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Wet aging or aging-in-the-bag has become the industry norm in which 90% of aged beef is done this way. The meat is vacuum packed in plastic and sits at temperatures of 34-38 degrees for 7-28 days. Inside the plastic, the beef ages and becomes more tender. There is no flavor development since there's no concentration of flavor occurring with loss of moisture.
This method has become more popular because it is cheaper and more profitable. Dry aging is more costly due to the approximately 18% loss in shrinkage and extra trim required, time, storage, refrigerator space, and labor.
In a mass produced commercial environment, dry aging is usually being done only for a few discriminating customers.
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