Vietnam Wagyu Beef Market- Trend Analysis & Forecasts

Vietnam wagyu beef market valued at US$ ** million in 2024 and is projected to reach market size of US$ ** million by 2032. Vietnam's Wagyu beef market is gaining momentum amid rising consumer affluence, shifting dietary preferences, and growing demand for premium meat products. Between 2025 and 2032, the Vietnam Wagyu beef market is projected to expand at a CAGR of **%, supported by robust import volumes, local breeding programs, and evolving retail channels. Imports from Australia and Japan dominate the supply landscape, while local stakeholders explore domestic breeding initiatives to reduce dependency. As Vietnam’s upper-middle class continues to expand—expected to reach 26% of the population by 2030—the premium meat segment, including Wagyu, is poised for notable growth.

Market/ Product Overview

Vietnam's Wagyu beef market is witnessing a transformation driven by urbanization, rising disposable income, and increasing demand for high-quality protein sources. In 2023, the market was valued at approximately USD ** million, marking a sharp increase from USD ** million in 2019. This growth is closely linked to the premiumization trend in Vietnam's meat consumption habits. Unlike traditional beef, Wagyu beef is lauded for its intense marbling, tenderness, and rich umami flavor, appealing to Vietnam’s health-conscious and status-driven consumers. Ho Chi Minh City and Hanoi are emerging as key urban centers for Wagyu consumption, with upscale restaurants and gourmet retailers prominently featuring imported Wagyu cuts.

Wagyu beef imports have grown consistently over the last five years, with Vietnamese meat importers procuring over 1,800 metric tons of Wagyu beef in 2023—up from just ** metric tons in 2018. The surge is attributed to trade facilitation measures, such as reduced import duties and bilateral trade partnerships with countries like Japan and Australia. Moreover, the Vietnamese government’s focus on improving cold-chain logistics and food safety standards has encouraged more retailers to stock high-value meats like Wagyu, thereby supporting market expansion.

While imported Wagyu dominates the landscape, domestic production is still in its infancy. The Vietnamese Ministry of Agriculture and Rural Development (MARD) is encouraging pilot Wagyu crossbreeding programs in provinces like Lam Dong and Dak Lak, aiming to enhance meat quality and increase local supply by 2028. These initiatives are crucial for long-term sustainability, particularly as demand is forecasted to reach over ** thousand tonnes by 2032.

Importance of Vietnam in the Global Supply of Wagyu Beef

Although Vietnam is not a major Wagyu-producing country, it plays a pivotal role as a high-growth consumption market in the Asia-Pacific premium meat supply chain. With its annual per capita beef consumption increasing from ** kg in 2017 to ** kg in 2024, Vietnam has emerged as a promising import destination for premium beef suppliers, especially from Australia, Japan, and the U.S. In 2024, Vietnam ranked among the top five Wagyu beef importers in Southeast Asia, absorbing over USD ** million worth of premium-grade Wagyu products.

Vietnam’s strategic position in ASEAN and its trade participation in agreements such as the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) have enabled favorable trade flows and tariff concessions with major Wagyu-exporting nations. For instance, under the CPTPP, Vietnam has progressively reduced duties on Australian and Japanese Wagyu imports, resulting in a **% decline in import prices over the past three years.

This positioning is further amplified by Vietnam’s reputation as a testing ground for premium food brands looking to expand across Southeast Asia. International meat suppliers view Vietnam as a launchpad for introducing high-margin Wagyu products, backed by its youthful population, rapidly urbanizing cities, and digitally-savvy consumers who increasingly shop through modern trade and e-commerce platforms.

Wagyu Beef Supply & Demand Trend

Vietnam’s demand for Wagyu beef has grown exponentially over the past five years. In 2024, total Wagyu beef demand stood at ** thousand tonnes, reflecting a **% year-over-year increase. This growth is driven by rising consumption in the foodservice sector, which alone accounted for nearly **% of total demand. Upscale restaurants in Ho Chi Minh City, Hanoi, and Da Nang are key demand drivers, with Wagyu-based dishes becoming status symbols among affluent diners.

On the supply side, over **% of Wagyu beef consumed in Vietnam is imported, primarily from Japan and Australia. In 2024, Vietnam imported ** thousand tonnes of Wagyu beef, with Japan contributing **% of volume and Australia **%. Japan’s A5 Wagyu cuts are particularly prized for their superior marbling, while Australia’s crossbred Wagyu is often preferred for its affordability and wider availability. The U.S. also entered the Vietnamese Wagyu market, exporting nearly ** metric tons of Wagyu or Wagyu-influenced beef in 2024.

Domestic supply remains limited but growing. Pilot projects in Lam Dong and Son La provinces aim to produce ** metric tons of Wagyu-crossbred beef annually by 2026, with support from local universities and Japanese genetic suppliers. The Vietnam National Institute of Animal Science (NIAS) estimates that if pilot programs are successful, domestic Wagyu output could rise to ** metric tons by 2030, helping offset rising import dependency.

Market Growth Factors

The Vietnam Wagyu beef market’s expansion is underpinned by a mix of socioeconomic and industry-specific drivers. Chief among them is rising income and urban middle-class expansion. Vietnam’s GDP per capita crossed USD ** in 2023, with the upper-middle-class population projected to double by 2030, creating fertile ground for high-end food consumption.

Second, dietary diversification is driving beef consumption in general. As Vietnam continues to move away from carbohydrate-heavy diets, red meat consumption—particularly beef—is rising. Between 2018 and 2023, beef consumption in Vietnam rose by **%, with premium cuts such as Wagyu gaining visibility across fine dining, hotel, and premium grocery segments. This trend is further supported by the foodservice sector, which contributes over **% of total Wagyu sales through steakhouses, Japanese restaurants, and gourmet burger chains.

Third, trade liberalization and favorable regulatory environments are facilitating easier importation and market entry for Wagyu suppliers. Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) signed updated trade protocols with Vietnam in 2022, enabling the import of a broader range of Wagyu cuts. Meanwhile, Vietnam’s cold-chain infrastructure has improved significantly, with investments in refrigerated logistics growing at **% CAGR between 2019 and 2023. These developments ensure better quality preservation and wider distribution, supporting market scalability.

Market Restraints & Challenges

Despite its upward trajectory, the Wagyu beef market in Vietnam faces notable constraints. One of the primary challenges is the high retail price of Wagyu products. In 2023, average Wagyu ribeye cuts retailed at USD **–** per kg, compared to just USD **–** per kg for conventional beef, making it inaccessible to price-sensitive consumers who still constitute a majority. This price disparity limits market penetration beyond urban elite and expatriate populations.

Another challenge lies in the lack of domestic Wagyu production. While pilot breeding programs exist, local Wagyu production accounted for less than **% of total supply in 2023. Vietnam’s livestock sector is still focused on traditional breeds and dairy cattle, lacking the expertise and genetic resources required for scalable Wagyu breeding. Additionally, breeding programs face challenges like high feed costs—averaging USD **/kg—and the need for long fattening cycles of 24–30 months, reducing profit margins for domestic producers.

Consumer awareness also remains a bottleneck. Many consumers still associate premium beef with general “imported” meat rather than understanding the quality differences between Wagyu, Angus, or grass-fed options. A 2023 survey by Ipsos indicated that only **% of beef consumers in Vietnam could correctly identify Wagyu beef attributes or origin, suggesting a need for stronger branding and educational campaigns to grow the market sustainably.

Vietnam Wagyu Beef Market Segmentation

The Vietnam Wagyu beef market can be segmented by product type, distribution channel, and end use. By product type, fullblood Wagyu accounts for **% of total imports, while crossbred Wagyu—such as F1 (50% Wagyu)—makes up **%, due to lower cost and broader consumer affordability. A5-grade Wagyu from Japan is favored by high-end restaurants and hotels, while BMS (Beef Marbling Score) 4–6 Wagyu from Australia and the U.S. are commonly sold through gourmet butchers and online platforms.

By distribution channel, foodservice dominates with a **% market share, followed by specialty retail (**%) and online platforms (**%). The rise of e-commerce and gourmet delivery platforms such as Chopp and Meatworks has made premium beef more accessible to upper-middle-class households. In 2023, online Wagyu beef sales grew by **% YoY, fueled by the pandemic-driven shift toward at-home fine dining and meal kits.

In terms of end use, restaurants and hotels are the largest consumers, purchasing whole cuts for menu integration. Retail consumers typically purchase pre-sliced Wagyu for home grilling and hotpot dishes, especially during festivals and holidays. Notably, the Tet (Lunar New Year) season accounts for nearly **% of annual retail Wagyu sales, reflecting a strong link between premium beef consumption and cultural celebrations in Vietnam.

Wagyu Beef Price Dynamics in Vietnam

Wagyu beef prices in Vietnam are heavily influenced by import dynamics, exchange rates, and global supply conditions. In 2023, the average retail price of Japanese A5 Wagyu ribeye ranged between USD **–**/kg, while Australian F1 Wagyu priced between USD **–**/kg. Over the last five years, import prices have declined marginally due to tariff reductions, with Japanese Wagyu import prices falling from USD **/kg in 2018 to USD **/kg in 2023.

Wholesale prices are typically **–**% lower than retail rates, allowing margins for retailers and restaurants. However, recent disruptions such as Japan’s tightening of Wagyu export certifications and rising feed prices in Australia have introduced short-term price volatility. In 2022, prices peaked by **% YoY before stabilizing in 2023. Future price trends will depend on global feed input costs, geopolitical trade shifts, and Vietnam’s success in growing domestic Wagyu supply to reduce import reliance.

Vietnam Wagyu Beef Trade (Export & Import)

Vietnam’s Wagyu beef trade is highly import-dependent. In 2023, Vietnam imported Wagyu beef valued at over USD ** million, representing a **% increase from 2021. Japan remains the dominant trade partner, supplying over USD ** million worth of Wagyu beef, followed by Australia (USD ** million) and the United States (USD ** million). Japan’s increasing emphasis on Vietnam as a priority Wagyu export market is evident from multiple trade promotion events, including the 2023 "Japan Wagyu Fair" in Hanoi, sponsored by MAFF.

Trade agreements have played a pivotal role in expanding import channels. Under the Vietnam–Japan Economic Partnership Agreement (VJEPA), tariffs on select Wagyu cuts have been reduced to below **%, enhancing affordability. Similarly, the CPTPP enables duty-free entry for Australian Wagyu by 2025, spurring more competitive pricing and diversified product availability. Cold-chain improvements and simplified customs procedures have further reduced transit times for imported Wagyu to under 10 days on average, down from 17 days in 2019.

Vietnam does not currently export Wagyu beef due to limited domestic production and internal demand pressures. However, policymakers are exploring future opportunities to establish Vietnam as a boutique exporter of crossbred Wagyu to neighboring markets like Laos, Cambodia, and Singapore by 2032, conditional on local breeding programs scaling up efficiently.

Vietnam Wagyu Beef Market Competitive Analysis

The Vietnam Wagyu beef market features a mix of international exporters, local importers, and premium meat retailers. Key players in the import segment include Meatworks Vietnam, Kido Foods, and VinaQmart, all of which have exclusive distribution agreements with Japanese or Australian Wagyu exporters. Retailers such as Annam Gourmet, L's Place, and Fine Life have emerged as leading points of sale for premium Wagyu cuts.

Japanese exporters such as Classic Fine Foods and JA Zennoh Foods dominate high-end Wagyu supply, while Australia's AACo and Jack’s Creek have expanded their Wagyu presence in Vietnam. U.S.-based Snake River Farms has also made inroads into Vietnam’s gourmet beef segment, targeting high-end hotels and restaurants. Local stakeholders like Ba Huan Group and TH True Beef have begun investing in crossbreeding programs to capture future value.

Key Companies in Vietnam Wagyu Beef Market,

■ Nexus Vietnam Asia Co., Ltd.
■ JA Zennoh Foods Co. Ltd.
■ Australian Agricultural Company Ltd. (AACo)
■ Jack’s Creek
■ Snake River Farms
■ Meatworks Vietnam
■ Haidang Group
■ Dinh Phong Butchery
■ Indoguna Vina Food Service Co. Ltd.
■ Classic Fine Foods (CFF)

Future Outlook

The Vietnam Wagyu beef market is expected to maintain its strong growth trajectory, reaching an estimated USD ** million by 2032, driven by sustained consumer demand, improved logistics, and expanding domestic production capabilities. Annual demand is projected to exceed ** thousand tonnes by 2032, doubling from current levels. Growth will be led by the foodservice sector and premium home consumption, with online and specialty retail channels playing an increasing role.

Domestically, successful implementation of Wagyu crossbreeding programs could raise local supply to **–**% of total market needs, offering price stability and supply chain security. Trade relations with Japan, Australia, and the U.S. will remain crucial for maintaining product quality and diversity. As Vietnam’s consumers continue to prioritize quality, health, and taste, Wagyu beef is set to remain a premium but growing fixture in the national diet.