Burlingame, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global Poultry Market size is projected to grow from $284.43 billion in 2022 to $375.41 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period, according to a new report by Coherent Market Insights. By Species Type (Chicken, Turkey, Duck, Geese, and Others), By Distribution Channel (Hypermarkets, Supermarkets, Online Channels, Specialty Stores, and Others). Poultry industry involves raising domesticated birds for their feathers, eggs, or meat. Common birds in poultry are chickens, turkeys, geese, and ducks. These birds are considered rich source of protein. There are different practices of farming and breeding these birds. Poultry faming is an important part of global agriculture industry.
Key Trends and Analysis of the Global Poultry Market:
Increasing adoption of on-trade distribution channel is a major trend in the global poultry market. With increasing number of food services and consumer demand in terms of consuming restaurant food, the sales of poultry meat is increasing rapidly. Food service stock processed and frozen poultry meat, because of their higher quality. With growing size of food services on global level, the adoption of on-trade distribution channel is growing. As a result, the market is anticipated to show strong growth in the near future.
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Market Drivers:
The demand for meat poultry is growing with rising consumption and production of poultry than other meat products. For instance, as per the American National Chicken Council Statistics, in 2022, the consumption of poultry meat was higher than consumption of red meat. The amount of red meat consumed per capita was 111.5 pounds while, the amount of poultry meat consumed per capita was 115.1 pounds. Thus, growing consumption of poultry is driving growth of the market.
The demand for poultry feed is on rise, owing to increasing cattle husbandry. Growing need for animal-based products is leading rise in focus on animal health, in order to provide healthy products. As a result, the consumption of poultry products is rising. This factor is further expected to fuel growth of the global poultry market over the forecast period.
Market Key Developments:
In August 2022, Tyson Foods expanded its Caseyville Prepared Foods Facility. This US$ 180 million investment project is likely to cater the rising demand for iconic Hillshire Farm and Jimmy Dean brand products of Tyson Foods.
In July 2022, BRF Sadia started its new plant, AI Joody, in Damman, Saudi Arabia. This plant is likely to increase its monthly production capacity of 1,200 tons of food. This action is anticipated to play an important role in the development as well as growth of the industry.
Market Opportunities:
Rising global populations is anticipated to offer major opportunities in the global poultry market over the forecast future. Poultry is the most common type meat consumed all over the world, as it is a rich protein source. For instance, as per the World Bank, in January 2023, the global population was 1.400 billion. With growing population, demand for poultry products is likely to increase, in turn creating growth opportunities in the global market.
Read complete market research report, "Poultry Market, By Species Type (Chicken, Turkey, Duck, Geese, and Others), By Distribution Channel (Hypermarkets, Supermarkets, Online Channels, Specialty Stores, and Others), And By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Key Market Takeaways:
Global poultry market is expected to exhibit a CAGR of 3.5% during the forecast period. The poultry market is growing rapidly in response to the rise in per capita GDP and consumer expenditure leading to growing consumption of poultry.
On the basis of Species Type, Chicken Segment is expected to dominate the market during the forecast period and this is attributed to the high demand for chicken around the world.
On the basis of Distribution Channels, Online Segment is expected to dominate the market during the forecast period and this is attributed to the increasing penetration of low-cost smartphones along rising digitization and internet services.
On the basis of Geography, Asia Pacific is expected to hold a dominant position over the forecast period, due to increase in poultry consumption in countries such as Australia, Malaysia, India, and China.
Key players operating in the global poultry market include Amrit Group, Tyson Foods, Inc., Bates Turkey Farm, JBS S.A., Baiada Poultry, Pilgrim's Pride Corporation, Sanderson Farms, Wens Foodstuff Group Co. Ltd., Perdue Farms, and BRF S.A.
Market Restrain:
Poultry disease can be highly contagious. One sick chicken can lead to affecting the whole population. This creates severe need for chicken care. Some of the chicken diseases can be contagious that could harm other animals as well as humans. This factor acts as a major barrier in the poultry industry leading to hamper growth of the market.
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Detailed Segmentation:
- Global Poultry Market, By Species Type:
- Chicken
- Turkey
- Duck
- Geese
- Others
- Global Poultry Market, By Distribution Channel:
- Hypermarkets
- Supermarkets
- Online Channels
- Specialty Stores
- Others
- Global Poultry Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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