The global wagyu beef market in 2024 is worth USD 18 billion and is projected to grow to USD 29 billion by 2033, with a 6.1% CAGR.
Our figures are based on our analysis of five different market research reports. However, our confidence in these figures is marginal due to the diverging nature of the estimates. A detailed description of our analysis methods is below.
Market Size and Growth Metrics
Current Size and Growth Projections
As of 2024, the global wagyu beef market is valued at about USD 18 billion. Looking ahead, the market is expected to grow at a CAGR of 6.1%, reaching USD 29 billion by 2033.
This growth is driven by increasing consumer demand for high-quality meat products and a surge in culinary interest.
Major Market Segmentation
By Product Type
- Wagyu and Kobe: These premium cuts are highly sought after for their exceptional marbling and tenderness, often featured in gourmet dining experiences.
- Crossbreeding: This segment includes Wagyu beef produced from crossbred cattle, which offers a balance of quality and affordability, appealing to a broader consumer base.
- 100% Fullblood Wagyu: This category represents the highest quality Wagyu beef, sourced from purebred Japanese cattle, and it commands the highest prices due to its superior quality and flavor.
By Region
- North America: The U.S. Wagyu beef market is projected to grow from $8.6 billion in 2024, accounting for over 40% of the global market share, with a CAGR of 5.0% from 2024 to 2031. The demand for premium meat is driving growth, particularly in gourmet restaurants and upscale dining.
- Europe: The European market is expected to reach approximately $6.45 billion in 2024, holding around 30% of the global market. This growth is fueled by a sophisticated consumer base that values quality and traceability in gourmet products.
- Asia-Pacific: This region remains a significant market for Wagyu beef, driven by cultural appreciation and high demand for premium cuts. The market is projected to grow steadily, with increasing investments in maintaining the quality of Wagyu cattle.
- Latin America: Emerging markets in this region are beginning to adopt Wagyu beef, although its prevalence is still limited compared to other regions. The market is expected to grow as awareness and demand for premium beef products increase.
- Middle East & Africa: The market is estimated at around $430 million in 2024, representing about 2% of the global revenue. The demand for luxury food products is rising, particularly in high-end dining establishments, with a CAGR of 6.5% from 2024 to 2031.
Industry Trends and Dynamics
Premiumization of Food Products
Consumers are increasingly seeking premium food experiences, driving demand for high-quality, gourmet products like Wagyu beef. The Wagyu beef market growing with a CAGR of 6.4% by 2032, reflecting a growing appetite for luxury food items.
Health Consciousness
Wagyu beef’s favorable fat profile, with higher levels of unsaturated fats, aligns with growing health trends, making it a preferred choice for health-conscious consumers. The market’s focus on quality and health benefits is expected to support its growth, as consumers prioritize nutritious options.
E-commerce Growth
The rise of online shopping has transformed the distribution landscape, with more consumers purchasing Wagyu beef through e-commerce platforms due to convenience and variety. E-commerce sales are projected to account for 55% of the Wagyu beef market by 2024, highlighting the shift in consumer buying behavior towards online channels.
Industry Drivers and Challenges
Growing Demand for Premium Products
The increasing willingness of consumers to pay for premium meat products significantly drives market growth. This reflects a growing perception of Wagyu beef as a luxury item.
Culinary Trends and Experiences
The rise of culinary tourism and gourmet dining experiences is driving interest in high-quality products like Wagyu beef. Approximately 70% of consumers report being willing to try Wagyu beef in upscale restaurants, contributing to its growing popularity.
Limited Supply
The limited availability of authentic Wagyu beef, especially from specific Japanese breeds, poses challenges in meeting rising demand. This scarcity leads to higher prices and restricted market access, with prices for premium cuts reaching $200 to $400 per pound.
High Production Costs
The specific breeding, feeding, and care required for Wagyu cattle result in significantly higher production costs compared to conventional beef. This can limit the ability of producers to scale operations and meet increasing consumer demand, potentially impacting market growth.
Consumer Insights
Per Capita Consumption
The per capita consumption of Wagyu beef is on the rise, particularly in regions with a strong culinary culture and appreciation for gourmet foods. In 2024, the average per capita consumption of Wagyu beef in Japan reached 1.2 pounds, while in the U.S., it is projected to reach 0.5 pounds, up from 0.3 pounds in 2023, reflecting a growing interest in premium meat products.
Shifts in Consumer Preferences
There is a noticeable shift towards organic and sustainably sourced products, with consumers increasingly favoring Wagyu beef that meets these criteria. Approximately 65% of consumers now prefer Wagyu beef that is certified organic or sustainably raised, indicating a strong trend towards health-conscious and environmentally friendly choices.
The demand for Wagyu beef in home cooking is also increasing, with 40% of consumers reporting they are more likely to purchase premium ingredients like Wagyu for at-home meal preparation, driven by the rise of culinary exploration and food tourism.
Conclusion
In 2024, the global wagyu beef market is valued at USD 18 billion and is projected to reach USD 29 billion by 2033, with a 6.1% CAGR. Key takeaways include:
- Growing Consumer Demand: Health-conscious consumers are willing to pay more for premium meat, especially in North America and Europe, which account for over 70% of global sales.
- Supply and Cost Issues: Limited availability of authentic Wagyu and high production costs drive prices up, with premium cuts reaching $200 to $400 per pound.
- E-commerce and New Segments: Online sales will account for 55% of Wagyu purchases by 2024, while crossbred Wagyu offers a more affordable alternative.
- Culinary Trends: More consumers are trying Wagyu in gourmet restaurants and at home, reflecting a growing interest in luxury food experiences.
The global wagyu beef market underscores a promising future, but challenges in supply and production costs could impact its growth trajectory.
References and Data Sources
How did we analyze our Sources?
To gain a complete understanding of the global wagyu beef market, we’ve analyzed data from five different market research reports. Using our own weighted criteria, we selected the top three reports with the highest scores and based our estimate on their findings.
| WAGYU STEAK Analysis | The Business Research Company | Data Bridge Market Research | Future Market Insights | Fortune Business Insights | Spherical Insights | SUMMARY |
| Published Date | Jan 2024 | Mar 2024 | Dec 2022 | August 19, 2024 | October 2022 | |
| Market Captured | – | – | – | – | – | |
| Current 2024 market size | $2.5B | $2.7B* | $26B* | $25B | $2.6B* | $18B |
| Future market size | $3.3B by 2033 | $4B by 2031 | $40B by 2033 | $43B by 2032 | $3.7B by 2030 | $29B by 2033 |
| CAGR | 6.7% (2024-2033) | 6.2% (2024-2031) | 4.8% (2023-2033) | 6.7% (2024-2032) | 6.0% (2021-2030) | 6.1% (2024-2033) |
Please note: Data marked with * is estimated based on original sources.
How did we grade our Sources?
| WAGYU STEAK Analysis | The Business Research Company | Data Bridge Market Research | Future Market Insights | Fortune Business Insights | Spherical Insights | SUMMARY | |
| 3 | – Criteria 1: Clear Source | 0 | 0 | 0 | 0 | 0 | |
| 2 | – Criteria 2: Recency | 0 | 0 | 0 | 1 | 0 | |
| 4 | – Criteria 3: Authority | 0 | 0 | 0 | 0 | 0 | |
| 1 | – Criteria 4: Objective & Clear | 1 | 0 | 0.5 | 1 | 0 | |
| SOURCE GRADE | 1 | 0 | 0.5 | 3 | 0 | 1.50 |
- 4 = Highly useful, clear, and resistant to manipulation
- 0 = Provides no indication of reliability
| 3 | – Criteria 1: Clear Source Citation | +1 IF: Clearly states where they got the data from. |
| 2 | – Criteria 2: Recency | +1 IF: published or updated the last 3mo. |
| 4 | – Criteria 3: Authority | +1 IF: Govt Agency, Academic Institution, Academic Paper
+1 IF anything else.
|
| 1 | – Criteria 4: Objective & Clear |
+1 IF: The information presented without emotional wording or bias, states the facts cleanly and clearly.
+0.5 IF one of the above.
|
How did we determine our Market Size?
Understanding the market’s direction can be challenging based on these estimates.
While growth rates are similar, the data varies, and only two highest-grade sources, Future Market Insights and Fortune Business Insights, align.
We encourage you to critically assess the data and consider various perspectives to form your own insights into the future of the wagyu beef market.
Nathan has always been captivated by numbers and patterns. With a Master’s degree in Statistics, he’s honed his skills to decipher complex data sets and discern market trends.
Over the past decade, Nathan has worked with various firms compiling and analyzing industry spending figures to forecast market movements.