Global poultry market to reach $347 billion in 8 years
Over the next 8 years, the global poultry market is expected to grow from $267 billion to $347 billion due to rising demand in emerging markets such as China and India, reveals the latest market research issued by Coherent Market Insights. "Until 2027, the global poultry market is expected to exhibit a CAGR of 3.0% in terms of revenue. Rapid growth in consumer demand for livestock products in emerging economies such as China and India, owing to rising poultry meat and egg production and consumption is expected to fuel the growth in the global poultry market,", said the analysts. Easy availability of poultry meat and eggs in the market is expected to boost growth of the global poultry market as these products have enjoyed growth in consumption over the last decade in markets such as India, Egypt, China, Thailand, and Brazil.
According to data released by the USDA, in 2017, China's production of poultry stood at 700,000 tonnes and increased by 11.7% in 2018. However, since August 2018, due to the ASF situation in China, poultry consumption is on the rise and production is expected to grow by 15% in 2020.
"Among regions, Asia Pacific held a dominant position in the global market and accounted for 27.3% share in the global poultry market in 2018, in terms of revenue. Asia Pacific accounts for the major share of the global population, which results in generating higher demand for poultry products such as meat and eggs. For instance, according to the Food & Agricultural Organization (FAO), China accounted for a per capita poultry consumption of 11.6 kg in 2018. This is expected to drive growth in the Asia Pacific poultry market over the forecast period", reveals the analysis.
Chicken segment accounted for largest share in 2018, in terms of revenue and had a share of 86.7% in the global poultry market. However, increasing health awareness among consumers will drive the consumption of the breeds that are responding to these characteristics.
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