Global Poultry Market to Reach US$ 347,265.8 Mn by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 19, 2019--
The global poultry market was valued at US$ 267,332.3 Mn in 2018, and is expected to exhibit a CAGR of 3.0% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global Poultry Market:
The global poultry market is expected to witness significant growth over the forecast period, owing to factors such as rising production and consumption of poultry meat, which is expected to drive growth of the poultry market over the forecast period (2019-2027).
Rapid growth in consumer demand for livestock products in emerging economies such as China and India, owing to rising poultry meat and egg production and consumption is expected to fuel growth of the global poultry market. For instance, according to the United States Department of Agriculture (USDA), broiler meat production in China was pegged at 700,000 metric tons in 2017, and it increased by 11.7 million metric tons in 2018; and broiler meat consumption increased by 1% in 2018 compared to 2017.
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Moreover, according to Association of Poultry Processors and Poultry Trade in the EU (A.V.E.C.), published in 2016, annual production of poultry meat in Europe is nearly 13 million tons (MT) per year, and an approximate consumption of 23 kilos per person per year.
Furthermore, according to the data published in 2007, by the Food and Agriculture Organization, India, Egypt, China, Thailand, and Brazil accounted for the maximum poultry meat consumption, and average per capita income. In China and India, egg consumption has increased rapidly over the years. Easy availability of poultry meat and eggs in the market is expected to boost growth of the global poultry market.
Poultry meat and eggs production is governed by state and commonwealth laws and regulations. Therefore, stringent regulations imposed by government authorities on production of poultry production is expected to hinder growth of the poultry market over the forecast period.
Key Market Takeaways:
- The global poultry market is expected to exhibit a CAGR of 3.0% during the forecast period in terms of revenue.
- Based on species type, the global poultry market is segmented into chicken, turkey, duck, geese, and others. Chicken segment accounted for largest share in 2018, in terms of revenue and contributed for 86.7% in the global poultry market. The segment growth is driven by increasing inclination of people towards chicken products. Whereas, others (squab, Guineafowl etc.) segment is predicted to record fastest growth during 2019 to 2027. When compared with chicken/broiler, Guineafowl has low fat value and high protein content. Increasing health awareness about consumption of guineafowl and limited cultural barriers on consumption of guineafowl are some of the factors expected to support growth of others segment during the forecast period.
- Among regions, Asia Pacific held dominant position the global market and accounted for 27.3% share in the global poultry market in 2018, in terms of revenue. Asia Pacific accounts for the major share of the global population, which results in generating higher demand for poultry products such as meat and eggs. For instance, according to the Food & Agricultural Organization (FAO), China accounted for a per capita poultry consumption of 11.6 kg in 2018. This is expected to drive growth of the Asia Pacific poultry market over the forecast period.
- Key companies operating in 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.
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- Global Poultry Market, By Species Type:
- Global Poultry Market, By Distribution Channel:
- Online Channels
- Specialty Stores
- Global Poultry Market, By Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Central Africa
- South Africa
- North America
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191119005491/en/
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SOURCE: Coherent Market Insights
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PUB: 11/19/2019 10:30 AM/DISC: 11/19/2019 10:30 AM