(MENAFN- GlobeNewsWire - Nasdaq) Wagyu Beef market Key Companies profiled - Blackmore Wagyu, Itoham Foods Inc., SNAKE RIVER FARMS, Starzen Company Limited, Chicago Steak Company, Fairway Packing Company, Ito Ushi, and othersGondia, Oct. 04, 2024 (GLOBE NEWSWIRE) -- As per the Analysis by IMIR Market Research Pvt. Ltd. In 2023 , the Wagyu Beef market was valued at USD 14,892.11 Million and is expected to reach USD 25,727.15 Million at the CAGR of 6.2% during 2024-2032 .
There has been a significant increase in the demand for wagyu beef during last few years owing to the gaining attention of the people due to influencer marketing. Japanese cattle breed is recognized as one of the high-quality meat globally. During last few years, there is significant increase in the export of the Japanese wagyu. However, Australian cattle breed is among the top competitor for the Japanese cattle breed due to pricing and quality. This competition has forced the manufacturers in Japan to improve the value chain in order to restructured the pricing and make it more competitive.
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The Wagyu Beef market is expecting the healthy growth owing to the rapidly flourishing luxury hospitality sector and the shift of focus towards health benefits of eating wagyu beef across the globe.
Figure: Wagyu Beef Market, 2020-2032, (USD Million)
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Improvising and understanding the consumer base and the demand will impact the wagyu beef companies positively. The wagyu beef brands targets the hotel, chains and hi-end restaurants. According to one of our survey, over 80% of the sale of wagyu beef is held by institutional B2B customers. Companies are engaged in the partnership with the restaurant chains and hotels in order to reach the consumers. In recent years, though the sales strategy is currently highly B2B and restaurant food chain inspired but companies are also now targeting high-end superstores and high-end online retail platforms. Currently, top four segments across developing and emerging countries are hotel chains, restaurants, airports, and online retail.
Market Segmentations
| By Breed | By Grade | By Cut Type | By Distribution Channel |
Japanese breed Australian breed Others | A5 (Highest Grade) A4 A3 A2 A1 | Steak Cuts Roasts Ground Beef Others | Store-Based Retail Hypermarkets and Supermarkets Restaurants & Food Chain Online |
On the basis of breed, Japanese breed dominates the global market holding the share of over 60% in 2023, whereas, Australian breed is expected to have the fastest growing segment during the forecast period.
| Type Of Wagyu Beef | Marbling | Color | Specialty |
| Miyazaki wagyu | Evenly distributed with buttery texture | Deep cherry color | The fat that melts resembles a snowflake and is equally distributed, giving a non-greasy flavor. |
| Omi hime wagyu | Well-marbled with tender fat | Brownish red with white flecks | The oldest wagyu brand in Japan that is made from Japanese black cattle bred in Shiga Prefecture |
| Shichiri wagyu | Extreme and snow-like | Wine red | It is a variety of Hida beef that may be distinguished from other wagyu primarily by its muscle and marbling. |
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Figure: Wagyu Beef Market: Export data for Japan
Key Players and Competitor
Blackmore Wagyu, Itoham Foods Inc., SNAKE RIVER FARMS, Starzen Company Limited, Chicago Steak Company, Fairway Packing Company, Ito Ushi, and others
Now-a-days, companies operating in the wagyu beef market are focusing on selling the products directly to the consumers through the online channel. Many producers are engage in direct online selling of the products which has improvise the pricing of the products. Several more websites like Wagyushop.com offer both imported and American-style Wagyu beef. Costco offers both Japanese A5-graded (highest grade of imported 100% Wagyu beef) and American-style Wagyu.
Key Development
| Sector | Nature | Date | Place | Company / University | Description |
Online Retail/E-commerce;
Wagyu Beef Distribution | Product Launch | May 2022 | Japan | Wagyu Haus | Launch of first collection of Wagyu, where company is aiming to provide restaurants, supermarkets, and other meat distributors with Wagyu beef of A5 Japanese Wagyu |
| Plant-based Wagyu and Wagyu products; Online Retail/E-commerce | Plant-based Wagyu beef Product Launch | May 2022 | Canada | Wamame Foods in association with GTFO It's Vegan, an online retailer | Canada's Wamame Foods has launched its world's first premium plant-based alternative Waygu branded beef products across the US with online retailer GTFO It's Vegan |
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Beef Supply, Markets and Economics in Japan
In 2017, 2.5 million cattle were raised for beef production in Japan. Approximately 1.6 million of these were Japanese Black cattle (Ministry of Agriculture, Forestry and Fisheries, 21,000 were Japanese Brown cattle, and 25,000 were other Wagyu breeds. A further 834,700 non-Wagyu breed cattle were used for beef production (Holstein 313,000, F1 Wagyu-cross 521,600, and others 100). The number of farms in Japan raising beef cattle is slowly declining. In 2017, there were 50,100 farmers producing beef, with each farmer raising 50 cattle on average. A total of 35.6% of cattle were raised on Kyushu (the main southern island) and 20.7% on Hokkaido (the main northern island). The mean body and carcass weights of Japanese Black cattle at slaughter were 756 kg and 476 kg, respectively, at 29.2 months of age, while the mean daily weight gain to slaughter was 0.77 kg. Recently, the percentage of intramuscular fat in longissimus muscle from Japanese Black cattle has averaged more than 30%.
In 2017, the mean price of calves (9.1 months of age on average) at market was 653,827 yen (around 6,226 USD), while the mean price of carcasses in the beef market was 1,313,694 yen (around 12,511 USD). The average total cost of production per carcass was 1,054,763 yen (around 10,045 USD). In 2016, Japan imported 526,000 tons of beef, mainly from the United States, Australia, and New Zealand, while 324,000 tons of beef were produced in Japan, meaning that Japan imported around 62% of its beef requirements. Local beef production yielded revenue of about 13,552 million yen (129 million USD) (1,909 USD/ton) in 2016. In recent years, Japan has exported beef to several foreign countries such as the United States, Canada, Hong Kong, Macau, Mexico, New Zealand, Vietnam, Cambodia, Singapore, the Philippines, and, since 2014, the EU (Table 3). However, Japanese Wagyu beef is sold at higher prices than local beef in foreign country.
Wagyu Beef Import in Japan
Asia Pacific to Dominate the Market
Regionally, the global wagyu beef market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa. Wagyu beef market across the globe is significantly growing due to various benefits including protein rich and premium red meat, health benefits, and benefits over disease control. Moreover, wagyu beef help in reducing the risk of several chronic diseases including cardiac, diseases, diabetes, and cancer. Health-conscious people are adopting wagyu beef rapidly as it contains various nutrients including protein, folate, zinc, and fiber. These nutrients and especially fiber maintains sound health. Rising consumer population looking for healthy meat options is expected to drive the global wagyu beef market.
The Asia Pacific region is projected to grow at healthy CAGR in the global wagyu beef market due to presence of rapidly developing economies such as Japan, China, Singapore, and Thailand. Changing product purchase behavior turning to the e-commerce sector across Asia Pacific and advantageous government policies are likely to fuel the growth of wagyu beef market in the future. For example, the Made in China 2025 is a ten-year national plan intended to enable China to transform into a global manufacturing power which is expected to boost product export from China, ultimately escalating demand for wagyu beef as a marketing and customer service strategy. Japan and China are at the forefront of product advancements where numerous wagyu beef brands are launched in the market further supporting the Asia Pacific wagyu beef market.
Number of consumers demanding for healthy wagyu beef is gradually increasing in Asia Pacific benefitting wagyu beef market. With the launch of new products in the premium meat sector, consumers considering health benefits are worry free regarding nutrition. Nowadays, new products launches in the Asia Pacific market are focused on nutrition, complete diet, and no side effects such as weight gain. Increasing number of health-conscious consumer focusing on healthy meat consumption and other health benefits such as disease prevention is ultimately driving the Asia Pacific wagyu beef market.
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Key Players
Blackmore Wagyu, Itoham Foods Inc., SNAKE RIVER FARMS, Starzen Company Limited, Chicago Steak Company, Fairway Packing Company, Ito Ushi, and others
Key Development
| Sector | Nature | Date | Place | Company / University | Description |
Online Retail/E-commerce.
Wagyu Beef Distribution | Product Launch | May 2022 | Japan | Wagyu Haus | Launch of first collection of Wagyu, where company is aiming to provide restaurants, supermarkets, and other meat distributors with Wagyu beef of A5 Japanese Wagyu |
| Plant-based Wagyu and Wagyu products; Online Retail/E-commerce | Plant-based Wagyu beef Product Launch | May 2022 | Canada | Wamame Foods in association with GTFO It's Vegan, an online retailer | Canada's Wamame Foods has launched its world's first premium plant-based alternative Waygu branded beef products across the US with online retailer GTFO It's Vegan |
Points Covered in the Report:
The points that are discussed within the report are-
The complete profile of the companies is mentioned including the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 5 years data history and forecast. The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail. Data and information by market player, by region and market segments Custom research can be added according to specific requirements. The report contains the SWOT analysis, PESTLE analysis, Value Chain Analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions Answered:
How much the global Wagyu Beef Market valued? Which region has the largest share in 2023 for the global Wagyu Beef Market? What are the driving factors for the market? Which is the leading segment in the global market? What are the major players in the market? Research Scope of Wagyu Beef Market: Historic year: 2020- 2022 Base year: 2023 Forecast: 2024 to 2032 Representation of Market revenue in USD Million
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IMIR® Market Research Pvt Ltd.
Intellectual Market Insights Research is a Europe market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including, Semiconductor, aerospace, Automation, Agriculture, Food & Beverages, Automotive, Chemicals and Materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports.
IMIR has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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