Asia-Pacific is expected to be the fastest-growing market for wagyu beef during the forecast period. Continuous population growth, steady economic progress, changing eating habits, and improving living standards, especially across the developing economies, are the factors contributing to the growth of the wagyu beef market. The regional wagyu beef market is led by countries such as Japan, Australia, and China. Apart from these leading countries, wagyu beef is largely imported in terms of volume in Indonesia, Malaysia, Singapore, and South Korea.
Singapore’s demand for Wagyu beef is growing at a rapid pace in high-end restaurants and specialized supermarkets. Presently, the U.S., Australia, and Japan are the top exporting countries of wagyu beef in Singapore. The wagyu beef consumption in Singapore represents about 5% of total consumption.
Got questions about your regional growth of
Wagyu Beef Market?
Just drop us a line or call on +1 646 480 7505
Impact of COVID-19
The pandemic crisis that started last year has raised many questions on the meat industry and the practices. The global demand for premium meat, such as wagyu beef, has plunged as many restaurants have shut and economies sliding into recessions. Additionally, the strict lockdown measures, owing to the accentuate growth of the virus, have plummeted the global economic activity. The luxury food industry may be the worst hit as it heavily relies on restaurants and hotels. The overall situation has created volatility in the meat industry, which has put the normal business growth plans in the meat industry this year go too awry.
Some wagyu beef producers are tapping consumers through D2C channels, while some are compelled to cut down the output to stay afloat. The market is expected to be largely affected as people are less likely to go out and consume luxury food products while worried about financial crises. Moreover, the falling demand has largely affected the prices of luxury items. For instance, in Tokyo, the price of wagyu beef has fallen by about 30% from 2019, thus significantly impacting the profit margins of the manufacturers.
Wagyu Beef Market: Segmentation
By Distribution Channel
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now