Poultry Meat Market Analysis APAC, North America, South America, Europe, Middle East and Africa - US, Mexico, China, Russia, Brazil - Size and Forecast 2024-2028

Poultry Meat Market Size 2024-2028

The poultry meat market size is forecast to increase by USD 28.95 million at a CAGR of 1.36% between 2023 and 2028.

• The market exhibits significant growth, driven by increasing consumer preferences for catering services and the development of clean meat. The trend towards plant-based diets, including the rising popularity of veganism, poses a challenge to the market. However, advancements in technology, such as automation and the use of antioxidants to preserve meat, contribute to its continued growth. Furthermore, the production of poultry meat in greenhouse environments and the reduction of blood contamination are key focus areas for market participants. In summary, the market is experiencing growth due to changing consumer trends and technological advancements, while facing challenges from the increasing popularity of plant-based diets.
• Antioxidants, automation, and clean meat production are key areas of focus for market participants.

What will be the Size of the Poultry Meat Market During the Forecast Period?

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• The market exhibits robust growth, driven by shifting consumer eating trends and increasing demand for convenient and versatile protein sources. Off-trade channels, including internet retailers, have gained significant traction due to the convenience they offer consumers. Environmental and health concerns continue to influence consumer choices, leading to a preference for sustainably raised and healthily produced poultry meat. External factors, such as Brexit and HPAI outbreaks, have impacted the market's dynamics, causing fluctuations in supply and demand. Domestic demand remains strong, with the on-trade channel, including foodservice outlets, accounting for a substantial portion of sales. Tourism spending and international tourists' preferences also influence market trends, with popular items including chicken bites, chips, nuggets, tenderloins, and chicken wings.
• Urbanization trends and the growing number of internet users further expand the market's reach. Despite challenges, the market is expected to continue its upward trajectory, driven by evolving consumer preferences and the industry's ability to adapt to market conditions.

How is this Poultry Meat Industry segmented and which is the largest segment?

The poultry meat industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product
  • Chicken meat
  • Turkey meat
  • Duck meat
  • Others
• Distribution Channel
  • Offline
  • Online
• Geography
  • APAC
    • China
  • North America
    • Mexico
    • US
  • South America
    • Brazil
  • Europe
  • Middle East and Africa

By Product Insights

The chicken meat segment is estimated to witness significant growth during the forecast period. The market is experiencing steady growth due to increasing consumer preference for convenient and high-protein food options. Chicken meat, a significant portion of this market, is popularly consumed internationally for its affordability, versatility, and health benefits. Factors driving the expansion of the market include consumer eating trends, environmental and health concerns, Brexit, foodservice recovery, and HPAI outbreaks. In the US, domestic demand is high for chicken bites, nuggets, tenderloins, chicken wings, and other poultry products. Key players In the industry include Tyson Foods, Foster Farms, ITC Master Chef, Suguna Chicken, and others. Urbanization trends and the growing number of internet users have led to increased product availability through off-trade channels and internet retailers.

The market is influenced by economic growth, global GDP growth, commodity prices, and supply chain dynamics. Advancements in technology, production automation, genetical modification, biosecurity, and poultry processing efficiency contribute to profitability and material yield. Cyber-physical systems and wireless communication technologies facilitate price transparency and supply chain optimization. Despite potential supply shortages and price fluctuations due to factors like chicken prices, poultry feed costs, and corn and soybean prices, the market remains profitable for poultry processors.

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The Chicken meat segment was valued at USD 317.14 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific is projected to expand due to rising health consciousness, the convenience of processed poultry products, and the proliferation of quick-service restaurants. Poultry, particularly chicken, is a preferred protein source for health-conscious consumers and fitness enthusiasts. In India and China, poultry meat is widely consumed. However, China is experiencing a poultry meat shortage. In August 2022, Tyson Foods introduced a line of halal-certified processed chicken products in Malaysia, including nuggets, patties, and sausages, made with Tyson's signature chicken blend. Factors influencing the market include environmental and health concerns, Brexit, foodservice recovery, HPAI outbreaks, domestic demand, and the on-trade channel.

Urbanization trends, the increasing number of internet users, and global production contribute to profitability. Poultry processors employ technology, such as production automation, genetical modification, and biosecurity advancements, to enhance poultry processing efficiency, material yield, and prices. Supply chain disruptions and poultry feed prices, influenced by corn and soybeans, impact the market.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Poultry Meat Industry?

• Product launches is the key driver of the market.The market is experiencing growth due to various factors. One such factor is the increasing number of product innovations. For instance, in August 2022, Pescafresh, an Indian direct-to-consumer (D2C) seafood and meats brand, introduced a new line of No Antibiotics Ever (NAE) Chicken Deli meats under the RTE-RTC range SaSH22. These gourmet dishes, made from the brand's trademarked chicken, do not contain any meat waste. Consumer eating trends, environmental concerns, and health concerns are also driving the demand for poultry meat. Off-trade channels, including Internet retailers, are gaining popularity as consumers prefer to shop from the comfort of their homes.
• The foodservice sector, including foodservice outlets and tourism spending, is recovering from the impact of the pandemic, boosting demand for poultry meat. However, challenges such as HPAI outbreaks, supply shortages, and rising food costs, including poultry feed prices, are affecting profitability. The poultry processing industry is adopting technology, such as production automation, genetical modification, biosecurity advancements, and cyber-physical systems, to improve efficiency and material yield. Global poultry production is expected to grow, driven by economic growth and population growth in developed economies.

What are the market trends shaping the Poultry Meat market?

• Development of clean meat is the upcoming market trend.In the market, the emergence of clean meat, also known as lab-grown or cultured meat, is gaining significance. This alternative protein source is produced by culturing animal cells in a lab, eliminating the need for conventional farming methods. The shift towards clean meat In the chicken sector is driven by several factors, primarily environmental sustainability. Traditional chicken production contributes negatively to the environment through greenhouse gas emissions, water pollution, and deforestation. Clean meat production, on the other hand, consumes fewer natural resources and generates fewer greenhouse gases, making it a more eco-friendly alternative. Additionally, health concerns and consumer eating trends are also influencing the adoption of clean meat.

  Despite these advantages, the market dynamics are influenced by factors such as price fluctuations, supply shortages, and feed costs. Poultry processors are responding to these challenges through technology advancements, including production automation, genetical modification, and biosecurity improvements. These efforts aim to increase poultry processing efficiency, material yield, and profitability In the face of economic growth and global GDP expansion. Cyber-physical systems and wireless communication technologies are also being employed to optimize the supply chain and wholesale chicken prices. The end-user poultry market continues to consume various meat products, including chicken bites, chips, nuggets, tenderloins, and wings, as population growth and urbanization trends fuel demand.

  However, HPAI outbreaks and Brexit uncertainties may impact product availability and prices for poultry. Poultry manufacturing remains a crucial sector, with companies like Tyson Foods, Foster Farms, ITC Master Chef, Suguna Chicken, and others continuing to innovate and adapt to market demands.

What challenges does the Poultry Meat Industry face during its growth?

• Increasing popularity of vegan diet among consumers is a key challenge affecting the industry growth.The market faces challenges due to shifting consumer eating trends towards plant-based diets. Vegan diets, in particular, are gaining popularity for their health benefits, which include a rich fiber and antioxidant content, high concentration of plant-based proteins, and reduced risk of heart disease. These diets contribute to improved kidney function, lower blood sugar levels, and weight loss. This trend may impact the market negatively during the forecast period. However, there are several factors supporting the growth of the market. Off-trade channels, including Internet retailers, continue to expand, increasing product availability. Consumer demand for convenience and variety, driven by environmental and health concerns, remains strong.

  The foodservice industry is recovering from the impact of the Brexit and HPAI outbreaks, contributing to growth In the on-trade channel. Tourism spending and international tourists' preferences for chicken dishes also boost demand. Poultry processors are focusing on technology and production automation to improve efficiency and material yield. Cyber-physical systems and wireless communication technologies are being adopted to enhance poultry processing. Genetical modification and biosecurity advancements are also crucial in maintaining profitability and addressing food costs, which include poultry feed, corn, and soybeans. Chicken breast prices, wholesale chicken prices, and poultry manufacturing remain significant factors In the market. Economic growth and global GDP growth contribute to the consumption of meat and poultry market products.

  Population growth and urbanization trends also drive demand. Key market dynamics include material yield, prices for poultry, supply shortage, and chicken prices. The supply chain and poultry manufacturing industries are closely linked to the overall economic situation and commodity prices in developed economies. The end-user poultry market, including consumption of meat and poultry products, continues to evolve.

Exclusive Customer Landscape

The poultry meat market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the poultry meat market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, poultry meat market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

Baiada Pty Ltd. - The company, a leading provider of high-quality poultry products, markets its offerings under various brands, including Steggles, Lilydale, and Celestino. These brands cater to diverse consumer preferences, ensuring a broad range of choices in the market.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Baiada Pty Ltd.
• Bell Food Group Ltd.
• BRF SA
• Cargill Inc.
• Charoen Pokphand Foods PCL
• Hormel Foods Corp.
• JBS SA
• KOCH FOODS INC.
• Maple Leaf Foods Inc.
• Marubeni Corp.
• Maruha Nichiro Corp.
• National Beef Packing Co. LLC
• New Hope Liuhe Co. Ltd.
• Perdue Farms Inc.
• Sysco Corp.
• Tyson Foods Inc.
• WH Group Ltd.
• Smithfield Foods Inc.
• Bates Turkey Farm Inc.
• Industrias Bachoco SAB de CV

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market continues to experience dynamic shifts, driven by various factors influencing consumer preferences and market trends. Off-trade channels, including internet retailers, have gained significant traction as consumers increasingly seek convenience and affordability. Consumer eating trends are evolving, with a growing focus on health and environmental concerns. Poultry meat, known for its relatively lean profile and versatility, has emerged as a preferred choice for many. However, this shift has led to increased scrutiny of production methods and animal welfare, with a growing demand for transparency and sustainability. Brexit and the foodservice recovery have also impacted the market.

The uncertainty surrounding Brexit has affected import and export regulations, while the recovery of the foodservice sector has boosted demand for poultry products In the on-trade channel. HPAI outbreaks have posed challenges to poultry producers, leading to supply shortages and higher prices. Domestic demand for poultry meat remains strong, with the on-trade channel, including foodservice outlets, continuing to be significant consumers. Tourism spending and international tourists have also influenced the market, with demand increasing in regions popular with tourists. Product availability and pricing remain critical factors, with processors continually seeking to improve production efficiency and material yield. Technological advancements have transformed the poultry processing industry, with cyber-physical systems and wireless communication technologies streamlining production processes and improving biosecurity.

Production automation and genetical modification have also gained traction, with the potential to increase profitability and reduce food costs. Animal proteins, including poultry, remain a staple in many diets, with global production continuing to grow. Economic growth in developed economies and population growth in developing countries are expected to drive demand for poultry meat. The poultry market is characterized by a diverse range of meat products, including chicken bites, chicken chips, nuggets, tenderloins, and chicken wings. Prices for these products can vary significantly based on supply and demand dynamics, production costs, and market trends. The supply chain for poultry meat is complex, with numerous intermediaries involved from farm to table.

Wholesale chicken prices can be influenced by various factors, including production costs, transportation expenses, and market conditions. Poultry manufacturing is a critical component of the market, with processors continually seeking to improve efficiency and reduce costs. Corn and soybeans remain key inputs in poultry feed production, with commodity prices influencing the overall cost structure of the industry. Chicken breast prices have been a particular focus of attention, with supply shortages and production issues leading to price volatility. Supply chain disruptions and logistical challenges have also impacted prices, highlighting the importance of effective supply chain management. In conclusion, the market is characterized by dynamic market trends and evolving consumer preferences.

Factors such as health and environmental concerns, technological advancements, and economic growth are shaping the market, with a diverse range of products and production methods catering to various consumer segments. Producers and processors must continually adapt to these trends to remain competitive and meet the evolving demands of consumers.

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What are the Key Data Covered in this Poultry Meat Market Research and Growth Report?

• CAGR of the Poultry Meat industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, South America, Europe, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the poultry meat market growth of industry companies

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