The Asia Pacific wagyu beef market size was valued at USD 5,475 million in 2021. It is projected to reach USD 10,574 million by 2030, growing at a CAGR of 7.7% during the forecast period (2022-2030).
Wagyu beef is a premium beef cut explicitly made from Japanese cattle breeds and offered on the market. In Japan, there are Japanese Black, Japanese Brown, Japanese Polled, and Japanese Shorthorn cattle. Japan's geographical isolation and regional climate have contributed to the evolution of its distinctive cow breeds. Therefore, their genetic makeup enabled them to produce intramuscular fat and a flavor not found in other cattle breeds.
Beef is advantageous to the body, in addition to its distinct flavor and appearance. This beef is higher in conjugated linoleic acid (CLA) than other beef products and is therefore considered healthier. In addition, many types of meat must be hung to help them age and tenderize their muscles. On the other hand, this meat is composed of intramuscular fat, making it lean and tender and eliminating the need for hanging.
While the retail consumer market is the mainstay of the mass meat industry and beef brands in particular, wagyu beef brands primarily target institutional consumers, such as hotels and hotel chains, and flourish on their backs. Our data shows approximately 85% of wagyu beef sales are to institutional B2B clients. Numerous wagyu beef firms have worked with hotel groups, restaurant chains, and specialty eateries with locations in airports, premium malls, supercenters, and metropolitan areas. Wagyu beef companies are involved in retail through various B2C distribution methods. The sales approach is heavily influenced by B2B and restaurant food chains, but companies are increasingly targeting upscale superstores and online retail platforms. Hotel chains, restaurants, airports, and internet retailers are the top four industries in developing and rising nations. The customers of a luxury hotel or a high-end fine dining establishment are well-informed about the advantages of wagyu beef over other types of meat and are, consequently, the natural market for premium wagyu beef.
Markets in growing and developing nations with comparatively low GDP are notoriously difficult to penetrate and expand sales in due to ever-changing consumer expectations. Depending on changes in trade policies and the political climate, the performance of Wagyu beef-importing businesses in these nations is constantly crucial. Due to a lack of investment in marketing and supply chains and the very competitive character of regional markets, producers and importers of Wagyu beef in these nations need more sales. In these nations, a lack of marketing investments and a high degree of competitiveness have led to a common understanding of wagyu beef's health benefits and penetration. One of the critical challenges constraining the wagyu beef industry in emerging regions is the need for more government assistance in most emerging and developing nations, where health is viewed as an underlying and neglected condition.
On the wagyu beef market, online sales are a prevalent method of advertising and selling items. Targeting a specific audience is one of the most effective elements of online sales and e-commerce websites, which all participants in the worldwide wagyu beef market have implemented. The market for wagyu beef is propelled by the presence of a large audience on a single platform. People are increasingly ordering wagyu beef and other products via e-commerce and internet platforms, driving growth in the wagyu beef business. The rapid expansion of e-commerce websites and businesses in establishing, developing, and emerging nations increases the demand for wagyu beef goods.
The wagyu beef market is segmented on the basis of information into type, breed type, and distribution channel.
Based on type, the wagyu beef market is segmented into cows and heifers, steers, and bulls.
Steers dominate the market and are expected to grow at a CAGR of 7.9% during the forecast period.
Based on breed types, the wagyu beef market is segmented into Japanese breed, Australian breed, and others.
Japanese Breeds dominate the market and is expected to grow at a CAGR of 8.2% during the forecast period.
Based on distribution channels, the wagyu beef market is segmented into store-based retail, hypermarkets and supermarkets, restaurants and food chain, and online.
The Store-based retail segment dominates the global market and is expected to grow at a CAGR of 8.2% during the forecast period.
Asia-Pacific dominates the global market and is expected to grow at a CAGR of 7.7% during the forecast period. Due to the existence of fast-rising economies such as Japan, China, Singapore, and Thailand, the industry is predicted to expand. Future expansion of the wagyu beef market is anticipated to be fueled by a shift in Asia-Pacific consumer purchasing patterns toward the e-commerce sector and favorable government legislation. Made in China 2025, for instance, is a ten-year national plan designed to enable China to become a worldwide manufacturing force. This plan is anticipated to increase product exports from China, increasing demand for wagyu beef as a marketing and customer service approach. Numerous wagyu beef brands are introduced to the market in Japan and China, bolstering the Asia-Pacific wagyu beef industry. In Asia-Pacific, the demand for healthy wagyu beef is gradually expanding, benefiting the market. With new goods in the premium beef market, consumers concerned with health advantages no longer have to worry about nutrition. Today, new product launches in the Asia-Pacific market focus on food, a balanced diet, and the absence of side effects such as weight gain. The Asia Pacific wagyu beef market is ultimately driven by the increasing number of health-conscious consumers who prioritize healthy meat consumption and other health benefits, including disease prevention.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|