and those with dietary goals. Premiumization in the meat industry
drives the demand for Wagyu beef, with B2B clients and e-commerce
websites offering expert analysis and genetic enhancement
technologies to ensure quality and consistency. Despite concerns
over Bovine Spongiform Encephalopathy (BSE), or "Mad Cow Disease,"
proper handling and strict regulations ensure the safety of Wagyu
beef.
Market Research Overview
Wagyu beef, a premium and highly sought-after culinary
experience, is renowned for its intramuscular fat, marbling,
tenderness, and rich flavors. This Japanese cattle breed, including
Fullblood Wagyu, Purebred Wagyu, and Crossbred Wagyu, is gaining
popularity in the foodservice industry and among health-conscious
individuals. The Luxury Hospitality Sector, B2B clients, and
upscale restaurants are embracing Wagyu beef for its premiumization
and exclusivity. The market for Wagyu beef is segmented into
various Japanese cattle breeds, such as Japanese Black, Japanese
Brown, Japanese Polled, and Japanese Shorthorn. The limited supply,
coupled with expert analysis and celebrity endorsements, adds to
its allure. Genetic predisposition, dietary goals, and genetic
enhancement technologies contribute to the high-quality and
consistency of Wagyu beef. Major players in the Wagyu beef market
include Morgan Brook Farm, Agri
Beef, and others. These companies focus on breeding, farming,
processing, packaging, marketing, retailing, and consumer
appreciation. The rising disposable incomes and changing dietary
preferences are driving the demand for high-quality, premium beef
products. The health benefits of Wagyu beef, including
monounsaturated fats, omega-3 fatty acids, and conjugated linoleic
acid, further add to its appeal. E-commerce websites and gourmet
food retailers are also promoting Wagyu beef to reach a wider
audience. The Queensland
certification program ensures the excellence and authenticity of
Wagyu beef. The market for Wagyu beef is expected to continue
growing due to its reputation for excellence, accessibility, and
profitability. Strict production standards and intelligence
services ensure the quality and consistency of this premium
product.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Japanese Breed
- Australian Breed
- Others
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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