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The tremendously increasing popularity of savory snacks within the developed and developing regions is expected to boost the global poultry products market growth. The increasing demand for meat products such as sausages, sticks, and others coupled with their high protein content is anticipated to boost the product demand. Furthermore, the convenience offered by various poultry products with no cooking and just refrigeration is fuelling the market growth. The various health benefits associated with the consumption of poultry products is predicted to boost the sale of the product. For instance, Chicken is one of the healthiest meats as it contains low fat and high protein. Chicken is a very good source of lean and high-quality protein, an essential nutrient for growth and development. Chicken is a rich source of niacin, phosphorus and vitamin B which is essential for the proper functioning of the body.
Increasing emphasis on the high level of protein intake among the consumers along with the rigorous branding efforts undertaken by the prominent market players are projected to be some of the favorable factors for the industry growth. For instance, in September 2019, Jack Links, U.S. based protein snack company, announced the launch of two new meat bar variant viz., 100% chicken bar and 100% beef bar.
The rising popularity of umami-flavored products among consumers is anticipated to drive the poultry products market in the forthcoming years. The rising health consciousness among consumers coupled with increasing concerns over high-quality meat without the use of growth-enhancing hormones and antibiotics are expected to boost the sale of organic poultry products. Furthermore, the various health benefits associated with the consumption of poultry products due to its high protein content and low saturated fat content is anticipated to propel the market growth. For instance, Duck meat is high in protein and iron content and it blends well with other ingredients for a delicious taste. The increasing popularity of chicken products is encouraging major vendors to expand their product portfolio to meet this growing demand. As a result, customers experience the availability of an extensive range of product choices in the market which is expected to leverage the sale of the product. For instance, in June 2018, Tyson Foods Inc, announced the 100% acquisition of Tecumseh Poultry LLC, one of the leading brand of organic chicken. This acquisition is anticipated to help Tyson Foods to diversify its product portfolio of organic chicken through the Smart Chicken brand.
The growing consumer preferences toward vegan and vegetarian diets are anticipated to restrain the poultry products market growth in the forthcoming years. The availability of vegetarian protein-rich snacks such as nuts, baked beans, peanut butter, and many others is predicted to hamper market growth.
Key Market Driver -
Increasing Demand for Savory Snack
Key Market Restraint -
Growing Consumer Preferences toward Vegetarian Diet
Chicken is predicted to hold prominent market share in the global poultry products market in the forthcoming years. The variety of processed chicken products such as ham, bacon, nuggets, smoked chicken and sausages are available in the market which is expected to leverage the sales of chicken positively. The increasing popularity of chicken among poultry product producers and consumers due to the low production costs of the product and lower product prices is attributed to the rising demand for chicken products. Chicken meat stands out for its flavor, versatility, and texture which is expected to boost the sale of chicken products in forthcoming years. Furthermore, the growing awareness about the health benefits associated with the consumption of duck and turkey meat is contributing to an increased demand for processed duck and turkey meat products.
The sausages segment is anticipated to hold a considerable share in the global market of poultry products followed by nuggets and sticks. The increasing popularity of umami-flavored products is driving the demand for sausages. The players operating in the market are introducing new products to fulfill consumer demand. For instance, in June 2019, Kerry Foods announced the launch of new Richmond Thin Chicken Sausages to complement its existing chicken sausages range.
Super and Hypermarkets are anticipated to hold a considerable share in the sale of poultry products. The increasing consumer dependency on such stores for buying poultry products due to the easy availability of different brands and flavors is expected to propel the sale of the products through them. The discounts offered by such stores to attract the consumers are anticipated to increase the sale of poultry products.
North America is anticipated to hold a significant market share in the global market of poultry products. The increasing over-all consumption of poultry meat in this region is anticipated to increase the sale of poultry products. For instance, According to The National Chicken Council (NCC), a national association dedicated to the chicken industry, the average American consumed an estimated 93.5 pounds of chicken in 2018. The rising popularity of chicken and chicken products within the region is expected to boost the sale of poultry products. The presence of prominent market players such as Tyson Foods, Inc., Cargill Meat Solutions Corp., and others coupled with ease of product availability is expected to fuel the market growth. The increasing popularity of savory snacks among Americans is also predicted to be a favorable factor for market growth.
Asia Pacific is expected to witness substantial growth in the global poultry products market. The increasing popularity of poultry snacks along with the rapid urbanization and rising disposable income is expected to boost the sale of poultry products within the region. Moreover, poultry plays a vital role in Asia-Pacific’s agriculture sector to achieve food security, higher incomes, and farmers’ welfare. The abundant availability of raw material i.e. poultry meat within the regions coupled with the rising number of food industries which in turn will bring new openings for the poultry producers which is anticipated to propel the poultry products market growth.
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