Poultry includes birds such as chickens, ducks, turkeys, geese and others that are consumed as meat. Poultry meat is a rich source of protein and contains various essential vitamins and minerals. It is low in fat and calories making it a preferred choice for health-conscious consumers. Growing demand for protein-rich foods, expansion of organized retail and rising population are some of the key factors expected to drive the growth of the poultry market.
The Global Poultry Market was valued at US$ 284.43 Bn in 2022, and is expected to exhibit a CAGR of 3.5%, in terms of revenue, over the forecast period (2023-2030), to reach US$ 375.41 Bn by 2030.
Key Takeaways
Key players operating in the poultry market are Tyson Foods, JBS, Industrias Bachoco, BRF and Cargill.
The growing demand for protein-rich diet across developing nations is one of the major factors boosting the sales of poultry products. Additionally, rising urbanization along with increasing disposable income is augmenting the growth of organized retail which sell poultry products.
Advancements in poultry farming practices such as contract farming and vertical integration have helped in increasing productivity and supply of chicken meat across major markets. New technologies for disease prevention, breeding and animal welfare are being adopted by leading players to meet the rising demand.
Market Trends
One of the key trends in the market is the rising popularity of antibiotic-free and organic poultry products due to growing health concerns. Several vendors have launched organic and natural ranged of poultry to cater to the demand from health-conscious consumers.
Plant-based meat alternatives are gaining significant traction especially among vegan and flexitarian population. Companies like Beyond Meat and Anthropic offer plant-based chicken products providing competition to conventional poultry meat.
Market Opportunities
Poultry Market size in the market include rise in demand for meat proteins especially in developing countries of Asia Pacific and Africa due to increasing population and disposable incomes. Innovation in meat tenderizing and processing technologies is also opening new avenues for product development.
Alternatives to conventional poultry farming that focus on sustainability and reducing environmental impact through approaches like regenerative agriculture can drive future opportunities.
Impact of COVID-19 on Poultry Market Growth
The COVID-19 pandemic has significantly impacted the poultry market globally. In the initial months of the pandemic, market witnessed a decline in demand from foodservice sector such as restaurants, cafeterias etc. as lockdowns were imposed worldwide. This led to excess supply, putting pressure on prices. However, retail demand from households cooking at home increased which offset some of the losses. With restrictions easing now, foodservice demand is recovering gradually but supply chain disruptions still remain a challenge. Sanitization and social distancing norms have increased operational costs for players. There is also a labor shortage issue faced by producers. Going forward, demand is expected to normalize as economies reopen fully. However, volatile prices may continue in the short-term until supply and demand patterns stabilize completely. Players need to focus on strengthening their retail presence, implementing new safety protocols and diversifying their supplier base to mitigate risks from future pandemics.
Geographical Regions
The poultry market in North America region accounts for the largest share in terms of value currently. This is attributed to rising presence of major producers and processors in countries like United States. Americans on an average consume over 80 pounds of poultry meat annually making it the highest consumer base globally. Easy availability through organized retail and food chains has boosted consumption levels. Strong innovation in product offerings catering to changing preferences has also aided growth. The region is expected to retain its leading position over the forecast period driven by rising health-consciousness.
The Asia Pacific region is poised to witness the fastest growth in the poultry market during the forecast period. This can be attributed to rising disposable incomes, growing population and changing diets in densely populated countries such as China and India. In China, poultry consumption has tripled over last two decades making it one of the major consumers. Rapid urbanization coupled with increasing number of working women is leading to higher demand for convenience foods which is benefiting further growth. Investments by major players to tap into opportunities offered by Asia Pacific will further propel the market in the region.
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