The Growing Demand For Protein Rich Food To Fuel The Poultry Market Growth

Poultry Market

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.

Market Overview:
Poultry refers to domesticated birds raised for their eggs, feathers, and meat. Common poultry animals include chickens, turkeys, ducks, and geese which are a major source of protein for human consumption worldwide. They are easy to breed and cost effective compared to other meat protein sources. Poultry meat and eggs have high nutritional value and are widely utilized in households and food processing industries.

Market Dynamics:
Rising global population and growing demand for affordable animal protein is a major driver for the poultry market. Population growth, urbanization, and rising disposable incomes in developing regions are fueling the need for food security through efficient and sustainable food production systems. Poultry farming requires less land and resources compared to other meat sources, making it a preferable option. Increasing consumption of convenience foods and fast foods which use poultry as a key ingredient is also supporting market growth. However, outbreak of avian diseases and stringent regulations around antibiotic use in poultry farming pose a challenge to market participants. Continuous research towards developing vaccination and farm management practices to tackle diseases could provide lucrative opportunities over the forecast period.

Segment Analysis
The global poultry market is segmented on the basis of product type and geography. Based on product type, the market is segmented into chickens, ducks, geese, turkey and others. Among these, the chickens segment accounts for the major share in global poultry market. Chickens are the most common types of domestic fowl worldwide and are reared worldwide for their meat and eggs. The demand for chicken meat is high globally due to its nutritional profile and taste.

PEST Analysis
Political: The poultry industry is highly regulated with various regulations on issues such as food safety, environment protection and animal welfare. Government support through subsidies and trade policies influence the industry dynamics.
Economic: The industry is sensitive to economic cycles and consumer spending power. Growing middle class and urbanization are driving the demand for poultry products in developing nations. High feed costs pose challenges.
Social: Changing dietary patterns and rising health consciousness are increasing demand for protein-rich foods like poultry. However, issues like animal welfare and environmental footprint impact consumer perception.
Technological: Advanced farming techniques, automation, IT usage and genetic improvements are helping enhance productivity and quality. Technologies for food traceability and safety assurance are also gaining traction.

Key Takeaways
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 backed by population and income growth. The market size is estimated to reach US$ 22.46 bn by 2030 from US$ 15.88 Mn in 2023.

Asia Pacific is projected to dominate the global poultry market during the forecast period. This can be attributed to rising disposable incomes, growing population and shift towards protein-rich diets in countries such as China and India.

Key players operating in the 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 are focusing on expansion, mergers & acquisitions and introduction of innovative products to strengthen their market position. 

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