by The global poultry market is a multibillion-dollar industry facilitating supply of chicken and other bird meats globally. Poultry refers to domesticated birds raised for their eggs, feathers, and meat. Chicken is the most common type of poultry consumed across the world, providing an affordable source of protein. The global market has witnessed consistent growth over the years attributable to increasing population, urbanization, changing food habits, and rising incomes in developing regions.
The global poultry market is estimated to be valued at US$ 15.88 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for protein-rich foods has emerged as a key trend driving the poultry market. Chicken and other poultry meats are considered healthy sources of protein and come with numerous health benefits. With growing health consciousness, consumers are increasingly focusing on protein intake through daily diet. This has augmented the demand for chicken and poultry products globally. Furthermore, factors such as westernization of diets and increasing fast food consumption have also contributed to the protein demand, benefitting poultry producers and processors. The robust demand is encouraging market players to enhance production capacities and facilitate sustained availability of affordable poultry meets.
SWOT Analysis
Strength: The poultry industry provides cost-effective source of protein. Poultry meat such as chicken is a versatile ingredient that can be cooked and consumed in various ways.
Weakness: Risk of diseases such as bird flus which can adversely impact poultry farms. Rising feed costs exert pressure on profit margins of poultry farmers.
Opportunity: Growing health-consciousness is prompting increased demand for protein-rich chicken and turkey meat. Developing regions with growing populations offer significant market potential.
Threats: Strict environmental laws restrict uncontrolled expansion of poultry farms. Trade wars and policies impact export opportunities for major poultry producers and global prices.
Key Takeaways
The global poultry market demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand for affordable meat protein. The market size is projected to reach around US$ 15.88 million in 2024registering a CAGR of 5.6% during the projection period.
Regional analysis indicates that Asia Pacific will continue dominating the global poultry market driven by growing demand from populous nations such as China and India. North America is expected to be the second largest market supported by demand from developed countries like the US. Emerging regions of Latin America and Middle East & Africa are likely to offer lucrative opportunities for key players owing to strengthening purchasing power and increasing meat consumption.
Key players
operating in the poultry market are AstraZeneca, CorMedix, Inc., Citus Pharmaceuticals, Fresenius Medical Care, Glenmark Pharmaceuticals Ltd., Geistlich Pharma, Merck & Co., Inc., Pfizer, TauroPhar GmbH, and Xellia Pharmaceuticals Ltd. These companies are focusing on expansion in emerging markets through partnerships and development of disease-resistant, fast-growing and efficient poultry breeds. They are also investing in advanced biosecurity protocols and digital technologies for optimal farm management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
