Poultry Market Is Estimated To Witness High Growth Owing To Increased Demand For Animal Protein

The global poultry market includes products such as chicken, turkey, duck, and other poultry meat and eggs. Chicken accounts for the major share in the market owing to its high preference worldwide. Poultry meat is a rich source of high-quality protein, minerals, vitamins, and other nutrients. It is considered more nutritious and healthy as compared to red meat. Eggs from poultry are also highly consumed across the globe for its nutritional value and various health benefits. The growing health-consciousness among people is increasing the demand for protein-rich foods like poultry. This is expected to drive the growth of the global poultry market during the forecast period.

The Global poultry Market is estimated to be valued at US$ 18.3 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the poultry market are AstraZeneca, CorMedix, Inc., Citus Pharmaceuticals, Fresenius Medical Care, Glenmark Pharmaceuticals Ltd., Geistlich Pharma, Merck & Co., Inc., Pfizer, TauroPhar GmbH, and Xellia Pharmaceuticals Ltd.

The Poultry Market Trends offers significant growth opportunities owing to the rising demand for protein-rich food and changing dietary patterns. Poultry meat and eggs provide affordable nutrition and are relatively easy to produce which is encouraging new players to enter the market.

Globally, the consumption of poultry is increasing at a rapid pace driven by population and income growth in developing countries. Key players are expanding their operations across emerging markets in Asia Pacific, South America, Middle East, and Africa to tap the growth opportunities in these regions.

Market Drivers

The global demand for poultry is primarily driven by the increasing demand for animal protein. With rising incomes, more people worldwide can afford to consume meat, eggs, and dairy products which are considered more nutritious than staple foods. The growing population is further fueling the demand. Additionally, easy availability, affordability, and versatility of poultry products make it a preferred source of protein consumption. These factors are expected to significantly contribute to the growth of the global poultry market during the forecast period.

PEST Analysis

Political: The poultry market is subject to various regulations related to animal welfare, food safety and environmental protection set by regulatory bodies like USDA and FDA. These norms impact production processes and costs.

Economic: Rising incomes and growing health awareness is boosting demand for protein-rich chicken meat. However, high inflation rates can negatively impact consumer spending power and affect market growth.

Social: Changing dietary preferences and growing preference for convenience food like chicken nuggets and patties are fueling market demand. However, health concerns related to antibiotic abuse in poultry farming may hinder market expansion.

Technological: Automation and advanced farming techniques are helping poultry farmers to increase yield and maintain quality standards. Use of digital technologies for inventory, transportation and supply chain management is also gaining traction.

The poultry market in United States accounts for the largest share in terms of value owing to rising demand for packaged chicken meat and other value-added products. China is also one of the major markets due to growing disposable incomes and nutritional requirements of its large population base.

The poultry market is projected to witness fastest growth in the Asia Pacific region over the forecast period. Rapid urbanization, rising health awareness and growing middle class in countries like India and Indonesia will drive increased consumption of chicken meat and products in the region.