Dublin, March 11, 2024 (GLOBE NEWSWIRE) — The “Poultry Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The poultry market size has grown strongly in recent years. It will grow from $360.5 billion in 2023 to $385.37 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The historical growth in the poultry meat products market can be attributed to robust economic expansion in emerging markets, an increase in meat consumption, low interest rates, heightened awareness of health benefits, and a rise in disposable income.
The poultry market size is expected to see strong growth in the next few years. It will grow to $494.55 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period for the poultry meat products market can be attributed to the increased consumption of protein, growing government support, rapid urbanization, and a rising population. Key trends expected in the forecast period include advancements in technology, the adoption of organic poultry practices, the implementation of camera-based weighing systems, the use of artificial intelligence, escalating investments, and strategic partnerships and acquisitions.
Stable economic growth in numerous developed and developing countries is expected to contribute to the expansion of the poultry manufacturing sector. According to the International Monetary Fund (IMF), global GDP experienced a growth of 3.3% in 2020 and a further 3.4% in 2021. The recovery of commodity prices, following a significant decline in the historical period, is anticipated to play a role in fostering market growth. Developed economies are poised for stable growth, while emerging markets are forecasted to outpace developed ones in the coming years. This stable economic growth is projected to stimulate investments in the end-user poultry market, thereby fostering the growth of poultry manufacturing during the forecast period.
Poultry processing firms are increasingly adopting 3D imaging systems to optimize yields. These systems utilize sensors and actuators to model poultry birds, determining the cut position. The bird undergoes the vision system, capturing images and measurements to establish its geometry. Near-infrared sensors gauge the meat and bone composition in the bird. Vision analysis allows the system to execute optimal cuts for each bird, irrespective of its size or shape. This data-driven process maximizes yield and minimizes per-unit costs for poultry meat processing. Pioneering this technology are notable companies such as Gainco, a manufacturer of meat and poultry equipment, and Midwest Machine LLC.
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