Global Poultry Meat Market Size, SHARE, COVID-19 Impact & Forecasts – Until 2028
Global Poultry Meat Market will grow at a rate of 1.12%. The Key Highlights. The largest segment by form – Frozen / Caned: Canned/frozen poultry meat is a superior choice for consumers because it retains its quality and can be stored longer.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Poultry Meat Market – SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028” – https://www.reportlinker.com/p06381262/?utm_source=GNW
Asia-Pacific is the largest region. The rising demand for protein-rich foods and fast-food restaurants has led to a rise in protein-rich food options.
The fastest-growing segment by form – Processed: Processed poultry meat is the most preferred because it offers convenience for consumers. It remains an affordable and flexible source of animal protein.
Fastest-growing Sector by Region – Africa: The rising import volume and urbanization trends in many sub-Saharan African countries will drive the rise in poultry consumption.
Key Market Trends
Distribution Channel is the largest market for On-Trade.
Due to the COVID-19 pandemic, poultry meat saw a 4.84% increase in value in 2020. This was compared to the previous years. Panic buying led to a surge in frozen and processed poultry meat sales through a variety off-trade channels such as supermarkets and online retailers. Additionally, 2021 saw an increase in poultry meat sales of 3.49% in value, compared with the previous year. As soon as the pandemic’s impact lessened, the food services resumed functioning, and there was an escalating demand from on-trade channels like food services, which stored frozen poultry to fulfill the escalating demand.
On-trade channels are the main distribution channel for poultry meat. It registered a 24.68% volume growth between 2016 and 2021. Poultry meat sales are increasing due to a rise in the number of food services and consumers’ demand for the consumption of restaurant food. Due to their high quality, foodservices stock mainly frozen and processed poultry meat. Global food services accounted for USD 2.52 trillion in 2021. The forecast period predicts a 9.9% increase in value.
The off-trade channel is predicted to be the fastest growing distribution channel. It will grow by 1.55% in value during the forecasted time. This is due to the availability of a wide variety of frozen and processed meat products such as chicken wings, nuggets and tenderloins. These products can be found in many supermarkets and online shops of different brands such as Tyson foods and Foster farms, ITC Master Chef and Suguna Chicken.
Asia-Pacific is by Region the largest.
From 2016 to 2021, the global growth rate for poultry meat was 26.5% in value. The value and volume of global poultry meat grew by 7.5% between 2016 and 2021. The global poultry production increased by 2.48% in 2019. In 2019, global poultry production grew to 2.48%.
The market is dominated by the Asia-Pacific region, which has a market share approximately 20% greater than North America. This market was the second-largest in value in 2021. High consumption was due to high population. In 2021, Asia was home to 4.68 billion people. The demand for protein is increasing and people are looking for sustainable, cheaper sources of protein like poultry meat. Poultry meat is becoming more popular because of its higher efficiency and availability. The increase in supply leads to low prices and high sales of poultry meat.
Africa is projected to be the fastest-growing region for poultry meat consumption with a CAGR of 3.12% in value over the forecast period (2022-2028). Demand for poultry meat is being driven by the rise in quick-service restaurants as well as the increased investments made by both government and private actors. South Africa’s poultry industry development was funded by nearly ZAR 1.11 billion in 2021. Agrotop signed a contract to develop a large-scale poultry integration project with Nutropia Poultry & Feed in Ethiopia, with a total investment of USD 20 million in 2021.
Competitive Landscape
Global Poultry Meat Market has a fragmented structure, with the top five companies accounting for 13.61%. BRF S.A. Hormel Foods Corporation New Hope Liuhe Co. Ltd. Sysco Corporation, Tyson Foods Inc. are the major players in this market (sorted alphabetically).
Additional Benefits
Excel spreadsheet of market estimation (ME)
Support for analysts for three months
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