Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Global Chicken Market Size by Production, Consumption Market & Volume, Import, Export and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Global Chicken Meat Market size is expected to be almost US$ 253.25 Billion by 2032. The CAGR for the market from 2024 to 2032 is 5.84%. The publisher stated that it valued US$ 151.92 Billion in 2023.
Since the establishment of the contemporary chicken business a century ago, chicken has surpassed pork and beef in global popularity. Simple economics can help to explain some of the global transition from red to white meat. This is because raising chickens is significantly less expensive than raising pigs or cattle because they are more effective at converting feed into meat.
People are turning to less expensive meats as a result of inflation and the stagnation of worldwide wages. Governments and consumers alike are considering environmental and health issues. Although raising chickens and fish is extremely harmful to the environment, the carbon footprint of these foods is significantly lower than that of red meat, and they are generally thought to be healthier than pork and beef.
In a report released by the Food and Agriculture Organization (FAO) of the United Nations and the Organization for Economic Co-operation and Development (OECD) estimated that by 2032, humankind would raise and slaughter approximately 85 billion chickens annually, a 15 percent increase from the current staggering 74 billion. In contrast, by 2032 there will be about 1.5 billion pigs and 365 million beef cattle reared for meat, respectively.
Global Chicken Meat Market Growth Opportunities
- The global chicken meat industry is anticipated to develop due to an increase in production and consumption of chicken meat relative to other meats.
- According to data projections released by the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD), global production of poultry meat is expected to surpass 139 million metric tons (mt) in 2023, an increase of nearly 3% from 2022. This production of poultry meat continues to outpace that of other meat sources, including pig, beef, and sheep.
- Growth in the poultry industry is supported by steady economic expansion, which is anticipated in many industrialized and emerging nations. Furthermore, in the upcoming years, it is anticipated that developing markets would continue to grow marginally faster than developed markets. Stable economic growth is anticipated to propel chicken meat manufacturing by increasing investment in the end-user chicken meat industry.
- According to the Conference Board's global real GDP forecast, the world economy will expand by 3.1% in 2025 and by 3% this year.
- In November 2023- Mitsui made an investment in an integrated production company in Egypt that included raising and breeding chickens, raising and processing broilers, producing processed food, and selling these goods.
- Sales of poultry meat are rising as a result of rising foodservice establishment numbers and rising customer demand for restaurant fare. The sales correspond with rising tourism expenditures as well.
Global Chicken Meat Industry News
- In February 2023 - A new agreement between Stampede Meat, Inc. and DL Lee & Sons, Inc. was announced. Stampede will be able to increase the southeast region of its production footprint thanks to this partnership.
- In July 2023 - The US Department of Agriculture authorized the sale of "cultivated" or lab-grown meat to American consumers, opening up what food manufacturers describe as a new channel for the procurement and distribution of food. The go-ahead was granted to two businesses, Upside Foods and GOOD Meat, to start producing and marketing their "cultivated chicken" goods, which are made from animal cells that are grown in a lab rather than actually killing animals in order to produce meat.
- In August 2023 - Paul, Weiss is working with Beijing-based DCP Capital in a consulting capacity to execute the capital equity firm's acquisition of Cargill's poultry operations in China.
- In November 2023 - Tyson Foods declared that it would expand its facility in the Netherlands and construct additional production facilities in China and Thailand. The most recent additions increase the capacity to produce approximately 100,000 tonnes of fully cooked poultry. More than 700,000 jobs are anticipated to be created by the new plants in China and Thailand, respectively, while more than 150 positions will be added by the European expansion.
- In March 2023 - In an effort to strengthen their B2B marketplace collaboration, Kraft Heinz Company and BEES have extended their cooperation. The company's goal is to open up one million additional points of sale throughout Latin America, with a particular focus on growing its presence in Mexico, Colombia, and Peru.
Asia-Pacific Chicken Meat Market
- Over the past ten years, Asia's production and consumption of chicken meat have increased dramatically to meet rising regional and worldwide demand. According to the Food and Agriculture Organization of the United Nations, Asia accounted for 38% of the world's production of chicken meat in 2020.
- Poultry is especially well-liked in quick-service restaurants, which are opening more of them. The majority of Chinese consumers get their meat from "wet" marketplaces, although more and more city dwellers are purchasing perishable goods from supermarkets. In the next ten years, the consumption of chicken per capita is expected to rise by 2.4% annually.
- The costs of competitive meats and shifts in people's attitudes toward food and eating habits are the main variables influencing the demand for chicken, following population expansion and real income rises among the poorer sectors of communities. The dominant criteria favor chicken in both cases.
- As per the IMF, the Asia-Pacific region would continue to be a major contributor to global growth in 2023. From 3.9 percent in 2022 to 4.6 percent in 2023, the region is predicted to grow.
- Low- and middle-class consumers tend to purchase more food as their standards of living rise, and they also tend to eat a more diverse diet that includes consuming more meat.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 360 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $151.92 Billion |
| Forecasted Market Value (USD) by 2032 | $253.25 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
Key Players Analysis: Overview, Recent Developments, Financial Insights
- Kraft Heinz Company
- Tyson Foods, Inc.
- Pilgrim's Pride Corporation
- Danish Crown Group
- BRF S.A.
- WH Group
- Hormel Foods Corporation
- Wens Foodstuff Group
Production
- United States
- Brazil
- China
- European Union
- Mexico
- Thailand
- United Kingdom
- Japan
- South Africa
- Philippines
- Canada
- South Korea
- Saudi Arabia
- Iraq
- Angola
- Cuba
- Others
Consumption
- United States
- China
- Brazil
- European Union
- Mexico
- Japan
- United Kingdom
- Thailand
- Philippines
- South Africa
- Saudi Arabia
- Canada
- South Korea
- Iraq
- Cuba
- Angola
- Others
Export
- Brazil
- United States
- European Union
- Thailand
- China
- United Kingdom
- Canada
- South Korea
- South Africa
- Saudi Arabia
- Others
Import
- Japan
- Mexico
- United Kingdom
- China
- United Kingdom
- Saudi Arabia
- Iraq
- Philippines
- South Africa
- Cuba
- Others
For more information about this report visit https://www.researchandmarkets.com/r/gyu4nv
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