The global chicken market is estimated to be worth USD429.11 billion by 2028, according to a report by Research and Markets. The business has grown substantially in recent years.
Increased modernization and automation, as well as the genetic creation of animal species that enable increased output are driving growth. Although meat consumption has increased in absolute and per capita terms, chicken meat production has been the most effective in standardizing procedures, increasing yields, and achieving significant cost and price reductions.
Chicken meat is essential because it is one of the primary protein sources for people in many countries. It is the most inexpensive and easily digestible lean protein option, and contains all nine essential amino acids. As a result, increased consumer demand for protein-rich diets is propelling the raw chicken meat market forward. Key factors driving market expansion are rapid urbanization, disposable income, and changing lifestyles.
Global chicken industry forecast to increase at CAGR of ~5.45% by 2028
Over the last five years, the increase in global chicken meat volume has predominantly been driven by more efficient poultry meat production as the poultry sector has continued to expand and industrialize in many parts of the world. However, in high-income countries where per capita consumption is already high, demand is predicted to level off or decline due to aging populations and rising dietary concerns that demand a greater variety of protein sources. Both population and income growth will promote overall consumption in low-income countries, but from a much lower per capita starting point. In 2022, the global chicken market was estimated at USD312.11 billion.
- Poultry meat has been accepted as a substitute for fresh meat by fast food franchises and quick-service restaurants (QSR).
- The easy availability of ready chicken products, as well as rising personal disposable income, are likely to boost the global ready chicken products market.
- Rising internet penetration and increased consumer spending capacity augurs well for the global ready chicken products market..
- Consumers are increasingly demanding high-quality, ready-to-eat and ready-to-cook meat products.
Growing consumption of poultry meat
Chicken is one of the most popular foods on the planet. The USA has the highest per capita intake of chicken. Consumption of chicken meat, on the other hand, has increased in almost all nations and regions, with buyers lured by lower prices, product consistency and flexibility, and a higher protein/lower fat ratio. As a result, global consumption of chicken meat is predicted to climb during the projection period, reflecting the major role it plays in the national diets of several populous emerging nations such as China, Indonesia, India, Malaysia, Pakistan, Peru, the Philippines, and Vietnam.
Global meat production in the next decade
The global chicken meat industry is divided into numerous production stages, which include feed mills, hatcheries, growing farms, and processing plants. The USA produces the most chicken meat in the world, followed by Brazil, the European Union, and China. Because of the greater use of technology, production has increased, resulting in a fall in relative pricing when compared to beef and pork. Consumers today are looking for quick and easy meals, and poultry meat products are excellent choices. As such, the processed poultry meat market is predicted to grow throughout the forecast period.
Asia – world’s largest chicken importer
In terms of chicken meat imports in 2022, China leads the world, followed by Mexico and the USA. Top importers include the Netherlands, Saudi Arabia, Japan, the United Kingdom, Germany, the United Arab Emirates, Iraq, France, South Africa, the Philippines, and Vietnam. Chicken consumption worldwide is increasing and is anticipated to continue to rise over the next decade. Chicken meat consumption per person will rise faster than pork and beef because poultry consumption would rise faster than beef and pig meat, according to forecasts. The world population is slowing and is expected to rise. Poultry is projected to continue being the world’s largest imported animal item by volume over the next decade.