June 18, 2024

Poultry Market is Estimated to Witness High Growth Owing to Rising Demand for Protein-rich Food

Poultry includes various domesticated birds such as chicken, ducks, geese and turkeys that are harvested for their meat and eggs for human consumption. The poultry sector plays a significant role in meeting the demand for animal protein globally. Poultry meat is considered a highly beneficial source of protein, and contains less fat than red meat. Chicken is the most consumed type of poultry, accounting for over 90% of total poultry production. Poultry farming is a profitable agribusiness and many countries are opting for large scale commercial poultry production.

The global poultry market is estimated to be valued at US$ 15.88 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising demand for protein-rich food is a major driver of the poultry market. Protein is an essential macro-nutrient required by the human body for growth and repair of tissues. With growing health-consciousness worldwide, there is increasing preference for animal protein sources like poultry over red meat due to associated health benefits. Additionally, expansion of organised retail and rising incomes in developing countries are enabling greater availability and access to poultry products, thus augmenting market growth. However, outbreak of bird flu and other zoonotic diseases pose a threat to the poultry sector by impacting supply and trade of poultry products. Strict disease control protocols and vaccine development programmes are being implemented to address this challenge.

SWOT Analysis

Strength: The poultry market provides a consistent supply of protein at affordable prices. Countries around the world depend on poultry as a major source of meat. Poultry meat is low in fat and calories compared to red meats. Poultry farms can be operated on a large or small scale and provide employment in rural areas.

Weakness: Poultry farming requires sizeable investments in infrastructure like barns, equipment, and livestock. Disease outbreaks can severely impact poultry flocks and lead to production and financial losses for farmers. Animal welfare standards are a concern for some consumers and international markets.

Opportunity: Developing countries are experiencing rising incomes and growing demand for protein. This offers opportunities for poultry producers to expand exports and set up new contracted farming arrangements. Technologies such as automation, traceability systems and bioprocessing can help boost efficiency and meet stringent quality standards required by global importers.

Threats: High grain prices increase feed costs which are a major expense for poultry producers. Trade restrictions and animal disease outbreaks can negatively impact export markets. Increased competition from alternative meat products and growing public concern over antibiotic use also pose threats.

Key Takeaways

The Global Poultry Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising meat consumption worldwide especially in developing nations. The poultry market size is projected to reach US$ 15.88 Mn by 2024 registering a CAGR of 5.6% during the forecast period.

Regional analysis: Asia Pacific dominates the global poultry market currently accounting for over 35% of the market share led by China, India and other southeast Asian countries. The region is expected to maintain its leadership position owing to steady economic growth, rising disposable incomes, urbanization and increasing health consciousness. Countries like Brazil and the USA are other major poultry producers globally.

Key players: 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. These companies are focusing on expanding production capacities, contracting with farmers, developing new products and technologies and strengthening distribution networks globally.

Note:
Source: Coherent Market Insights, Public sources, Desk research
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