July 25, 2024

Global Poultry Market is Estimated to Witness High Growth Owing to Rising Demand for Quality Protein and Increasing Consumer Awareness about Health

The global poultry market is estimated to be valued at US$ 284,434.4 Mn in 2023 and is expected to exhibit a CAGR of 3.53% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Poultry products, including chicken, turkey, and duck, are highly consumed across the globe. They are known for their high nutritional value, affordability, and versatility, making them a popular choice of protein among consumers. Poultry meat and eggs are rich in essential amino acids, vitamins, and minerals, which play a crucial role in maintaining overall health. Moreover, the growing consumer awareness about healthy eating habits and the benefits of protein-rich diets are driving the demand for poultry products.

B) Market Dynamics:

  1. Driver one: Rising demand for quality protein

The increasing global population, coupled with rising disposable incomes, is driving the demand for quality protein sources. Poultry products are rich in protein and are considered a healthier alternative to red meat. The high nutritional value and affordability of poultry products make them a preferred choice among consumers. Additionally, poultry meat and eggs are versatile ingredients used in various cuisines, contributing to their high demand.

  1. Driver two: Increasing consumer awareness about health

With the growing concern for health and wellness, consumers are becoming more conscious of their dietary choices. Poultry products are known for their low-fat content and high protein content, making them suitable for individuals aiming for a balanced diet. Furthermore, the rise in lifestyle-related diseases, such as obesity and cardiovascular disorders, has shifted consumer preferences towards healthier food options, boosting the demand for poultry products.

C) SWOT Analysis:

Strengths:

  1. Affordable and versatile protein source
  2. High nutritional value

Weaknesses:

  1. Vulnerability to disease outbreaks
  2. Environmental impact of intensive poultry farming

Opportunities:

  1. Growing demand for organic and antibiotic-free poultry products
  2. Expansion of poultry market in emerging economies

Threats:

  1. Health concerns related to avian flu outbreaks
  2. Competition from alternative protein sources (plant-based and lab-grown meats)

D) Key Takeaways:

– The global Poultry Market is expected to witness high growth, exhibiting a CAGR of 3.53% over the forecast period, due to increasing demand for quality protein and rising consumer awareness about health.

– In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the poultry market. The rising population, changing dietary patterns, and increasing disposable incomes are driving the demand for poultry products in this region.

– Key players operating in the global Poultry Market include 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. These companies are focusing on product innovation, expanding their product portfolios, and adopting sustainable farming practices to meet the growing demand for poultry products.