The Europe wagyu beef market size was valued at USD 2,532 million in 2021. It is projected to reach USD 4,038 million by 2030, growing at a CAGR of 5.5% during the forecast period (2022-2030).
Wagyu beef is a premium beef cut explicitly made from Japanese cattle breeds and offered on the market. 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.
The European Wagyu beef industry is driven by substantial regional market participants and robust marketing strategies implemented by manufacturers and importers to attract customers. Changing living patterns, adopting the Western culture and eating habits, and a broader awareness of Wagyu beef are some of the primary factors behind the demand increase in Europe.
The health benefits of consuming wagyu beef have been increasingly and efficiently traced and recorded to promote a global shift in focus toward good health. The increasing severity of chronic and infectious E. coli bacterial infections, malignancies, and disorders connected to a deficiency in vitamins A and E; fatty acids; and omega-3s and omega-6s has piqued the interest of wagyu beef producers. Companies offering new and improved wagyu beef varieties and products on the global market, which has boosted demand for premium wagyu beef, is the most critical element driving the growth of the global wagyu beef industry. Additionally, global demand for wagyu beef is increasing as many consumers accept premium wagyu beef. Wagyu beef is one of the most effective ways to maintain good health, which has resulted in global growth in the wagyu beef market. Numerous vendors working on in-depth R&D and introducing new, enhanced wagyu beef goods are anticipated to bolster the worldwide wagyu industry.
Wagyu beef is approximately three times more expensive than other forms of cattle. The premium price deters price-sensitive consumers and can potentially hinder the market's growth during the predicted period. Due to the unique flavor profile, wagyu varieties such as Kobe beef are gaining global appeal. Several fine dining restaurants employ Kobe beef in their most luxurious meals. The high prices of Wagyu can be ascribed to the difficulty of producing wagyu cattle. Wagyu cattle have an innate marbling gene, a unique component of their DNA that facilitates the cultivation of Wagyu's renowned marbling. To activate this gene, Wagyu must be raised in an environment that minimizes stress to the greatest extent possible. Skilled wagyu ranchers provide individualized care for their livestock and execute measures that foster a favorable environment.
The market for wagyu beef is witnessing a transition regarding the need for value-to-premium products. Demand for new flavors, product introductions, and items is a revolution. Market preferences rapidly shift towards healthier, tastier, and more suitable products. This is anticipated to affect the wagyu beef market socially and economically. Developed nations are viewed as trendsetters in the global wagyu beef market, where the economy proliferates. In the wagyu beef market, inflation plays a significant role in altering market dynamics. Despite the high cost of products, consumers who desire more sustainable and high-quality items are willing to raise the bar. On the wagyu beef market, a new trend has emerged: brand loyalty is supplanted by consumers' willingness to try and adopt newly introduced products that offer a favorable price-to-performance ratio.
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 5.7% 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 5.7% 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 5.9% during the forecast period.
Europe stands at the third place globally with about 20% of the global consumption and is anticipated to grow at a CAGR of 5.5% during the forecast period. The European wagyu beef industry is being pushed by significant regional market participants and manufacturers' and importers' aggressive marketing activities to attract consumers. The increasing demand for wagyu beef in Europe is mainly driven by rapidly shifting lifestyle trends, the adoption of western culture and eating habits, and increased awareness of the product. In addition, increased competitive advantage on the European market and manufacturers employing effective tactics to maintain competitive advantage is anticipated to stimulate the European wagyu beef market further. Established firms in the wagyu beef sector have planned strategically to launch new goods in the European market to attract customer interest and increase income. The level of competition in the European wagyu beef market is increasing annually due to the growing number of new entrants and their novel goods.
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