Poultry Market: Rising Demand for Protein-Rich Food and Technological Advancements Offer Lucrative Opportunities
The global Poultry Market is estimated to be valued at US$ 284,434.4 million 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.
A) Market Overview:
The Poultry Market refers to the industry involved in the production of domestic birds, such as chicken, turkey, and duck, for meat and egg consumption. The market is driven by the increasing demand for protein-rich food among the growing population, as poultry products provide essential nutrients and are a cost-effective source of protein. Furthermore, the technological advancements in poultry farming, such as automated feeding and smart monitoring systems, are enhancing the efficiency and productivity of the industry.
B) Market Dynamics:
1. Driver: Rising Demand for Protein-Rich Food
The growing awareness about the importance of protein in a balanced diet is driving the demand for poultry products. Poultry meat and eggs are rich sources of high-quality proteins, essential amino acids, vitamins, and minerals. The increasing health-conscious population, especially in developing countries, is fueling the demand for poultry products as a healthier alternative to red meat.
2. Opportunity: Technological Advancements in Poultry Farming
The advent of advanced technologies, such as automated feeding systems, temperature and humidity control systems, and smart monitoring devices, has revolutionized the poultry farming industry. These technological innovations improve productivity, optimize resource utilization, and reduce labor costs. Moreover, the integration of sensors, data analytics, and artificial intelligence in poultry farming enables effective disease management, efficient resource allocation, and precise monitoring of bird health.
C) Segment Analysis:
The poultry market can be segmented based on product type, distribution channel, and region. In terms of product type, chicken meat dominates the market due to its availability, affordability, and versatility in various cuisines. Based on the distribution channel, supermarkets and hypermarkets hold a significant market share due to their wide product range and attractive offers. Furthermore, the online retail segment is expected to witness substantial growth due to the convenience and increasing adoption of e-commerce platforms.
D) PEST Analysis:
Political: The Poultry Market is heavily regulated by government agencies due to concerns related to food safety, animal welfare, and environmental impact. Regulations regarding the use of antibiotics and growth-promoting substances impact the production and marketing strategies of poultry producers.
Economic: The poultry market is influenced by economic factors such as disposable income, population growth, and consumer preferences. Economic fluctuations and inflation rates can affect the purchasing power of consumers and their choices in terms of meat consumption.
Social: Changing dietary preferences, increasing health consciousness, and urbanization have significant impacts on the poultry market. Consumers are seeking healthier protein sources and are opting for convenient and ready-to-cook poultry products.
Technological: Technological advancements in poultry farming, such as automated feeding systems, smart monitoring devices, and data analytics, have enhanced the efficiency, productivity, and sustainability of the industry.
E) Key Takeaways:
1. The global poultry market is expected to witness high growth, exhibiting a CAGR of 3.53% over the forecast period. This growth is driven by the rising demand for protein-rich food and technological advancements in poultry farming.
2. In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the poultry market. The region has a large population, increasing disposable income, and a growing middle class, which is driving the demand for poultry products.
3. Key players 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. These players focus on product innovation, strategic partnerships, and expansions to strengthen their market position.
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