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:
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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