Chicken Powder Market - Important Changes in Industry Dynamics

The chicken powder market is expected to grow from US$ 452.98 million in 2022 to US$ 701.23 million by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030.

The rising consumer demand for chicken-based products across the global market is driving the demand for chicken powder. The demand for convenience food such as ready meals and snacks is increasing due to hectic work schedules and the increasing working women population, resulting in increased use of chicken powder in the food & beverage industry. Chicken powder enhances the flavor, supplies amino acids that are needed for good health, and is rich in protein content. With the growing demand for meaty-flavored products, several giant manufacturers are focusing on product innovation and the expansion of their product lines, which ultimately boosts the demand for chicken powder. For instance, in August 2019, the US-based Bell Flavor and Fragrances launched a range of natural chicken flavors. Moreover, According to the US Department of Agriculture, meat consumption in the US is increasing at a higher pace. The total amount of meat consumed per person is anticipated to reach nearly 219 pounds by 2025. Thus, all the factors mentioned above are expected to drive the growth of the global chicken powder market.

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Based on type, the chicken powder market is segmented into low-fat and conventional. The conventional segment held a significant market share in 2022; however, the low-fat segment is projected to register the highest CAGR during the forecast period due to its shopping and product delivery convenience. The low-fat chicken powder segment has registered the highest CAGR during the forecast period owing to the rising consumer preference for low-fat food products and health concerns. Low-fat chicken powder contributes to fewer calories than conventional chicken powder, making it a healthier option. In addition, increasing consumer dietary preferences for low-fat, low-cholesterol, low intake has propelled the demand for low-fat chicken powder in different industries. Key manufacturers in the market, such as Symrise AG, International Dehydrated Foods Inc, and F R Benson & Partners Ltd are offering low-fat chicken powder to meet the growing consumer demand.

Based on geography, the chicken powder market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America accounted for the largest share of the market. North America is one of the prominent regions for the chicken powder market due to the increasing consumption of meat-based products as protein-rich food. The US is the world's largest poultry meat exporter and a major egg producer. Growing consumer preference for leaner meat options, due to changing dietary patterns, boosts the demand for chicken-based meat in the region. Chicken powder enhance the flavor of meat-based food products and other food & beverages. Thus, growing consumption of meat-based food increase the demand for chicken powder. These factors are expected to fuel the demand for chicken powder. Moreover, consumers in countries such as the US and Canada have started opting for chicken-based RTE and RTC products owing to the convenience and flavor offered by the products. Chicken powder is also used in culture media preparation. Owing to all these factors, the demand for chicken powder is increasing across the region, which is expected to drive market growth.

Impact of COVID-19 Pandemic on Chicken Powder Market

The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. Moreover, closure of slaughterhouses due to lockdown negatively impacted the market growth. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of chicken powder markets.

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The report segments the chicken powder market as follows:

The chicken powder market is segmented into type, and application. Based on type, the market is segmented into low-fat and conventional. Based on application, the chicken powder market is segmented into food & beverages, dietary supplements, pet food, and animal feed. By geography, the chicken powder market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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This release was published on openPR.