Global Poultry Market Is Estimated To Witness High Growth Owing To Increasing Consumption of Poultry Products and the Rising Demand for Organic and Antibiotic-Free Chicken

The global Poultry Market is estimated to be valued at US$ 284,434.4 million 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 products, including chicken, turkey, duck, and other bird species, are widely consumed around the world due to their high protein content and versatility in culinary applications. Poultry meat is a preferred choice for health-conscious consumers, as it is lean and low in fat. Additionally, with the rising awareness about the harmful effects of consuming red meat, the demand for poultry products is increasing significantly. Moreover, the trend of organic and antibiotic-free meat is gaining traction, further driving the growth of the poultry market.

 

B) Market Dynamics:

1. Increasing Consumption of Poultry Products: The consumption of poultry products is steadily rising across the globe due to their nutritional benefits and affordability. Poultry meat provides essential nutrients such as proteins, vitamins, and minerals, making it an integral part of a balanced diet. Additionally, the lower fat content of poultry meat compared to red meat makes it a healthier option for consumers.

 

2. Rising Demand for Organic and Antibiotic-Free Chicken: Concerns regarding the use of antibiotics in animal farming and its impact on human health have fueled the demand for organic and antibiotic-free chicken. Consumers are willing to pay higher prices for poultry products that are free from antibiotics, hormones, and other additives. This trend is driven by increasing health consciousness and the growing preference for clean and sustainable food options.

 

C) Market Key Trends:

The key trend witnessed in the global Poultry Market is the rise in online sales and home delivery services. With the increasing penetration of smartphones and internet connectivity, consumers are opting for the convenience of purchasing poultry products online. This trend is further supported by the COVID-19 pandemic, which has led to restrictions on dining out and increased the demand for home-cooked meals. Online platforms and e-commerce giants are offering a wide range of poultry products and door-to-door delivery services, making it easier for consumers to access fresh and high-quality poultry meat.

 

D) SWOT Analysis:

- Strengths:

1. Increasing awareness about the health benefits of consuming poultry products.

2. Growing demand for organic and antibiotic-free chicken.

 

- Weaknesses:

1. Adverse impact of bird flu outbreaks on the poultry industry.

2. Rising concerns about animal welfare and ethical concerns related to intensive farming practices.

 

- Opportunities:

1. Expansion of the poultry market in emerging economies.

2. Technological advancements in poultry farming and processing.

 

- Threats:

1. Stringent regulations and restrictions on antibiotic use in animal farming.

2. Competition from alternative sources of protein, such as plant-based protein options.

 

E) 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 consumption of poultry products and the rising demand for organic and antibiotic-free chicken.

- North America is expected to dominate the global poultry market due to the high consumption of chicken and turkey meat in the 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.

 

In conclusion, the global poultry market is experiencing significant growth due to factors such as increasing consumption of poultry products, rising demand for organic and antibiotic-free chicken, and the convenience of online sales and home delivery services. However, challenges related to bird flu outbreaks and animal welfare concerns need to be addressed to sustain the growth of the market.