by Poultry refers to domesticated birds like chickens, ducks, turkeys and geese which are raised for their meat or eggs as a major source of protein. Poultry products such as chicken and eggs are in high demand globally due to their lower fat content and high protein levels. Rising health consciousness has boosted demand for poultry over red meat which is high in saturated fats and cholesterol. Additionally, poultry farming requires lower land usage and capital investments compared to cattle rearing making it an attractive option for large scale production.
The global poultry Market is estimated to be valued at US$ 15.88 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Optimization of animal feed accounts for a major market opportunity in the poultry market. As feed costs account for over 60% of total poultry production costs, optimizing the feed formula and ingredients can significantly lower costs and boost profitability for farmers. Feed optimization involves incorporating the right mix of macro and micro nutrients as well as naturally occurring growth promoters to enhance feed conversion rates and weight gain in poultry. Additionally, usage of probiotics, prebiotics, enzymes and organic acids supports overall gut health and immunity in poultry. Adopting advanced feeding strategies and optimal formulation customized to regional conditions presents a lucrative opportunity for animal feed producers and integrators to drive increased uptake in the poultry market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with relatively low capital costs. However, established players have advantages in economies of scale.
Bargaining power of buyers: High. Buyers have many alternatives and can exert pressure on prices.
Bargaining power of suppliers: Moderate. Larger suppliers have some control over prices but choices are available.
Threat of new substitutes: Low. Poultry has strong brand loyalty and limited product substitutes.
Competitive rivalry: Intense. Players compete on pricing, product quality and customer service.
SWOT Analysis
Strengths: High protein food with rising popularity. Fast production cycles and mature distribution channels.
Weaknesses: Outbreaks of disease can impact margins and demand. Price fluctuations depend on feed costs.
Opportunities: Growing health awareness boosting organic, additive-free poultry. Emerging markets opening up.
Threats: Stringent regulations around production standards. Competition from alternative meats.
Key Takeaways
The Global Poultry Market Share size is forecast to reach USD 15.88 billion by 2024, registering a CAGR of 5.6% during the forecast period. The global poultry Market is estimated to be valued at US$ 15.88 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
Growth is anticipated to be driven by rising incomes in developing nations which is increasing meat consumption. The Asia Pacific region currently dominates the market, attributed to large production and consumption countries like China and India. In China, poultry production has increased over 10% annually driven by demand for protein-rich diets from a growing middle class. India is also a key regional market expected to witness growth of over 7% led by government initiatives to promote poultry farming.
Key players operating in the poultry market are AstraZeneca, CorMedix, Inc., Citus Pharmaceuticals, Fresenius Medical Care, Glenmark Pharmaceuticals Ltd., Geistlich Pharma, Merck & Co., Inc., Pfizer, TauroPhar GmbH, Xellia Pharmaceuticals Ltd. Major players are focusing on production expansion, mergers and acquisitions to strengthen their product portfolio and geographical reach.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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