Consumers lose taste for Australian beef giant’s wagyu

Wagyu has fallen out of favour as shoppers opt for cheaper cuts of beef, slicing into profits at Australian Agricultural Company, one of the country’s biggest beef producers.

The Queensland-based agribusiness, whose shareholders include billionaire Andrew Forrest’s Tattarang, said tight consumer spending and a glut of global meat production had contributed to a 17 per cent year-on-year fall in wagyu prices to $17.46 per kilogram.