Originally Published on: technavio |Wagyu Beef Market by Distribution Channel, Product and Geography - Forecast and Analysis 2023-2027
"Wagyu Beef Market - Premium Growth and Trends by 2023"
Introduction:
The Wagyu Beef Market is set for significant growth, with a projected increase of USD 3,598.98 million and an estimated Compound Annual Growth Rate (CAGR) of 7.04% from 2022 to 2027.
Market Segmentation:
This comprehensive Wagyu beef market report covers various market segments, including distribution channels (offline and online), product types (Japanese breed, Australian breed, and others), and geographical regions (APAC, North America, Europe, Middle East and Africa, and South America). The report draws insights from historical data from 2017 to 2021 and offers a detailed analysis of the current market scenario.
Market Overview:
The Wagyu beef market is experiencing substantial growth, primarily driven by increased production and trade in this premium meat. Japan and Australia are the leading exporters of Wagyu beef, with Japan significantly increasing its stock. Japan's support programs, such as the Japan Beef Livestock Stabilisation Programme, have led to higher production, further boosting the global market's growth during the forecast period. The report also provides an in-depth analysis of the market's drivers, trends, and challenges.
Key Trends:
Prominent trends in the Wagyu beef market include cell-cultured Wagyu beef and enhanced traceability measures. Researchers worldwide are exploring cell culture technology to produce meat, while unique identification numbers on beef products offer consumers detailed information about the origin of the cattle. Improved traceability reduces counterfeit products and instills consumer confidence, ultimately driving market growth.
Major Challenge:
The high premium price of Wagyu beef presents a significant challenge for the market. With prices approximately three times higher than other meats, price-sensitive consumers might be discouraged. However, the unique taste profile of Wagyu beef, especially Kobe beef, is gaining popularity in fine dining restaurants globally. The premium pricing reflects the meticulous cattle-raising processes required for the unique marbling gene in Wagyu beef, contributing to the challenge. Additionally, the ban on Chinese rice straw imports in Japan due to African swine fever is expected to further increase Wagyu beef prices.
Market Segmentation:
Product Segment: The Japanese breed is the largest segment in the Wagyu beef market, driven by Japan's active promotion of Wagyu beef consumption through various initiatives. The fine dining industry, including Michelin Star restaurants, is a significant consumer of premium Japanese Wagyu beef like Kobe beef.
Distribution Channel Segment: The offline segment, encompassing supermarkets, hypermarkets, specialty shops, major discounters, and convenience stores, is set for significant growth. Offline retailers employ promotional and marketing strategies to attract consumers, particularly through appealing displays and discount offerings.
Key Regions:
APAC is expected to contribute 74% to the global market's growth during the forecast period, driven by high Wagyu beef consumption in countries such as Japan. Japan and Australia are the leading producers and exporters in the region, with major importers including Hong Kong, Taiwan, and Singapore. However, the market faces challenges, such as bans on beef imported from Japan and changing consumer preferences.
Company Overview:
Market players are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to enhance their market presence. The report details key companies in the market and provides insights into their strategies.
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