According to a report by Allied Market Research titled, “World Processed Poultry Meat Market-Opportunities and Forecasts, 2014-2020,” the world processed poultry meat market is estimated to garner $289.16 billion by 2020, registering a CAGR of 6.4% during the forecast period 2015-2020. Poultry meat has a higher demand among consumers compared to pork, beef or goat meat, as it is comparatively cheaper and contains lower content of saturated fats. Processed poultry meat has been gaining popularity among consumers due to the lesser preparation time. North America is the largest market of processed poultry meat. However, Asia Pacific would be the fastest growing region during the forecast period.
In 2014, the chicken poultry meat segment contributed the highest market share in the processed poultry meat market and would continue to maintain this trend over the forecast period. Chicken processed poultry meat has substantial demand worldwide, followed by turkey meat, as these are relatively cheaper and contains high protein content as compared to pork and beef meat. Asia Pacific region is the highest consumer of unprocessed chicken meat in the world. However, the demand of processed chicken meat has increased in the recent years owing to the increased preference of processed and convenience foods among the consumers in this region.
Cured processed poultry meat products generated the highest market revenue in 2014. These products contain nitrites, which prevents the growth of pathogenic bacteria and increases the shelf life of the products. In addition, nitrites are used in cured meat to enhance the quality of the product. However, consumption of excess amount of nitrates can cause health-related risks. Uncured poultry meat is in high demand in the market, owing to the use of natural preservatives. Thus, uncured processed poultry meat market is expected to grow at a higher CAGR during the forecast period.
The end user segment of the processed poultry meat comprises of retail and food service industries. Retail segment, being the biggest consumer, contributed a significant share of the market in 2014. However, food service user segment would witness a higher CAGR of 6.9% during the forecast period, as these industries prefer using processed poultry meat over fresh meat. Processed poultry products require less preparation time, eventually reducing the customer wait time; hence, their popularity has increased among food service providers.
The growth of the processed poultry meat in the developed markets, such as North America and Europe, would be largely supplemented by the booming food service industries. However, the market in developing region would be driven by the retail industries. Asia Pacific and LAMEA regions would collectively hold over two-fifths of the total processed poultry meat retail market share by 2020.
Key findings of the study include:
- North America was the largest market of chicken processed poultry chicken meat in 2014 and would continue to maintain this trend during the forecast period
- Uncured processed poultry meat segment would grow, registering a CAGR of 7.7% during the forecast period, owing to rising health consciousness among consumers
- Retail user segment would witness significant growth in the Asia Pacific region by 2020, as global retailers are projected to expand their market presence in this region.