January 8, 2024


Value of Wagyu beef market to increase by US$3.59 billion by 2027




The Wagyu beef market is expected to grow by US$3.59 billion by 2027, a market research firm predicted.


The firm's research report, which was compiled by Technavio, was released on January 5. It projected that the Wagyu beef market's compound annual growth rate (CAGR) will be around 7.04%, bringing in over US$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.


"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)."


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."


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.


"The growing food service industry is an important driver of growth in the APAC Wagyu beef market," Technavio added.


- Fox Business

Video >

Follow Us