The 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.
Poultry products include chicken, turkey, duck and other domesticated bird meat. Poultry are a rich source of protein and contain essential nutrients like vitamin A, B6, B12, minerals like phosphorus, zinc and selenium. Growing health awareness and changing dietary patterns are fueling demand for protein-rich poultry meat globally.
Market key trends:
Rapid urbanization is one of the major trends fueling growth of the global poultry market. As population shifts from rural to urban areas globally, consumption patterns are also changing. Urban consumers have higher disposable income and exposure to various cuisines. This exposes them to new meat options like chicken, driving increased demand. Also, nuclear families and busy lifestyles have led to rising demand for convenience snack foods made with chicken and other poultry meats. Key players are launching various processed and ready-to-eat poultry food products to cater to this growing consumer segment.
Threat of new entrants: The threat of new entrants is moderate as the poultry market requires large capital investment and resources to establish infrastructure like farms, processing plants, distribution network.
Bargaining power of buyers: The bargaining power of buyers is high as the product is commoditized and buyers have many suppliers to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers of feed and inputs for the poultry industry.
Threat of new substitutes: The threat of substitutes is low as poultry meat has few direct substitutes and has established itself as an important protein source.
Competitive rivalry: Intense due to the presence of many global players.
Strengths: Large production scale of major players, strong distribution networks, access to global markets.
Weaknesses: Price volatility of feed ingredients, outbreak of diseases, compliance with stringent regulations.
Opportunities: Growing global demand for protein, increasing penetration in developing markets, rising disposable incomes.
Threats: Trade barriers, changes in consumer preferences towards alternative proteins, environmental concerns.
Global Poultry Market Demand is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing global meat consumption. Asia Pacific dominates the global market owing to large production and consumption in China and India.
Regional analysis: Asia Pacific accounts for over 50% of the global poultry meat production led by China, India and Brazil. The region is expected to grow at the fastest pace during the forecast period, driven by rising affluence, westernization of diet and burgeoning population.
Key players related content: 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. Players are focused on capacity expansions, acquisitions and innovations to strengthen their positions in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it