Global poultry market to reach US$322.55bn in 2021, says ResearchAndMarkets

AdobeStock 35256938The global poultry market is expected to grow from US$310.7bn in 2020 to US$322.55bn in 2021 at a compound annual growth rate (CAGR) of 3.8%, according to a report by ResearchAndMarkets

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach US$422.97bn in 2025 at a CAGR of 7%.

The poultry market consists of sales of poultry by entities (organisations, sole traders and partnerships) that slaughter poultry and prepare processed poultry and meat byproducts. Poultry includes chickens, ducks, geese, rabbits, small game and turkeys. Poultry processing is fully or semi-automated in most countries. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The poultry market is segmented into chicken; turkey; ducks and other poultry.

Asia Pacific was the largest region in the global poultry market, accounting for 32% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global poultry market. Africa was the smallest region in the global poultry market.

Poultry processing companies are increasingly using 3D imaging systems to optimise yields. 3D imaging systems model the poultry bird using sensors and actuators to determine the position of cut. The bird is put under the vision system, which takes the images and measurements and geometry is determined. Near-infrared sensors determine the amount of meat and bone present in the bird.

Vision analysis enables the system to perform optimal cuts for each bird regardless of the size and shape. It is a data-driven process that maximises the yield and minimises per unit cost for poultry meat processing. Major companies involved in pioneering this technology include Gainco, a meat and poultry equipment manufacturer, and Midwest Machine LLC.

The poultry manufacturing growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid market growth.

Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user poultry market, thereby driving poultry manufacturing during the forecast period.

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