Poultry Market May See a Big Move

The global poultry market was valued at US$ 267,332.3 Mn in 2018, and is expected to exhibit a CAGR of 3.0%, in terms of revenue, over the forecast period (2019-2027), to reach US$ 347,265.8 Mn by 2027.

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Poultry are domesticated birds such as chicken, duck, turkey, and geese, which provide food and fiber. Poultry market is expected to witness significant growth over the forecast period, owing to increasing global population and purchasing power of people. For instance, according to the World Bank, the global population was 7.6 billion in December 2017, and is expected to reach 11.8 billion by 2021.

Among regions, Asia Pacific accounted for the largest revenue share of 27.3% in the global poultry market in 2018, and is expected to witness significant growth over the forecast period, owing to rising poultry consumption in countries such as China, India, Malaysia, and Australia. For instance, according to the Food & Agricultural Organization (FAO), the per capita consumption of poultry products pegged at 48.7 kg and 44.1 kg in Malaysia and Australia respectively, in 2018. These factors are expected to drive demand for poultry in Asia Pacific during the forecast period (2019-2027).

Furthermore, Middle East is expected to witness significant growth over the forecast period. For instance, according to the USDA Foreign Agricultural Service, Middle East is expected to witness high demand for poultry meat during 2019 to 2027. Furthermore, according to the United States Department of Agriculture (USDA), high rate of arriving tourism is expected to drive demand for poultry in the region.

Based on species type, chicken segment accounted for the largest revenue share accounting for 48.6% in 2018 in the global poultry market. The segment growth is driven by increasing preference for chicken products than other meat products. For instance, according to the United States Department of Agriculture (USDA), 2018, meat consumption preference in the U.S. has shifted from beef towards chicken, owing to easy availability of ready-to-eat chicken products coupled with lower price of chicken compared to beef, thereby expected to drive growth of chicken segment over the forecast period.

Key companies operating in the global 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.

Market players are focused on adopting strategies such as business and capacity expansions, in order to strengthen their foothold in the global market. For instance, in February 2016, Pilgrim's Pride Corporation announced about the expansion of its poultry processing plant in Kentucky, U.S. with an investment of US$ 190 million.

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This release was published on openPR.