Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The "Poultry Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The poultry industry is witnessing a significant surge, poised to expand from $352.80 billion in 2022 to an estimated $647.96 billion by 2032, according to a comprehensive market report. This notable growth, representing a compound annual growth rate (CAGR) of 6.1% from 2027 onwards, underscores the sector's dynamic evolution and its increasing global economic footprint.
Historically, between 2017 and 2022, the market experienced robust growth, primarily driven by economic expansion in emerging markets, rising meat consumption, increased awareness of health benefits associated with poultry, and growth in disposable incomes. However, this period also saw challenges such as the COVID-19 pandemic, geopolitical tensions, and labor shortages.
Looking ahead, the market's growth trajectory is expected to be fueled by factors including a global increase in protein consumption, government support, rapid urbanization, and population growth. However, potential headwinds such as the impacts of the Russia-Ukraine war and growing concerns over animal cruelty could pose challenges to the market.
The report provides a detailed segmentation of the poultry market. By type, chicken dominates, accounting for 89.1% of the market in 2022, while the duck segment is projected to grow the fastest, at a CAGR of 8.9%. The market is also dissected by distribution channels, with supermarkets/hypermarkets leading in 2022. However, e-commerce is expected to witness the fastest growth, buoyed by a 6.9% CAGR.
In terms of product nature, the conventional poultry market was the largest in 2022, representing 97.3% of the total market. It is also expected to be the fastest-growing segment. By product type, the frozen poultry sector led in 2022, but the ready-to-eat segment is anticipated to grow the quickest.
Geographically, Western Europe was the largest market in 2022, followed by Asia-Pacific and North America. The Middle East and Western Europe are predicted to be the fastest-growing regions.
The global poultry market is characterized by its fragmentation, with the top ten competitors constituting 23.14% of the market in 2021. JBS S.A. emerged as the market leader, followed by other key players like Tyson Foods, Inc., and Pilgrim's Pride Corporation.
Significant opportunities lie in the chicken market, expected to add $110.7 billion in global annual sales by 2027. Supermarkets/hypermarkets are poised for substantial growth in distribution channels, while the conventional market is expected to see the most significant growth by nature.
To capitalize on these opportunities, companies are advised to focus on technological advancements, organic poultry offerings, the adoption of artificial intelligence, competitive pricing, expanding into emerging markets, partnerships, and online marketing, among other strategies.
This report offers a crucial insight into the poultry industry's trajectory, highlighting key trends, opportunities, and strategies for stakeholders looking to navigate this dynamic market.
A selection of companies mentioned in this report includes
- JBS S.A
- Tyson Foods, Inc
- Pilgrim's Pride Corporation
- BRF S.A
- Sanderson Farms
- Charoen Pokphand Foods
- Hormel Foods Corp
- New Hope Liuhe
- Koch Foods
- Perdue Farms
- Japfa Comfeed Indonesia
- Suguna Foods Private Limited
- Sneha Group
- Jumonji Chicken Company Ltd
- Zennoh Feed Mills of the Tohoku District Co, Ltd
- Koyu Shokucho KK
- Grow-A-Duck Pty Ltd
- Arranmore Operations Pty Ltd
- Koreaduckherd Co. Ltd
- MS Food
- Wens Foodstuffs Group Co Ltd
- Wellhope Foods Co., Ltd
- Fujian Sunner Food Co., Ltd
- Jiangsu Lihua Animal Husbandry Co., Ltd
- Fujian Sunner Development Co., Ltd
- Jiangsu Yike Food Group Co., Ltd
- LDC
- Fileni Group
- PHW Group
- Veronesi Holding S.p.A
- 2 Sisters Food Group
- Noble Foods
- Sprehe Gruppe
- Lambert Dodard Chancereul Group
- HYZA a.s
- Res-Drob
- Cherkizovo group
- AO Prioskolie
- SC Avicola Slobozia SA
- Vitall SRL
- Vodnanska drubez, a.s
- Sinyavskaya Poultry Farm
- Ovostar Union
- Maple Leaf Foods Inc
- Foster Farms
- Sysco Corporation
- Smithfield Foods Inc
- Agro super S.A
- Perdigao S.A
- Pif Paf Alimentos
- Globoaves
- Group Arcor
- Cresta Roja
- Noelma S.A
- Arab Company For Livestock Development (ACOLID)
- Al-Watania
- Al-Fakeih Poultry Farms
- Keskinoglu
- Emirates Modern Poultry Company (Al Rawdah)
- RCL Foods Ltd
- Astral Foods
- Cairo Poultry Company
- Country Bird Holdings
- Sovereign Food Investments
- Arab Poultry Breeders Co
- New Hope Liuhe Co. Ltd
- Marubeni
For more information about this report visit https://www.researchandmarkets.com/r/mfcvsj
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