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 refers to domesticated birds that are raised for their meat and eggs. The poultry market includes various types of birds, such as chickens, turkeys, ducks, and geese. Poultry products are an excellent source of protein and essential nutrients, making them a popular choice among consumers. The increasing demand for protein-rich foods, rapid urbanization, and rising per capita income are driving the growth of the global poultry market. Additionally, the ease of production and affordability of poultry products make them accessible to a wide range of consumers.
B) Market Key Trends:
One key trend in the global Poultry Market is the growing preference for organic and free-range poultry products. Consumers are becoming more conscious about the quality and source of their food. They are opting for poultry products that are raised without the use of antibiotics, hormones, and other artificial additives. Organic and free-range poultry farming practices ensure that the birds have access to the outdoors and feed on natural diets, resulting in healthier and more flavorful products. For example, Tyson Foods, Inc., one of the key players in the market, offers a range of organic and free-range poultry products to cater to the increasing demand for these options.
C) PEST Analysis:
Political: The poultry market is influenced by regulations and policies related to animal welfare, food safety, and import-export norms. Governments across the globe are implementing stricter standards to ensure the safety and quality of poultry products.
Economic: Economic factors, such as GDP growth, disposable income, and consumer spending patterns, impact the demand for poultry products. Rising per capita income and urbanization contribute to the growth of the market as consumers have higher purchasing power and access to a wider range of food options.
Social: Changing consumer preferences and lifestyles, increasing awareness about health and nutrition, and the growing demand for convenient and ready-to-cook food products are some of the social factors influencing the poultry market.
Technological: Advances in technology have improved various aspects of poultry farming, including breeding, feed formulation, disease control, and processing. These technological advancements help enhance productivity, efficiency, and product quality in the poultry industry.
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 protein-rich foods. Poultry products are an excellent source of protein and essential nutrients, making them a popular choice among consumers.
– Asia Pacific is expected to be the fastest-growing and dominating region in the global poultry market. The growing population, rising disposable income, and changing consumer preferences 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 players focus on product innovation, expansion strategies, and mergers and acquisitions to gain a competitive edge in the market.
In conclusion, the global poultry market is expected to experience significant growth in the coming years due to increasing demand for protein-rich foods, particularly organic and free-range poultry products. Factors such as changing consumer preferences, rising disposable income and technological advancements will also contribute to the market’s growth. Key players in the market are continuously striving to meet consumer demands, expand their market presence, and improve their product offerings.
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