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Increasing Global Meat Consumption Projected To Boost The Growth Of Poultry Market

Lucy Kart
Increasing Global Meat Consumption Projected To Boost The Growth Of Poultry Market

The global 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 comprises products obtained from domesticated birds such as chickens, ducks, geese, turkeys and Guinea fowls. These birds are mainly reared for their meat and eggs. Poultry meat and eggs are a rich source of high quality protein and essential nutrients like vitamins, minerals and unsaturated fats. They provide various health benefits such as reducing risks of certain cancers, cardiovascular diseases and obesity. Several cuisines across the globe rely heavily on chicken, turkey and duck meat. Poultry products are therefore finding wide applications in prepared foods industry as well.

Market key trends:

One of the key trends in the poultry market is the growing preference for antibiotic free and organic poultry products. Consumers are increasingly becoming health conscious and seeking poultry raised without antibiotics and growth hormones. They are willing to pay premium prices for organic and natural poultry meat and eggs. Another trend is the innovation of new product varieties in response to evolving tastes. Products like chicken nuggets, sausages, burger patties etc made from poultry meat have witnessed surge in demand. Companies are coming up with varied flavors and nutrition enriched offerings to attract different consumer segments. Sustainable and humane farming practices by poultry producers is another notable trend to gain consumer trust.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as poultry industry needs large capital investments and established distribution channels. However, the availability of newer technologies can reduce entry barriers to some extent.

Bargaining power of buyers: The bargaining power of buyers is high as buyers have access to multiple suppliers and product demand is highly price sensitive. Large buyers can negotiate better prices which may squeeze supplier margins.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute products. However, suppliers have access to specialized production facilities which increases their bargaining power to some extent.

Threat of new substitutes: The threat of substitute products like fish and eggs is low as poultry meat has established consumer preferences and demand. However, expansion of alternative meat industry poses some threat in the long run.

Competitive rivalry: The competition rivalry in the poultry market is high with the presence of large integrated players globally. Companies compete on factors like product quality, pricing and innovation.

Key Takeaways

Global Poultry Market Demand is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing demand for protein-rich meat. Asia Pacific region dominated more than 35% of the global poultry market share in 2023 led by countries like China, India etc. Population growth, rising disposable incomes and changing dietary preferences are fueling demand in the region.

Regional analysis: North America represents the second largest market for poultry globally led by USA. Robust production infrastructure, awareness about poultry benefits and established distribution channels are translating growth. Initiatives by governments to promote domestic poultry farming are further supporting regional market expansion.

Key players: 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. Companies are focusing on capacity expansions and M&A activities to strengthen their market presence. Product innovations and private label offerings are also gaining momentum in the competitive landscape. 

Read More- https://www.ukwebwire.com/poultry-market-share-value-analysis-and-forecast/ 

Lucy Kart
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