Market Overview

The global wagyu beef market size was at USD 23.94 billion in 2023 and is projected to grow with the value increase from USD 25.34 billion in 2024 to USD 42.69 billion by 2032, exhibiting a CAGR of 6.74% during the forecast period. Asia Pacific dominated the wagyu beef market with a market share of 49.37% in 2023.

This information is provided by Fortune Business Insights, in its report titled, “Wagyu Beef Market, 2024-2032.”

Segments

Fullblood to Dominate the Market owing to its Rich Flavor and Superior Marbled Appearance

There are three types of Wagyu cattle breed available in the market, fullblood, purebred, and crossbred. Fullblood refers to cattle that are 100% bred with Wagyu cattle and have not been crossed with any other cattle breed.

Foodservice Channels Segment to Remain Dominant due to High Volume Sales of Products through this Segment

By end-use, the market is bifurcated into foodservice channels and retail channels. A significant proportion of this beef is sold through foodservice channels such as restaurants, steakhouses, and hotels.

Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Report Coverage

We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.

Driving Factors

Consumers' Increasing Demand for Animal Protein will Drive Market Growth

Global urbanization is expanding quickly, and more people are finding work in the formal economy, which is a major contributor to the rise in the population's disposable income. Additionally, changes in consumer dietary habits also affected how much animal protein was consumed in a number of nations, including China and Indonesia. As a result, the demand for beef products in these areas is rising quickly.

Source: https://www.fortunebusinessinsights.com/wagyu-beef-market-106905

Regional Insights

Asia Pacific to Lead Supported by Presence of Key Players

One of the world's largest Wagyu beef manufacturers is Asia Pacific. Japan and Australia are a couple of the region's biggest Wagyu beef producers. A few significant beef-consuming nations are also present in the region in addition to the producer market.

The Wagyu beef market share in North America is primarily driven by growing consumer knowledge of the product and an increase in American customers' willingness to pay a premium for well-marbled, high-quality meat.