The poultry market is estimated to be valued at US$ 15.88 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The poultry market primarily involves producing and processing of meat from domesticated birds such as chicken, ducks, turkey and other fowls meant for human consumption. Poultry meat is a rich source of protein and consumed worldwide either as whole cuts, processed cuts or further processed meat products. Rising health consciousness and demand for protein rich food has been a key driver for increased consumption of poultry meat globally. The products in the market range from whole chicken and turkey to processed items like chicken nuggets, sausages, patties etc.
Market Dynamics:
The poultry market is expected to witness significant growth owing to two key drivers – increasing demand for protein rich food and growing health consciousness. Firstly, with rising incomes, consumers are increasingly opting for meat, fish and poultry for daily protein intake which is fueling demand for poultry meat globally. Secondly, health conscious consumers are shifting from red meat to chicken and turkey as white meat variants are lower in fat and calories. Additionally, innovation in processed poultry products coupled with growing fast food and quick service restaurant chains expanding product offerings is further augmenting market growth over the forecast period. However, rising input costs especially of soybean and corn used as livestock feed coupled with strict regulations regarding antibiotics use can restrain the market to a certain extent over the forecast period.
SWOT Analysis
Strength: The poultry market has a growing global demand for chicken and other poultry products. Poultry meat is relatively cheap to produce and is a good source of protein. Poultry producers have well established distribution networks.
Weakness: Outbreaks of avian influenza can significantly impact poultry production. Poultry farming requires large capital investments and operational costs are high due to feed, medication and labor costs.
Opportunity: Emerging markets offer significant growth opportunities as incomes rise in developing countries. Advances in poultry breeding and animal health will continue to improve production efficiency and meet rising demand.
Threats: stricter environment and animal welfare regulations raise production costs. Volatility in feed ingredient prices influences profitability.
Key Takeaways:
Global Poultry Market Demand is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing global meat consumption. Population and income growth, especially in developing countries, is fueling demand for affordable protein sources.
Regional analysis- North America represents the largest market for poultry, accounting for around 25% of global production. However, Asia Pacific is growing at the fastest rate due to its large population and growing middle class. China is the world’s largest poultry producer and consumer. Brazil, the United States and Europe also have substantial production capacities.
Key players operating in the poultry market are Tyson Foods, Inc., JBS S.A., Pilgrim’s Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group. Leading companies are integrating vertically to control more aspects of production. They are also investing to expand in high growth foreign markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
