Global Chicken Market Analysis
The global chicken market is projected to experience significant growth, with the market size expected to reach US$ 253.25 billion by the year 2032. This represents a substantial increase from the US$ 151.92 billion recorded in 2023. The compound annual growth rate (CAGR) for the period from 2023 to 2032 is estimated to be 5.84%.
Poultry, which includes birds such as chicken, duck, turkey, and geese, are crucial for providing both food and fiber. The Global Chicken Market is poised for substantial growth in the coming years, primarily driven by the increasing global population and the rising purchasing power of consumers. Chicken meat, in particular, is highly favored compared to beef, pork, and other red meats due to its relative affordability. The market is expected to flourish as production and consumption of chicken meat outpaces that of other meat products. For instance, in September 2022, the American National Chicken Council Statistics reported that per capita consumption of poultry meat was 115.1 pounds, surpassing the 111.5 pounds of per capita consumption of total red meat globally.
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Chicken consumption has seen a significant increase over the past few decades, and it is expected to reach 180 million tonnes by 2050, accounting for 41% of all meat eaten by 2030.Chicken consumption has seen a significant increase over the past few decades, and it is expected to reach 180 million tonnes by 2050, accounting for 41% of all meat eaten by 2030.
Growth drivers of the global chicken meat market
Increasing Demand for Protein-Rich Diets: Rising awareness of the health benefits associated with protein-rich diets is a significant driver of consumer preference for chicken meat. As people become more health-conscious, they seek lean sources of high-quality protein, and chicken meat fits this criterion well. Chicken is widely recognized for its low fat content and high protein density, making it an attractive choice for individuals looking to maintain a balanced diet and support muscle growth and repair. Moreover, chicken is versatile and can be prepared in various ways, catering to diverse culinary preferences worldwide. This increasing consumer awareness and preference for chicken as a nutritious protein source contribute to its growing demand in both retail markets and foodservice sectors globally, driving expansion in the global chicken meat market.
Population Growth and Urbanization: Growing global population and urbanization are significant factors driving increased demand for convenient and affordable protein sources such as chicken meat, especially in emerging markets. As urban populations expand, dietary habits shift towards more convenient and accessible food options. Chicken meat offers a cost-effective protein source that is versatile in various cuisines and easy to prepare, making it popular among urban consumers with busy lifestyles. Additionally, as disposable incomes rise in emerging markets, there is greater affordability and accessibility to poultry products, further fueling demand. This demographic trend towards urbanization and increasing population densities underscores chicken meat's role as a staple protein choice, driving growth in the global market.
Expansion of Fast Food Chains and Foodservice Sector: The proliferation of fast food chains and the expansion of the foodservice sector are key drivers increasing demand for chicken meat as a versatile ingredient in various cuisines and menu offerings. Fast food chains incorporate chicken into their menus due to its popularity, affordability, and ability to cater to diverse consumer preferences. Chicken's adaptability in dishes ranging from sandwiches and salads to main courses makes it a staple in fast food and casual dining establishments worldwide. As the foodservice sector expands to meet growing consumer demand for convenient dining options, the versatility and consumer appeal of chicken meat continue to drive its prominence in global menus, stimulating market growth for poultry producers and suppliers.
United States Chicken Meat Market
Chicken is one of the most popular foods on Earth. It is a great source of protein and is significantly less expensive compared to other types of meat, such as beef and seafood. Consequently, many people eat chicken regularly. The United States consumes the greatest amount of chicken each year, approximately 15,000 metric tons, placing it well ahead of other regions. Chicken is a staple in the US, often enjoyed as chicken wings during sporting events and used in dishes like soup and stuffed chicken with various ingredients. In March 2023, the Tyson® brand introduced new chicken sandwiches and sliders offering restaurant-quality taste at home. These are available in Original and Spicy and can be found in the frozen snacks section at retailers nationwide.
Worldwide Chicken Meat Company Analysis
The Kraft Heinz Company, Tyson Foods, Inc., Pilgrim's Pride Corporation, Danish Crown Group, BRF S.A, WH Group, Hormel Foods Corporation and Wens Foodstuff Group are the prominent player in the Chicken Meat Market.
Chicken Meat Company News
- January 2023: Suguna Foods' brand Delfrez which offers processed poultry and mutton products is set to foray into select cities across North, West, and the rest of South India in 2023.
- February 2023: Morning Star and Pringles combine iconic flavors in first-of-its-kind plant-based CHIK'N Fries. All-new MorningStar Farms® Chik'n Fries are available in two delicious Pringles® flavors: Original and Scorchin' Cheddar Cheeze.
- November 2023: Tyson Foods announced plans to build new production facilities in China and Thailand, and expand its facility in the Netherlands. The latest expansions, adds over 100,000 tonnes of fully cooked poultry capacity. The new plant in China and Thailand is expected to create more than 700, 1000 jobs respectively and the European expansion will add more than 150 jobs.
- March 2023: Tyson Foods has announced the opening of a new Information Technology (IT hub) in Lisbon, Portugal within our international practice to leverage quality talent to help deliver the latest ideas for human and food safety.
- March 2023: Kraft Heinz Company and BEES announced an expanded partnership to propel the B2B marketplace, with the ambition to unlock 1 million potential new points of sale across LATAM for the Company, specifically to enhance its footprint in Mexico, Colombia and Peru.
- July 2022: Cargill Incorporated partnered with Continental Grain Company to acquire Sanderson Farms. Upon completion of the acquisition, Cargill and Continental Grain will combine Sanderson Farms with Wayne Farms, a subsidiary of Continental Grain, to form a new, privately held poultry business. The combination of Sanderson Farms and Wayne Farms will create a best-in-class US poultry company with a high-quality asset base, complementary operating cultures, and an industry-leading management team and workforce.
- December 2022: Suguna Foods Private Limited announced their official partnership with Kerala Blasters FC in Indian Super League Football aiming to build awareness for the brand and engage with target audience through various campaigns.
- October 2022: Delfrez, processed food division from Suguna Foods, opened its chain of outlets in Thane & Navi Mumbai. The store offers rich and hygiene friendly processed meat option for customers.
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