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Poultry Market Global Size:
In the upcoming years, a significant expansion in the overall scope of the global poultry market is anticipated by ELINT Market Research’s latest procurement intelligence report. The global production was calculated at 102.942 MMT and consumption was evaluated at 100.348 MMT in 2023. Furthermore, poultry meat products are constantly adopted by consumers due to factors such as increasing populations, fast urbanization, rising government allowances, higher protein consumption needs, and more.
Moreover, the study revealed that global poultry-ending stocks assessed a 6.5 percent decrease in 2022 when compared to the last five years’ numbers. Also, among major poultry manufacturing regions, the US experienced a 10 percent drop in poultry inventory due to unfavorable weather conditions. On the other hand, Japan and South Korea underwent an increase of 2.1% and 52% respectively for preserving stocks.
Additionally, some countries emerged as primary supply economies between 2016 and 2022 in the poultry industry. In this sense, Mexico owned a 16.5 percent rise in supply dynamics and Thailand showed a 16.6 percent rise. Further, in 2022, the US and China faced unfavorable weather conditions and produced lower quantities of poultry goods. Contrarily, Brazil, and India took advantage of promising weather situations and increased their stock levels.
Market Definition:
Consuming and using meat products for cooking and nutritional purposes is known as meat consumption, which propels proliferation in the poultry industry since a large part of the worldwide population consumes chicken to meet their diverse environmental and health concerns. Presently, a vast variety of frozen and cooked meat items are available in the market, including tenderloin steak, wings, chips, and pieces of chicken. The majority of groceries and internet retailers carry these poultry goods thus people can purchase them without any difficulty.
Poultry Market Drivers:
- Raised Protein Consumption –
As protein consumption is increasing among individuals to fulfill their health-related requirements, the global poultry market underwent massive development, since chicken meat and eggs are good sources of protein.
- Expansion in Livestock Management Practices –
Growing emphasis on animal health expanded the utilization of premium livestock management practices to safeguard animal health and produce nutritious meat. This need for poultry food will most likely support poultry market expansion.
Poultry Market Challenges:
- Volatility in Feed Costs –
Extreme volatility in feed prices poses major challenges in the global poultry market since market players are required to monitor dynamics and make changes in their total production expenses depending on fluctuations.
- Threat of Avian Influenza –
The key threat of avian influenza causes challenges for poultry businesses worldwide since people hesitate to purchase chicken meat. Also, companies are required to follow strict governmental trade restrictions and policies.
Poultry Market Opportunities:
- Introduction of Technological Innovations –
Multiple technological innovations emerged in the global poultry procurement market that helps streamline manufacturing and supplying moves for poultry goods. These refinements include the adoption of organic poultry methods, camera-based weight measuring tools, 3D imaging systems, the introduction of artificial intelligence, and more.
- Affordability of Poutry Goods –
Whenever customers look for reasonably priced animal proteins in the face of growing food prices, they choose poultry meat options, which pose great opportunities for industry players.
Poultry Market Segmentation:
- Types of Species –
This segmentation helps poultry companies to decide which type of species they want to utilize to make products. Key species include chicken, duck, turkey, geese, and more.
- Various Distribution Channels –
Poultry meat products are easily available in the market via various distribution channels like superstores, convenience stores, online platforms, franchises, local shops, and more.
Regional Analysis of the Poultry Market:
When it comes to the geographical reach of the poultry market, the report showcases the existence of prominent nations along with notable percent shares, which are constantly conducting production, consumption, exportation, and importing activities of poultry products. The US emerged as a key manufacturing and consuming country in the international poultry sector which holds a 20.4 percent production rate and a 17.5 percent consumption stake. Hence, the US is a dominant nation that mainly produces and utilizes poultry goods. Moreover, the key importing country is Japan with a 10.1 percent import number and the largest exporting nation is Brazil which possesses a 34 percent export ratio.
Additionally, the study demonstrated pricing dynamics for poultry goods in these nations, according to which the US’s price is $1.843/lb, Brazil’s expenses are $1.55/kg, China’s outlay is 19.49 CNY/kg, and India’s expenditure is ₹173/kg for poultry products on an international level.
Cost Drivers and Benchmark Price Indices in the Poultry Market:
Global poultry procurement intelligence market companies are required to keep track of some of the major cost drivers, which hold substantial stakes and can influence the overall price structure in the industry. These price drivers include feed like corn and soya prices at 60 percent, housing & equipment at 20 percent, operating costs of labor at 10 percent, packaging and logistics expenses at 5 percent, and other additional costs like taxes at 5 percent.
Moreover, the poultry businesses utilize two fundamental benchmark price indices including USDA and Bloomberg which help decide appropriate prices for their poultry products depending on market conditions, economic situations, weather circumstances, and raw material prices.
Engagement Models and Trade Tariffs in the Poultry Market:
Long-term contracts help large-scale poultry manufacturing companies and consumers bargain their terms and prices, which may stay for 7 years. Further annual contracts offer flexibility to both parties to negotiate terms on a yearly basis. Moreover, monthly or weekly contracts help buyers and sellers to fastly adapt based on market situations. Lastly, ad-hoc contracts help make purchases on the spot and immediately and stay for a short duration.
In addition, trade tariffs help facilitate the flow of poultry goods between different countries. For instance, the US has a 35% tariff in India, Pakistan, and Mexico, and a 15% in Russia for exporting poultry goods.
Key Suppliers in the Poultry Market:
The prominent participants in the global poultry market include Tyson Foods, Inc., Pilgrim’s Pride Corporation, Keystone Foods LLC, Perdue Farms Inc., Sanderson Farms Inc., Wayne Farms LLC, House of Raeford Farms Inc., Foster Farms, Peco Foods Inc., JBS, BRF Brasil Foods, Marfrig, Doux Frangosul, Minerva Dawn Farms, Big Frango, Copacol, Aurora, Diplomata, Uni Frango.
