Raw Chicken Meat Market worth $296,150.51 million by 2028 - Exclusive Research by The Insight Partners
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Chicken meat is essential, as it is one of the primary protein sources for the population in several countries. Furthermore, animal-derived foods have a protein digestibility corrected amino acid score (PDCAAS) equivalent to or slightly below one. Chicken is easily digestible and the most budget-friendly of lean protein options; besides, protein content of chicken has all nine essential amino acids. Thus, the surging consumer inclination toward protein-rich food is the key factor anticipated to propel the raw chicken meat market growth during the forecast period.
There has been a high demand for chicken meat as it is lower priced than pork and beef. According to the Organization for Economic Co-operation and Development (OECD), although there has been an escalation in the production of various types of meat since the 1960s, the production and consumption of chicken have grown faster. It is anticipated that the trend will continue as the price of chicken meat is lower than that of pork and beef. The increasing use of technology has contributed to improving productivity, which has led to a drop in relative prices compared to beef and pork. According to the Food and Agriculture Organization (FAO), in 2021, poultry meat prices declined the most (-9.8 %), followed by ovine (-5.7 %), pig (-3.6 %), and bovine (-1.4 %) meats. Thus, the reduction in prices of chicken meat is anticipated to propel market growth.
Effect of COVID-19 on Raw Chicken Meat Market
The COVID-19 pandemic hit meat production, meat prices, and supply chain in 2021. The imposition of lockdowns, reduction in the labor force, restrictions on transportation, and changes in the legislation of local and global exports introduced new challenges in the production and processing of raw chicken meat. The poultry industry that employs 1.5 million smallholder farmers observed the worst hit. According to the Frontiers Media S.A., in April 2021, meat packing facilities began to shut down owing to the accelerated spread of the SARS-CoV-2 among workers. Furthermore, according to East Asia Forum, China accounts for about 25% of the global meat consumption. However, the link of the origin of the virus disrupted the demand for animal-source food in China. Consumers have cut back on grocery bills while supply systems have been disrupted. Also, people are avoiding eating meat products at outside eateries due to the COVID-19 pandemic. However, the demand for chicken meat may grow in the coming years with a surge in average income and urban population, resulting in a steady rise in consumption over the years.
By type, the global raw chicken meat market is segmented into whole chicken, chicken breast, thighs, drumstick, wings, and others. The chicken breast segment is anticipated to account for the largest revenue share in the market during the forecast period. Chicken breast is a type of white meat obtained from underneath the chicken's pectoral muscle. It has low fat content and high protein content. Chicken breast is typically sold without skin and bones as most of the chicken fat is concentrated in the skin.
The global raw chicken meat market is segmented into five main regions-North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). Asia-Pacific accounted for the largest share of the global raw chicken meat market in 2021. The market in this region is projected to register remarkable growth during the forecast period, and the projected growth is mainly attributed to rapidly increasing population, significant economic development, surge in spending capacity of people, and growth of the food & beverages industry. Asia-Pacific is one of the most lucrative markets for the manufacturers of raw chicken meat due to high demand for these products. As a result, manufacturers are offering products such as meat at affordable prices.
Raw Chicken Meat Market: Competitive Landscape and Key Developments
Amick Farms; Foster Farms; JBS S.A.; Koch Foods; Mountaire Farms; Perdue Farms; PILGRIM'S; Sanderson Farms; Tyson Foods, Inc.; and Wayne Farms LLC are among the key players in the global Raw Chicken Meat market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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