According to a recent report by market research firm Technavio, the Wagyu beef market is expected to see significant growth in the coming years. The report predicts that the market will grow by $3.59 billion by 2027, with a compound annual growth rate of around 7.04%. The increase in production and trade is cited as the main reason for this growth.
Wagyu beef is known for its marbling and tenderness and is considered one of the most expensive and sought-after meats in the world. However, the premium price of Wagyu beef may impede market growth, according to Technavio.
The Asia-Pacific region is expected to contribute the most to the market's growth, accounting for 74% of the forecasted growth during the period. The increased consumption of Wagyu beef in countries like Japan is the primary driver of the regional market. Additionally, a large volume of Wagyu beef trade is also contributing to the growth.
Australia and Japan are the two major exporters of Wagyu beef in the Asia-Pacific region, while Hong Kong, Taiwan, and Singapore are the top importers. The growing food service industry is also identified as an important driver of growth in the APAC Wagyu beef market.
Overall, the Wagyu beef market is poised for significant growth in the coming years due to increased production, trade, and demand. However, the premium price of the meat may present challenges to this growth. The Asia-Pacific region, particularly Japan, is expected to be a key player in driving the growth of the market.