LONDON--(BUSINESS WIRE)--The global wagyu beef market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global wagyu beef market is the health benefits of Wagyu beef. Wagyu is finely marbled beef that contains higher amounts of fatty acids such as conjugated linoleic acid (CLA), which makes it more tender and flavorful than other types of beef. Wagyu fat has a better flavor and lower melting point than fat in common beef cattle. Further, it contains oleic acid that is considered good for the heart and it has the lowest cholesterol levels when compared to other red meats, fish, and chicken. Wagyu beef also resembles olive oil and salmon in terms of health benefits due to its high marbling. Therefore, the growing awareness about various health benefits of wagyu beef will propel its demand during the forecast period.
As per Technavio, the increasing innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global wagyu beef market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global wagyu beef market: Increasing innovations
The wagyu beef market is witnessing many innovations in terms of the use of technology. The constant research activities conducted by vendors have resulted in the emergence of technologies such as cell culture technology, which can be used to develop meat in laboratories. The incorporation of effective traceability of the meat throughout the supply chain is another innovation which has emerged in the market. This is mainly done to assure the consumer about the quality of the meat as well as adherence to standards on meat production and distribution. The traceability process involves the use of a unique identification number for labeling on beef products, which helps consumers get detailed information on the cattle. This reduces the prevalence of fake Wagyu beef products and increases reliability.
“The foodservice industry is growing at a rapid pace owing to factors such as innovations and customization in menus, rising demand for healthy and nutritious meals, and the increasing number of foodservice outlets. As wagyu and Kobe beef are widely being used by chefs of fine dining restaurants, the growth in the foodservice sector will positively impact the growth of the wagyu beef market during the forecast period,” says a senior research analyst at Technavio.
Global wagyu beef market: Segmentation analysis
This market research report segments the global wagyu beef market by product (Japanese breed, Australian breed, and others) and geographic regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The market growth in APAC can be attributed to the high consumption of wagyu beef in countries such as Japan and the growth of the foodservice sector in the region. Japan and Australia are the leading producers of wagyu beef.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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