Wagyu market projected to grow by nearly $3.6 billion over next few years: report
The Asia-Pacific region is projected to account for 74% of the market's growth
Food suppliers are ‘feeling the pinch’ of rising food costs: Stew Leonard Jr.
Stew Leonard’s President and CEO Stew Leonard Jr. joins ‘The Big Money Show’ to discuss the impact inflation has had on holiday food shopping in 2023.
The Wagyu beef market is expected to grow by $3.59 billion by 2027, a market research firm predicts.
The research report, which was compiled by Technavio, was released on Friday. The firm projects that the Wagyu beef market's compound annual growth rate (CAGR) will be around 7.04%, bringing in over $3.59 billion in value from 2022 to 2027.
According to the report, the Wagyu beef market is growing due to an increase in production and trade. Wagyu beef is one of the most expensive and sought-after meats in the world, known for its marbling and tenderness.
"However, factors such as the premium price of Wagyu beef may impede market growth," Technavio said in a press release. "The market is segmented by distribution channel (offline and online), product (Japanese breed, Australian breed, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America)."
CHICK-FIL-A PRICES SURGE IN RECENT YEARS, REPORT SAYS
American Wagyu short ribs are available at the new Ranch 99 market on June 28, 2023 in Eastvale, California. (Gina Ferazzi / Los Angeles Times via Getty Images / Getty Images)
The Asia-Pacific region is expected to contribute to 74% of the market's growth during the forecast period.
"The increased consumption of Wagyu beef in countries such as Japan has primarily contributed to the APAC regional market," the press release explained. "The main driver for the regional market is also a large volume of Wagyu beef trade."
COMPANY RECALLS OVER 6,700 POUNDS OF PATTIES, GROUND BEEF IN RESPONSE TO POSSIBLE E. COLI
American Striploin Wagyu on the menu at Sky Fire at Bishop's Lodge in Santa Fe, NM. (The Washington Post via Getty Images / Getty Images)
According to the report, the two major Wagyu beef exporters in the Asia-Pacific region are Australia and Japan. The top importers are Hong Kong, Taiwan and Singapore.
Frozen cuts of meat from Japanese Wagyu cattle lie in a refrigerator in Switzerland. (Jens Büttner/picture alliance via Getty Images / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"The growing food service industry is an important driver of growth in the APAC Wagyu beef market," Technavio added.