The Wagyu Beef Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wagyu Beef Global Market Report 2024, The wagyu beef market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to cross-cultural culinary fusion, culinary education and awareness, rise of high-end retail, globalization of culinary trends, media and culinary influencers.
The wagyu beef market size is expected to see strong growth in the next few years. It will grow to $3.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to regulatory and quality standards, educational campaigns, online retail growth, demand in foodservice sector, expansion into new markets. Major trends in the forecast period include educational and experiential marketing, rise in ethical and sustainable practices, traceability and transparency, health and nutritional awareness, premiumization and luxury market expansion.
The rapid growth of the food and beverage industries is expected to propel the growth of the Wagyu beef market going forward. The food and beverage industry refers to an enterprise transforming raw agricultural materials into consumer food products, food transportation services, catering businesses, and others. Wagyu beef is consumed mainly in the food industry, as it contains high levels of fat marbling, resulting in a vibrant flavor that is best consumed in small portions. For instance, in April 2022, according to the reports shared by the Common Thread Collective, a US-based e-commerce growth agency, global food and beverage sales were $506 billion in 2022 and are expected to reach $857 billion by 2025. Furthermore, in September 2022, according to Statistics Sweden, a Sweden-based government agency, food and beverage sales in 2021 were $30.74 billion (SEK 334 billion). Therefore, the rapid growth of the food and beverage industries is driving the growth of the Wagyu beef market.
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The wagyu beef market covered in this report is segmented –
1) By Type: Wagyu And Kobe, Crossbreeding, 100% Fullblood Wagyu
2) By Distribution Channel: Online Stores, Retail Stores
3) By Application: Direct To Human Consume, Industrial Use
Product innovations are a key trend gaining popularity in the Wagyu beef market. Major companies operating in the Wagyu beef market are focused on innovating new products and solutions to sustain their position in the market. For instance, in February 2023, Hall Farmstead, a US-based producer of wagyu beef, launched aurebred artisan wagyu beef. This launch would bring sustainable and ethically raised products to the market. Purebred artisan wagyu beef from the farmstead has a high amount of marbling, giving it a delicate, buttery flavor that sets it apart from crossbred wagyu variations.
The wagyu beef market report table of contents includes:
1. Executive Summary
2. Wagyu Beef Market Characteristics
3. Wagyu Beef Market Trends And Strategies
4. Wagyu Beef Market – Macro Economic Scenario
5. Global Wagyu Beef Market Size and Growth
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31. Wagyu Beef Market Other Major And Innovative Companies
32. Global Wagyu Beef Market Competitive Benchmarking
33. Global Wagyu Beef Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wagyu Beef Market
35. Wagyu Beef Market Future Outlook and Potential Analysis
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