According to The Australian Financial Review, international demand is growing, prices are high and Australia is well out in front as the second biggest producer in the world behind only the domestic-focused Japanese industry.
Australian Wagyu Association members expect to double the national herd size to 600,000 in the next five years and that growth doesn't account for new entrants.
Full-blood, purebred and crossbred wagyu production is forecast to go from about 30,000 tonnes last year to 74,000 tonnes in 2022.
Australian Wagyu Association chief executive Matt McDonagh said about 90 per cent of all the wagyu produced was exported to high-end markets.
"We think over the next five to 10 years we'll certainly go from 2 per cent of the national herd being joined to wagyu bulls up towards 5 per cent," he said.
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