by The global Poultry Market is estimated to be valued at US$ 284,434.4 Mn 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.
Market Overview:
The poultry market refers to the production, processing, and distribution of domesticated birds, such as chickens, turkeys, and ducks. Poultry meat is a significant source of protein with a lower fat content compared to other meat products. It serves as a popular choice for consumers seeking a healthy protein source. The poultry market offers various products, including fresh and processed meat, eggs, and by-products such as feathers and bone meal, which find applications in industries such as pharmaceuticals and fertilizers. The market is driven by factors such as increasing disposable incomes, changing dietary preferences, and rising awareness of the nutritional benefits of poultry products.
Market Key Trends:
One key trend driving the growth of the global Poultry Market is the increasing demand for organic and free-range poultry products. With growing health consciousness and awareness about animal welfare, consumers are showing a preference for poultry products that are raised without the use of antibiotics, growth hormones, or other chemicals. Organic and free-range poultry farms follow strict guidelines and regulations, ensuring that the birds have access to outdoor habitats and are fed with natural and organic diets. This trend is driven by the perception that organic and free-range poultry products are healthier, safer, and more environmentally friendly.
For example, major players in the market, such as Tyson Foods and Perdue Farms, have introduced organic and free-range poultry product lines to meet the rising consumer demand. These products are often marketed as being hormone-free, antibiotic-free, and raised in humane conditions. Such initiatives are expected to drive market growth, as consumers are willing to pay a premium for these high-quality poultry products.
Porter’s Analysis:
Threat of new entrants: With established players dominating the market and high entry barriers such as capital requirements, stringent regulations, and complex supply chains, the threat of new entrants is relatively low.
Bargaining power of buyers: Buyers in the poultry market have significant bargaining power due to the presence of multiple suppliers and a wide range of products available. Increasing consumer demand for quality and affordable poultry products also gives buyers the power to negotiate prices and seek alternative suppliers.
Bargaining power of suppliers: Suppliers in the poultry market, such as feed suppliers and equipment manufacturers, have moderate bargaining power. This is due to the availability of multiple suppliers in the market and the ability of poultry companies to switch suppliers based on their needs and preferences.
Threat of new substitutes: The threat of new substitutes in the poultry market is relatively low. Poultry products, such as chicken and turkey, are widely consumed and have a strong market presence. While alternative protein sources, such as plant-based alternatives, are gaining popularity, they are yet to pose a significant threat to the conventional poultry market.
Competitive rivalry: The global poultry market is highly competitive, with key players constantly striving to gain a larger market share. Companies compete based on factors such as product quality, price, distribution networks, and branding.
Key Takeaways:
In terms of market size, the global poultry market is expected to witness high growth, exhibiting a CAGR of 3.53% over the forecast period. This growth can be attributed to the increasing demand for healthy protein sources and the rising awareness of the nutritional benefits of poultry products.
Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the poultry market. The region has a growing population and a rising middle class with increasing per capita income, which is driving the demand for poultry products. Additionally, rapid urbanization and changing dietary preferences towards protein-rich diets are further fueling the market growth in this region.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
