Wagyu Beef Market Value with Status and Global Analysis 2023 | Future Plans and CAGR Forecast by 2033
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.
Aside from its great softness and richer flavor, wagyu beef is becoming increasingly popular among customers due to a number of health advantages. Wagyu beef is recognized as a healthy choice in a well-balanced diet. Wagyu beef has the most omega-3 fatty acids and the largest amount of mono-unsaturated lipids. This aids in the prevention of Alzheimer's, heart disease, depression, arthritis, and high blood pressure. Wagyu steak is commonly seen in five-star restaurants and represents the fine-dining lifestyle. The foodservice sector has lately risen at a phenomenal rate as a result of continual advancements and menu customization for customers. Because of the increased demand for nutritional and high-quality meals, the hotel and foodservice companies have had to adapt their offers.
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Furthermore, corporations seeking larger profits are engaging in marketing activities, which is assisting in the development of a wagyu beef market platform. Consumers are increasingly willing to spend money on luxury holidays and meal services in order to obtain higher-quality food goods. Manufacturers are being compelled to implement an Omni channel distribution strategy in order to boost income as the e-commerce business expands at a rapid pace. Consumers are spending more time on the internet and doing more online purchasing. Customers choose online businesses because they provide faster delivery choices and a diverse selection of items at cheap rates. The increased use of the internet, particularly in industrialized nations such as North America and Europe, has pushed players to expand their online presence. To increase their digital visibility, the leading companies interact with other famous e-commerce websites.
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
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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).
Information Source: https://www.futuremarketinsights.com/reports/wagyu-beef-market
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