Market Research Blog

A recently published study by FMI expects the global wagyu beef market to augment at a 4.8% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 40 Billion is expected for the market. Consumer eating habits are evolving as individuals grow more self-aware and health-conscious, willing to spend more money on high-quality food products containing necessary nutrients. Furthermore, expanding population and consumer disposable income are major factors boosting the wagyu beef industry.

Aside from its great softness and richer flavor, wagyu beef is becoming increasingly popular among customers due to a number of health advantages. Wagyu beef is recognized as a healthy choice in a well-balanced diet. Wagyu beef has the most omega-3 fatty acids and the largest amount of mono-unsaturated lipids. This aids in the prevention of Alzheimer’s, heart disease, depression, arthritis, and high blood pressure.

Wagyu steak is commonly seen in five-star restaurants and represents the fine-dining lifestyle. The foodservice sector has lately risen at a phenomenal rate as a result of continual advancements and menu customization for customers. Because of the increased demand for nutritional and high-quality meals, the hotel and foodservice companies have had to adapt their offers.

Furthermore, corporations seeking larger profits are engaging in marketing activities, which is assisting in the development of a wagyu beef market platform. Consumers are increasingly willing to spend money on luxury holidays and meal services in order to obtain higher-quality food goods. Manufacturers are being compelled to implement an Omni channel distribution strategy in order to boost income as the e-commerce business expands at a rapid pace.

Consumers are spending more time on the internet and doing more online purchasing. Customers choose online businesses because they provide faster delivery choices and a diverse selection of items at cheap rates. The increased use of the internet, particularly in industrialized nations such as North America and Europe, has pushed players to expand their online presence. To increase their digital visibility, the leading companies interact with other famous e-commerce websites.

Because Japan is the greatest production and consumer of various forms of wagyu beef, notably full blood and wagyu, the Asia-Pacific region now leads the wagyu beef industry. In Japan, wagyu is consumed on a regular basis by nearly 80% of the population. As the food service industry grows, the Japanese invest heavily in promotional initiatives to achieve high reach and value sales. Australia, the United States, and Canada are predicted to develop substantially throughout the projection period due to their standing as the world’s leading exporters of wagyu beef.

Key Takeaways from the Market Study

• FMI projects the global wagyu beef market to expand at a 4.8% value CAGR by 2033.
• The global wagyu beef market is estimated at a market value of US$ 25 Billion in 2023.
• The global wagyu beef market is expected to garner a market value of US$ 40 Billion
• As per Future Market Insights, the Asia Pacific is expected to be the most lucrative market for wagyu beef during the assessment period 2023-2033.
• Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd., are some prominent wagyu beef manufacturers
• As per Future Market Insights, the North America is expected to grow at a CAGR of 4.3% during the assessment period 2023-2033.
• As per Future Market Insights, the Europe is expected to grow at a CAGR of 4% during the assessment period 2023-2033.
• The fullblood wagyu segment is expected to market share for wagyu beef in the forecast period 2023-2033

“During the projected period, the expanding inventory of wagyu beef in Japan is expected to boost the wagyu beef market. Increased production of Wagyu beef can close the supply-demand imbalance and boost consumption, driving the market throughout the projection period” Ssays an analyst at FMI

Market Competition

Key players in the wagyu beef market are Australian Agricultural Co Ltd, Agri Beef Co., and Starzen Co. Ltd.

Recent Developments:

• In June 2022, Matilda 159 Domain, a restaurant in the United States, launched a limited-time Wagyu item on its menu called Blackmore Wagyu tomahawk steak. This limited-time offer helps to generate favourable word of mouth among consumers and pique people’s curiosity in trying these things.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the global wagyu beef market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of Type (Fullblood, Purebred and Crossbred), End use (Food Service Channels and Retail Channel), across five major regions (North America, Europe, Asia Pacific, South America and Middle East & Africa).

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The global food service industry size is likely to jump from US$ 3,483,539.5 million in 2023 to US$ 5,704,966.8 million by 2033. This projected expansion is anticipated to expand at a 5.3% CAGR in the demand for food services over the upcoming decade.

Convenience, rising purchasing power, and the emergence of a variety of fast food formats are driving the growth of the global fast food business, which is led by well-known names like KFC, McDonald’s, and Domino’s. Nonetheless, the sector is under strain due to quick changes brought about by shifting customer preferences and difficulties in different places. Food and beverage sales on the internet are expected to skyrocket, which will have an impact on traditional retail. At the same time, worries about labour shortages, sustainability, and social responsibility are driving calls for more automation.

Because fast food is more convenient and individuals have more money to spend, the global market is expanding. Apart from these variables, globally, different-format fast-food outlets are proliferating in developing nations. The brands KFC, McDonald’s, and Domino’s are still quite well-known.

The food service industry is changing faster than it has in the past, and this trend is only anticipated to pick up steam. The strain is mostly caused by the ever-evolving tastes of the customers. The company is further hindered by several geographical locations.

It is projected that the sales of food and beverages through online channels will rise by three quarters every year, causing traditional retail establishments to lose market share. The labour crisis and customers’ worries about sustainability and social responsibility have led to a rise in automation.

The food service industry is really good at combining flavors from around the world with ingredients that come from nearby. They make it all work together smoothly. This means people can enjoy dishes with influences from different countries but still use ingredients that are easy to find in their own area.

Consumers are confronted with bare shelves and restricted options in the new normal. Understandably, food merchants are concerned with customer and staff safety, as well as keeping items on the shelves, which might push the addition of new products to the back burner.

The way everyone around the globe eats is promptly transforming. Busy lives have resulted in an increase in preference for quick and easy packaged food solutions. This includes meal packages, grab-and-go options, and delivery services.

Many people care more about their health now. More and more foods without certain ingredients are available now. There are more options now for people who need to avoid certain foods or have allergies. This means a bigger demand for organic, gluten-free, and plant-based foods exists.

Sales of frozen meals such as pizzas, meats, and vegetables have increased due to their long shelf life and ease of preparation. According to a recent report from the American Frozen Food Institute (AFFI), those increased sales will likely continue in the coming years. The food truck concept has gained in popularity as millennial shopping and the desire for mobile eating have increased.

Key Takeaways from the Food Service Industry:

• In 2022, the United States firmly established itself as a leader in the food service industry, commanding a substantial 25.5% share of the global market.
• The food service industry in the United Kingdom is positioned for significant expansion, with an estimated CAGR of 4.6% anticipated through 2033.
• The Japanese food service industry secured a market share of 3.9% in 2022.
• India’s notable progress in the food service industry is reflected in its anticipated CAGR of 4.1% over the forecasted period.
• In 2022, Germany showcased a significant 6.9% portion of the global food service industry.
• China is poised for swift ascent in the food service industry, with an estimated CAGR of 10.9% through 2033.

“China’s remarkable economic expansion, coupled with a growing focus on food tourism, has led to an unprecedented surge in the desire for dining out and online food delivery services. This powerful combination is poised to propel the China food service industry ahead of the United States in the coming years.” opines a lead analyst at FMI.

Key Players and Strategies for Success in the Food Service Industry

The food service industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding sector within the broader food landscape. Here are crucial insights into key competitors and success strategies in the industry:

• Prioritize customer satisfaction and feedback.
• Offer diverse dishes to appeal to a broader customer base.
• Regularly update the menu to reflect changing tastes and trends.
• Utilize digital marketing channels, social media, and influencer collaborations for visibility.
• Stay updated with industry trends such as health-conscious eating and delivery services.
• Collaborate with food delivery platforms for wider reach.
• Personalize experiences to cater to different preferences.

Recent Developments in the Food Service Industry

• In September 2023, Hyatt Hotels Corporation unveiled an exciting new venture: the Impression Makers Supper Club. This distinctive series of exclusive dinners, presented as part of the Inclusive Collection within the World of Hyatt, results from a dynamic collaboration with some of the globe’s most talented and forward-thinking chefs.
• In May 2023, Tim Hortons®, the Canada-based coffee brand with an illustrious nearly 60-year legacy, revealed its intention to venture into the South Korean market later this year. This expansion is made possible through a master franchise agreement with BKR Co. Ltd., a prominent South Korean QSR industry player.

Key Players in the Food Service Industry

• Aramark Corporation
• Compass Group North America
• Doctor’s Associates Inc.
• Seven & I Holdings Co. Ltd.
• Sodexo
• McDonald’s
• Starbucks
• Yum! Brands Inc.
• Darden Restaurants Inc.
• Restaurant Brands International Inc.
• The Wendy’s Company
• Bloomin’ Brands Inc.
• Papa John’s International Inc.
• Chipotle Mexican Grill Inc.
• Domino’s

Take Charge of Your Growth Strategy: Download the Report for the Most Vital Data : https://www.futuremarketinsights.com/checkout/15889

Food Service Industry Segmentation by Category

By Type

• Full-Service Restaurants
• Quick Service Restaurants
• Institutes
• Others

By Service Type

• Commercial
• Institutional

By Region

• North America
• Latin America
• Asia Pacific
• Eastern Europe
• Western Europe
• Japan

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube