The global wagyu beef market was valued at USD 11.8 billion in 2021. The market is projected to grow from USD 11.8 billion in 2021 to USD 16.7 billion by 2028, exhibiting a CAGR of 6.00% during the forecast period.
A Japanese beef cow breed altered from Asian cattle is known as wagyu. It differs from other forms of beef in specific ways that make it more delicate and flavorful. Due to several benefits, including premium red meat that is high in protein, improved health, and advantages in the fight against disease, the worldwide Wagyu beef market is growing quickly. Furthermore, a growing client base looking for healthier meat options is probably what will fuel the global Wagyu beef business. The hospitality and food service sectors have had to alter their menus in response to the rising demand for wholesome, high-quality meals. Additionally, businesses looking to increase their profits are spending money on marketing initiatives, assisting in developing a platform for the wagyu beef industry.
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During the epidemic, Japan, one of the biggest supplier of Wagyu meat, suffered greatly. Manufacturers made large quantities of goods, particularly for the expected tourists during the Summer Olympics tournament. The producers kept massive amounts of this meat in their storage facilities when the Olympics were postponed due to the pandemic. They could not export their goods abroad, which affected the worldwide supply chain. The governments imposed stringent restrictions on public gatherings to stop the spread of the disease during the early stages of the pandemic. They issued orders ordering the closure of public spaces. Therefore, public spaces like hotels and restaurants were closed during the pandemic. Sales through these channels were greatly hindered by the limitations put in place by the governments of various nations, and they declined during the pandemic's initial phase.
Health-Conscious Consumers' Rising Demand for Animal Protein will Drive Market Expansion
Globally accelerated urbanization and a rise in the number of workers entering the formal economy are important drivers of the population's increase in disposable income. Additionally, animal protein consumption patterns have changed due to consumer dietary trends in several nations, including Indonesia and China. As a result, the demand for beef products is rising quickly in these markets. The overall increase in protein consumption has positively impacted the demand for premium beef cuts worldwide. Many consumers are eager to spend their money on goods that are good for their health. As a result, consumers are also demanding more expensive goods.
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Strict Wagyu Cattle Breeding Regulations will Restrain Market Expansion
Producing Wagyu cattle is more expensive and difficult than raising regular cattle. In each region, farmers raise various breeds in distinctive methods. The time and feed needed to raise breeding cattle are significantly greater than those needed to raise regular cattle. Because of this, raising Wagyu cattle is expensive for farmers. Compared to Wagyu cattle, the highly popular black Angus breed matures swiftly. Wagyu cattle also require a low-stress setting to maintain the quality of their steak. The suppleness and quality of the meat are negatively impacted by excessive stress on the cow. Therefore, raising such animals in a stressful environment is not possible.
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