Poultry Market

Poultry Market is expected to grow at a CAGR of 5.3% during the forecast period (2024-2034), with the market size reaching $327 billion in 2023 and projected to reach $577.8 billion by 2034.

Product Overview

Poultry encompasses chickens and other domesticated birds raised for their meat, eggs, and feathers, including turkeys, ducks, and chickens. Poultry farming is a crucial component of the global agricultural sector, driven by the growing demand for cost-effective protein sources. It plays a vital role in ensuring food security, particularly in developing countries. The industry has seen advancements in breeding, feeding, and processing techniques, leading to increased production efficiency and higher yields. However, it faces challenges such as disease outbreaks, environmental concerns, and fluctuating feed costs. Poultry products are consumed worldwide, contributing to various cuisines and providing essential nutrients like protein, vitamins, and minerals.

Market Highlights

Poultry Market is expected to exhibit a CAGR of 5.3% during the forecast period, 2024-2034

Poultry Market is expected to reach USD 577.8 billion, with a 5.3% CAGR growth in response to the increasing need for a low-cost and easily accessible protein source. As the global population expands and urban areas grow, poultry products, especially chicken, offer a versatile and economical food choice. The trend towards healthy eating, which emphasizes lean meats, has further increased demand. Technological advancements in agriculture and genetics have enhanced production efficiency, leading to lower costs and higher yields. Additionally, the shift towards organic and antibiotic-free poultry appeals to health-conscious consumers. The market is expected to continue its expansion, fueled by the rising middle-class populations in developing countries and ongoing innovations in sustainable and efficient poultry farming techniques.

Source: Fatpos Global

Poultry Market Segmentation

Chicken’s production efficiency and affordability strengthen its position as the market leader

Poultry Market is segmented based on Type into Chicken, Turkey, Duck, and Others. Chicken dominates the global poultry industry for several reasons. Its affordability makes it accessible to a broad range of consumers, particularly in developing countries where financial constraints are common. Chicken's mild flavor and versatility in cooking appeal to diverse tastes, making it a popular choice across various culinary traditions. The health-conscious trend is supported by chicken’s nutritional profile, offering lean protein rich in B vitamins and iron. Moreover, advancements in breeding, feed, and management practices have improved production efficiency in chicken farming, resulting in lower production costs and greater availability. The widespread cultural acceptance of chicken as a dietary staple solidifies its position as the market leader in the poultry industry.

Increasing health consciousness among consumers boosts the demand for fresh poultry products

Poultry Market is categorized based on Product Type into Fresh, Frozen, Ready-To-Cook, Ready-To-Eat, and Others. Fresh poultry leads the global market, driven by several factors. Consumer preference plays a significant role, with many believing that fresh poultry offers superior taste, texture, and quality compared to processed alternatives. The growing focus on health also influences this trend, as consumers increasingly choose fresh, minimally processed foods for their diets. Fresh poultry’s versatility is another key factor, as it can be prepared in various ways to suit different culinary preferences. Additionally, cultural influences contribute to its popularity, with fresh poultry being a staple ingredient in numerous traditional dishes worldwide.

Market Dynamics

Growth Drivers

Increasing Population and Rising Income Levels to Boost Market Growth

The growth of the poultry industry is largely driven by the increasing global population and rising income levels. In developing regions, where population growth is rapid, there is a growing demand for affordable and readily available protein sources like poultry. Chicken, in particular, is favored by middle- and lower-income groups due to its cost-effectiveness. Additionally, as incomes rise, consumers are more likely to invest in higher-quality food products, including fresh and organic poultry. This economic shift results in increased poultry consumption across various demographics, driving market expansion. As households move into higher income brackets, their purchasing power increases, leading to greater demand for poultry products.

Government Policies Supporting Poultry Farming to Assist in Market Development

Government policies play a crucial role in the growth and development of the poultry industry. Many governments worldwide implement supportive measures such as subsidies, tax incentives, and research funding to promote poultry farming. These policies aim to boost domestic production, reduce dependency on imports, and ensure food security. Governments may provide funding for farm modernization or offer low-interest loans to small farmers, enabling them to increase output. Additionally, regulations on animal welfare and food safety help improve the quality and competitiveness of poultry products in both domestic and international markets. These supportive measures create a favorable environment for the poultry industry, contributing to overall market growth.

Restraints

Disease Outbreaks in Poultry Farms Can Create Substantial Challenges for Industry

Disease outbreaks in poultry farms present substantial challenges to the industry, leading to significant financial losses and market disruptions. Highly contagious diseases, such as avian influenza and Newcastle disease, can result in high mortality rates and necessitate mass culling to prevent further spread. These outbreaks not only reduce poultry supply but also undermine consumer confidence, leading to decreased demand and market volatility. Moreover, disease outbreaks can trigger trade restrictions and export bans, further harming the financial viability of poultry farmers. Controlling these outbreaks requires costly biosecurity measures, vaccination programs, and rigorous monitoring, leading to increased operational costs for farmers.

Recent Developments

• In 2023-24, Tyson Foods, Inc. expanded its international operations, focusing on Europe. They established innovation centers in the UK and the Netherlands to enhance their poultry and prepared foods offerings. Additionally, the company acquired a significant stake in Tanmiah Food Company in 2022, strengthening its presence in the Middle East's poultry market.
• JBS S.A. entered into a joint venture with WH Group in 2023 to expand its poultry operations in China by leveraging WH Group's distribution network.
• Cargill acquired Konspol, a leading Polish poultry producer, in 2023 to strengthen its poultry processing capabilities in Europe. The company also launched a new sustainability program in 2023 to reduce its carbon footprint across its poultry operations globally.
• Venky’s launched a new range of ready-to-eat poultry products in 2023, targeting the growing demand in urban areas in India. The company expanded its poultry processing facilities in Maharashtra, India, in 2024 to meet increasing domestic and export demands.
• BRF S.A. acquired a 50% stake in Al Yasra Food, a key player in the Middle Eastern poultry market. In 2024, the company introduced a plant-based poultry alternative under its Sadia brand, targeting health-conscious consumers.

Poultry Market

Key Players:

• Tyson Foods, Inc.
• JBS S.A.
• Cargill, Inc.
• Venky’s
• BRF S.A.
• Pilgrim's Pride Corporation
• Perdue Farms Inc.
• Koch Foods, Inc.
• Sanderson Farms, Inc.
• Foster Farms
• Marfrig Global Foods S.A.
• Hormel Foods Corporation
• Mountaire Farms
• Amick Farms, LLC
• 2 Sisters Food Group
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Poultry Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Among all global markets, North America is frequently seen as the leading region. This is generally attributed to its sophisticated infrastructure, significant disposable income, and strong consumer demand. The region gains advantages from a strong market presence, technological advancements, and substantial investments from major companies. Furthermore, the advanced regulatory framework and robust research and development capacities in North America play a key role in maintaining its top position.

Source: Fatpos Global

Impact of Covid-19 on Poultry Market

Poultry market was significantly affected by the COVID-19 pandemic, leading to supply chain disruptions and demand fluctuations. Lockdowns and limitations resulted in a lack of workers, impacting the functioning of production and processing sites. Furthermore, lower food service and restaurant activities resulted in a decline in the need for poultry products. Export markets were additionally impacted by logistical obstacles and evolving trade policies. Increased home cooking led to higher retail sales of poultry products. Many businesses improved their supply chain elasticity and implemented new safety measures to adjust. The market is slowly improving due to the increase in demand for food services and the continued consumer favouritism towards economical protein sources.

Poultry Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Poultry Market Scope and Segments:

Frequently Asked Questions (FAQ):