The growth in the foodservice industry will foster the wagyu beef market growth in the upcoming years. Wagyu beef has unique taste and tenderness and is used for preparing flavorful dishes at restaurant or cafes. Various foodservice operators are introducing new food items in their menus while helping the operators increase their footfall in their outlets. The demand for high-quality food and premiumization has further led to the development of quick-service restaurants (QSR), particularly, in developed nations. As a result, the growing foodservice industry will eventually boost the wagyu beef market growth during the forecast period. analysts have predicted that the Wagyu beef market will register a CAGR of about 6% by 2023.
Growth in the foodservice industry
The foodservice market is growing rapidly because of factors such as innovations and customization in menus, the rising demand for healthy and nutritious meals, marketing campaigns, and the increasing number of foodservice outlets.
One of the challenges in the growth of the global Wagyu beef market is product recalls. Product recalls can negatively affect the market as consumers lose their confidence in products and brands.
For the detailed list of factors that will drive and challenge the growth of the Wagyu beef market during 2019-2023, view our report.
The market appears to be fragmented with the presence of several vendors. Successful product launches can accelerate the growth of the vendors operating in the global Wagyu beef market by increasing their revenue flow and expanding their consumer base. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.