Poultry market analysis | Coherent Market Insights

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2. POULTRY MARKET ANALYSIS • Poultry Market Report, by Species Type (Chicken, Turkey, Duck, Geese, and Others), by Distribution Channel (Hypermarkets, Supermarkets, Online Channels, Specialty Stores, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. 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. • Moreover, increasing production and consumption of poultry meat compared to other meat products is expected to drive growth of the global poultry market over the forecast periods. For instance, according to the National Chicken Council Statistics published in September 2019, the per capita consumption of total red meat was 92.4 pounds, whereas, per capita consumption of poultry meat was 110.0 pounds in 2018, across the globe.

4. Key companies operating in the poultry market are focused on expanding their business by increasing the production capacity of their manufacturing facilities. For instance, in 2018, Poland-based meat processing company, ZPM Slawa announced to increase their processing capacity. The company is aiming to increase its daily production from 40 tons to 60 tons of various meat products. • 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.

5. 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).

6. Figure 1. Global Poultry Market Share (%), By Region, 2018

7. 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. For instance, according to the Food & Agricultural Organization (FAO), average per capita consumption of poultry meat in the Middle East was 31.6 kg in 2018, with Kuwait accounting for highest per capita consumption of 45.8 kg.

8. 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.

9. Moreover, duck segment is expected to witness substantial growth rate of 3.0% in the global poultry market over the forecast period. Duck meat contains optimum level of essential fatty acids & amino acids, and provides high nutrition. Such factors are expected to increase the consumption of duck in the near future, and this is also expected to drive growth of the segment over the forecast period.

10. Figure 2. Global Poultry Market Share (%), By Species Type, 2018

11. 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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