EMERGING POULTRY MARKET SET TO REGISTER EXPONENTIAL GROWTH DRIVE
The global poultry market is seeing significant expansion owing to the rising demand for protein-rich meat. Poultry refers to domesticated birds raised for their eggs and meat. Major types of poultry reared and consumed globally include chickens, ducks, turkeys, and geese. The poultry meat has several nutritional benefits as it is low in saturated fat and cholesterol yet high in protein. Growing health consciousness among consumers is driving the demand for chicken and turkey meat over red meat options.
he 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: Key players operating in the poultry market are Tyson Foods, JBS, Koch Foods, Industrias Bachoco, and Sanderson Farms.
Key opportunities: Rapid urbanization and rising disposable incomes in developing nations have opened lucrative Poultry Market opportunities innovation and launch of antibiotic-free and organic meat options are gaining traction.
Global expansion: Major companies are focusing on expanding their production facilities and entering new international markets in Asia Pacific and Latin America to capitalize on the increasing demand. Countries like China, Brazil, and Mexico are seeing substantial investments in poultry farming.
Market drivers
Increasing demand for protein-rich meat is a key factor driving the growth of the poultry market. With rising health awareness, consumers are shifting from red meat to low-fat chicken and turkey varieties. Growing population and changing dietary patterns are further propelling the demand globally. Advanced automation in poultry processing is helping companies improve yield and meet the massive worldwide demand for poultry products in a sustainable way.
PEST Analysis
Political: The poultry market is influenced by government policies and regulations related to import and export of poultry products, feedgrains, and livestock health standards. Stable political environments encourage long term investment in the sector.
Economic: Factors like income levels, GDP growth, interest and inflation rates impact consumer spending power and influence demand for poultry meat and eggs. A strong economy encourages higher demand.
Social: Changing dietary preferences, nutrition awareness, and urbanization influence consumption patterns. As people consume more protein, the poultry market benefits.
Technological: Advanced technologies in breeding, nutrition management, processing and food safety compliance help increase production efficiency and product quality. Digital technologies aid distribution and offer new business models.
North America currently accounts for the largest share of the global poultry market in terms of value. The United States, home to some of the largest poultry producers and processors globally, dominates the regional market. Brazil and China are other major markets based on poultry production volumes. The strong demand and supply in these countries drives the revenue generation.
Asia Pacific is expected to be the fastest growing regional market during the forecast period. This is attributed to rising affordability, increasing health awareness and growing urbanization in many Asia Pacific countries. Growth drivers include a thriving fast food industry, changing lifestyles and a growing middle-class demographic. Countries with large populations like India and Indonesia present significant market opportunities.
Explore additional details from the source
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