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May 30, 2023
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The global wagyu beef market is expected to exhibit strong growth, reaching USD 16.7 billion by 2028. As per the report titled "Wagyu beef Market Size, Share & COVID-19 Impact Analysis, By Nature (Organic and Conventional), By Product Type (Japanese Breed, Australian Breed, Cross Breed, and Others), By Application (Direct To Human Use and Industrial Use), By Distribution Channel (Online and Retail) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 11.8 billion and USD 16.7 billion in 2028. The market is expected to exhibit a CAGR of 6.00% during the forecast period.
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Agri Beef Co. Collaborated with Local Beef Producers in Jerome, Idaho, to Construct a New Beef Processing Facility
In August 2020, True West Beef was a new cattle processing facility built by Agri Beef Co. in collaboration with beef growers in the Jerome, Idaho region. The collaboration is centered on a strategy to deliver beef processing solutions to enterprises impacted by the COVID-19 outbreak.
Luxury Hospitality Sector's Rapid Development to Drive Market Growth
Wagyu beef is typically served in restaurants of the highest caliber and symbolizes fine dining. Because of ongoing innovations and menu customization for customers, the food service industry has recently experienced tremendous growth. Hospitality and food service industries have been forced to change their menus in response to the growing demand for wholesome, high-quality meals. Additionally, businesses that want to make more money invest in marketing campaigns, creating a foundation for the wagyu beef market. Consumers are spending money on opulent vacations and food services to get better-quality food products.
High Price of Wagyu Beef is Limiting Market Growth
Wagyu beef is thought to cost about three times as much as other cattle varieties. The premium price deters consumers who are sensitive to price and may have an impact on market expansion during the projection period. 100% full-blood wagyu is only occasionally sold, especially outside of the U.S. Kobe beef and other varieties of wagyu beef are becoming increasingly well-liked worldwide because of their distinctive flavor profile. In several fine dining establishments, Kobe beef is used in some of the premium meals. The difficult wagyu cattle-raising procedures are the reason for the high wagyu prices. Because of a special gene in their D.N.A., wagyu cattle naturally have the delicate and rich marbling for which they are renowned. Thus, it is limiting the growth of the market.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the wagyu beef market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, Cuker collaborated with Mishima Reserve to reach and effectively engage an audience that enjoys American Wagyu beef and steak. Mishima Reserve was able to differentiate itself on digital channels thanks to the collaboration's disruptive initiatives.
Notable Industry Development
September 2021: Blackmore Wagyu, a well-known Australian Wagyu beef supplier, has added a new grass-fed breed to its product line. The demand for grass-fed beef from Australia's fine dining restaurants is high; thus, the new launch will help Blackmore increase its sales and revenue.
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List of Key Players Profiled in the Report
Black Hawk Farms (U.S.)
Australian Agricultural Company Limited (Australia)
Starzen Co., Ltd. (Japan)
Imperial Wagyu Beef (U.S.)
Toriyama Umami Wagyu (Japan)
Mishima Reserve (U.S.)
Snake River Farms (U.S.)
Blackmore Wagyu (U.S.)
Lone Mountain Cattle Company (U.S.)
K.C. Cattle Company (U.S.)
Nebraska Star Beef (U.S.)
Middle East Fuji L.L.C. (U.A.E.)
Tajimaya UK ltd. (U.K.)
Holy Grail Steak Co. (U.S.)
DeBragga and Spitler (U.S.)
Chicago Steak Company (U.S.)
Creek Bed Country Farmacy, L.L.C. (U.S.)
The Butcher's Market (U.S.)
West Coast Prime Meat (U.S.)
Further Report Findings
The market in North America is expected to gain a huge portion of the global wagyu beef market share in the coming years, driven by growing consumer product knowledge and an increase in American consumers' willingness to pay a premium for well-marbled, high-quality meat.
The market's expansion is anticipated to be fueled by rising awareness of consumers about the benefits these products have on one's health.
In Europe, the growth in this region is primarily driven by numerous cattle farms in these nations. The growth of this market in the area is largely attributed to the United Kingdom, Germany, and France.
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