Global Chicken Market
The global chicken market size is projected to reach US$ 253.25 billion by 2032, growing from US$ 151.92 billion in 2023, with a CAGR of 5.84% from 2024 to 2032. This surge is driven by increased consumer demand, affordability, and the rising popularity of chicken as a versatile and healthy protein source.
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Key Market Dynamics
1. Rising Population and Demand for Protein
With the global population on the rise, chicken has emerged as the preferred protein source due to its affordability and health benefits. It offers lean protein and is considered a sustainable alternative to other meats like beef or pork.
- Consumption Trends:
- The U.S. leads with 15,000 metric tons of annual chicken consumption.
- In 2024, Canada's per capita chicken consumption is expected to hit 38.5 kg.
- China consumed 25 million tons of poultry in 2021.
2. Growth of Quick Service Restaurants (QSRs)
The expansion of fast-food chains globally has significantly bolstered the chicken market. Chicken-based menu options such as nuggets, sandwiches, and fried chicken dominate QSR offerings.
- Example: Popeyes, a global QSR giant, opened new locations in India in 2022, reflecting the growing demand for chicken in emerging markets.
3. Consumer Shift to Organic and Free-Range Products
The preference for organic and ethically sourced chicken is gaining traction in developed markets.
- Organic chicken is free from antibiotics and hormones, aligning with sustainability goals.
- Case Study: In 2021, Diana Food launched a range of organic poultry products to meet rising global ethical food demands.
Regional Insights
1. United States
The U.S. is the largest chicken consumer globally, driven by versatile usage and cultural preferences for chicken dishes.
- Innovation: Tyson Foods introduced premium chicken sandwiches and sliders in March 2023, reflecting consumer demand for convenient and quality products.
2. Europe
Europe's chicken market is fueled by a shift towards protein-rich and sustainable food options.
- Germany is a key player, with rising demand for processed chicken and organic products. Producers are adopting ethical farming practices to cater to consumer preferences.
3. Asia-Pacific
Rapid urbanization and increased protein consumption drive chicken market growth in the region.
- India's Growth: The rise of QSRs and consumer inclination toward free-range chicken has significantly boosted the market. In 2022, Delfrez launched ready-to-cook and ready-to-eat chicken products in India, catering to evolving consumer habits.
Market Drivers
1. Affordability and Versatility: Chicken's cost-effectiveness compared to beef and pork makes it a staple food in many households.
2. Health Consciousness: Consumers are prioritizing leaner meats, making chicken a preferred choice.
3. Convenience: Processed chicken products, such as marinated and ready-to-eat options, cater to busy lifestyles.
Industry Developments
- Global Expansion: Tyson Foods announced plans in 2023 to build production facilities in China, Thailand, and Netherlands, adding 100,000+ tons of fully cooked poultry capacity.
- Mergers and Acquisitions: In 2022, Cargill Incorporated and Continental Grain acquired Sanderson Farms to form a top-tier U.S. poultry company.
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