The poultry market, valued at approximately USD 325.41 billion in 2023, is expected to experience steady growth in the coming years. Projected to grow at a compound annual growth rate (CAGR) of 0.40% from 2024 to 2032, the market is anticipated to reach a value of around USD 401.97 billion by 2032. Poultry, as a major source of protein, continues to be in high demand globally, driven by population growth, changing dietary habits, and increasing awareness of animal welfare and sustainable farming practices.
In this article, we will explore the poultry market’s outlook, share, trends, opportunities, challenges, and competitor landscape to offer a comprehensive understanding of the market dynamics.
Poultry Market Outlook
The poultry market’s outlook remains positive, with continuous growth driven by several factors. Poultry, including chicken and turkey, is the most consumed meat worldwide due to its affordability, versatility, and high protein content.
The global demand for poultry is largely influenced by rising disposable incomes in emerging markets, shifting dietary preferences, and urbanisation. North America is the dominant region in the poultry industry, with the U.S. being one of the largest producers and consumers of poultry. On the other hand, the Asia-Pacific region is witnessing rapid growth due to increasing populations and evolving consumer tastes.
In addition, the ongoing improvements in poultry farming techniques, including enhanced breeding, feed management, and biosecurity measures, are contributing to the overall market expansion.
However, the market is not without its challenges, including fluctuating raw material prices, environmental concerns, and the ongoing demand for sustainable and ethically sourced poultry products.
Poultry Market Share & Trends
The poultry market share is primarily divided into different segments based on product type, distribution channel, and geography. Key product categories include:
Chicken: The largest segment, dominating the poultry market due to its widespread consumption.
Turkey: Turkey consumption is particularly popular in North America and some parts of Europe.
Other Poultry Products: Including duck, geese, and other lesser-consumed meats.
Geographically, North America holds the largest market share, driven by its advanced poultry industry, technological innovations, and well-established consumer base. The U.S. continues to be a key player, contributing to the region’s dominance. The European market also holds a substantial share, with growing demand for poultry products in both Western and Eastern Europe.
Meanwhile, the Asia-Pacific region is the fastest-growing market for poultry, led by countries like China, India, and Indonesia, where poultry consumption is on the rise due to increasing population and urbanisation trends. The Middle East and Africa are also showing growth due to expanding markets for chicken and other poultry products.
Poultry Market Trends
Several key trends are shaping the future of the poultry market:
Rising Consumer Preference for Processed Poultry Products: Processed poultry items, such as ready-to-eat meals, frozen chicken, and chicken nuggets, are witnessing increased demand due to changing lifestyles and convenience.
Health-Conscious Eating Habits: There is an increasing demand for healthier poultry options such as organic, free-range, and antibiotic-free products, as consumers become more aware of food quality and sustainability.
Technological Advancements in Poultry Farming: The use of technology, such as automated feeding systems, precision agriculture, and genetic advancements in poultry breeding, is improving productivity and animal welfare. These innovations are driving market growth.
Sustainability and Ethical Sourcing: With rising consumer awareness regarding animal welfare and environmental sustainability, the demand for ethically sourced poultry and sustainable farming practices is growing.
Online Retail and E-Commerce Growth: The online retail segment for poultry products is gaining traction as consumers prefer the convenience of shopping from home, especially in urban areas.
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Poultry Market Opportunities and Challenges
Opportunities
Expanding in Emerging Markets: The increasing urbanisation and growing middle class in emerging economies, particularly in Asia-Pacific, offer significant growth opportunities for poultry producers.
Product Innovation: There is a rising demand for value-added poultry products, including organic, halal, and gluten-free options, which create opportunities for market diversification.
Sustainability Initiatives: The demand for sustainably produced poultry, including products raised with minimal environmental impact, is driving innovation and presenting opportunities for market players to position themselves as environmentally responsible.
Food Security Initiatives: Poultry farming plays a crucial role in food security, particularly in developing countries. Governments and NGOs are investing in poultry production to ensure a steady supply of affordable protein to combat malnutrition.
Challenges
Price Fluctuations in Feed: The cost of poultry feed, which accounts for a large portion of production costs, can fluctuate due to changes in the prices of raw materials like corn and soybeans. These fluctuations can impact the profitability of poultry producers.
Diseases and Biosecurity Risks: The poultry industry faces threats from diseases such as avian influenza, which can lead to significant losses in production and disrupt supply chains. Biosecurity measures and disease management are vital to mitigate these risks.
Environmental Concerns: Poultry farming is under increasing scrutiny for its environmental impact, including water usage, waste management, and greenhouse gas emissions. Producers must adopt more sustainable practices to address these concerns and meet regulatory requirements.
Regulatory Challenges: Changes in food safety regulations, animal welfare standards, and trade policies can impact the poultry market, especially in international markets. Compliance with these regulations requires ongoing investment and adaptation.
Competitor Analysis
The poultry market is highly competitive, with numerous regional and international players. Leading companies in the industry include:
Grupo Nutresa S.A.: A Colombian food processing company, Grupo Nutresa is involved in the production and distribution of poultry products, with a significant presence in Latin America and international markets.
New Hope Liuhe Co. Ltd.: A major Chinese company, New Hope Liuhe is one of the largest poultry producers in China, focusing on the production, processing, and sale of poultry and other animal proteins.
Quantum Foods Holdings Ltd.: A South African food company, Quantum Foods produces and markets poultry and other animal protein products, with a strong presence in Southern Africa.
IB Group: An Indian conglomerate, IB Group is involved in poultry farming, processing, and distribution, with a focus on providing high-quality poultry products across India and global markets.
Others: This includes numerous regional players and smaller companies operating in local markets, contributing to the diverse and competitive landscape of the global poultry industry.
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