The global processed poultry meat market is expected to have a CAGR of 7% during the forecast period 2016-2023
The key factors driving the market growth are increased health consciousness towards animal protein rich diet, increasing disposable income, increased demand for processed or convenience food and price affordability of poultry meat. However, the outbreak of avian diseases, such as Avian Influenza, Avian Encephalomyelitis etc. in poultry is expected to restrain the market growth.
North America is the dominating region for global processed poultry meat market in terms of market revenue share owing to the surging demand for poultry meat and its processing equipment in North America, especially in U.S, Canada etc. However, Asia Pacific is expected to emerge as the fastest growing market during the forecast period 2016-2023 due to the increased consumption of poultry meat in developing countries including India, Japan, China, etc.
This has further led to the surging demand for conventional and processed poultry products in the Asia Pacific region. Furthermore, additional factors driving the Asia Pacific processed poultry meat market are increasing disposable income, economic growth and transition of consumer preferences towards value added food.
Moreover, Asia Pacific is the largest consumer of unprocessed chicken meat. However, factor responsible for increased demand of processed chicken meat in recent years is the increased consumer preference of processed or convenience foods in this region.
The global processed poultry meat market is influenced by the presence of leading companies, such as Hormel Foods Corporation, Marfrig Global Foods S.A., Nippon meat packers Inc., JBS S.A., Smithfield foods Inc., etc. Product launch, joint venture, merger and acquisition are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Increased Health Consciousness Towards Animal Protein Rich Diet
Increasing Disposable Income
Increased Demand for Processed and Convenience Foods