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Processed poultry meat market generated $252.4 billion in 2020, and is projected to reach $592.7 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031.
PORTLAND, OREGON, UNITED STATES, February 18, 2023 /EINPresswire.com/ — Increase in health awareness towards animal protein rich diet, growing demand for processed and convenience foods, and price affordability of processed poultry meat products drive the growth of the global processed poultry meat market. North America is contributed to the highest share in terms of revenue in 2021, holding more than two-fifths of the total market share.
The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in health awareness toward animal protein-rich diet, growing demand for processed and convenience foods, and price affordability of processed poultry meat products drive the growth of the global processed poultry meat market. Moreover, unflinching government support and unprecedented growth of the retail sector is expected to generate potential opportunities for the market during the forecast period.
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Leading players of the global processed poultry meat market analyzed in the research include BRF S.A., Cargill Incorporated, Cherkizovo Group, Golden Valley Natural LLC., Hormel Foods Corporation, JBS S.A., Marfrig Global Foods S.A, NH Foods Ltd., Tyson Foods, Inc. and WH Group Limited.
The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global processed poultry meat market, as demand for processed poultry meat was decreased due to changes in eating pattern, high inclination toward eating animal-free food products, high price, and low production of poultry meat.
Also, meat producers and processors faced difficulties in harvesting and shipment of the products due to lockdown restrictions, disruptions in the supply chain, and low labor force.
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The report offers detailed segmentation of the global processed poultry meat market based product type, preservation type, end user, and region.
Based on product type, the chicken segment held the highest market share in 2021, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 7.8% from 2022 to 2031. The report also analyzes the segments including turkey, duck, and others.
Based on end user, the retail segment held the largest market share in 2021, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the food service segment is projected to register the highest CAGR of 7.9% from 2022 to 2031.
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Based on region, North America is contributed to the highest share in terms of revenue in 2021, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2031. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 9.3% during the forecast period.
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Article originally published on www.einpresswire.com as Processed Poultry Meat Market Growing at 7.4% CAGR to Hit USD 592.7 Billion by 2031