Wagyu market projected to grow by nearly $3.6 billion over next few years: report
: A frozen piece of meat from Japanese Wagyu beef lies in a refrigerator at a local market.
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)."
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.