Global processed poultry meat market predicted to grow by 5.9% annually
The global processed poultry meat market is expected to expand by a compound annual growth rate of 5.9% between 2013 and 2018, according to a new report by MarketsandMarkets. In 2012 the market value came in at $179,551.2 million and it is forecast to reach $250,949.5 million by the end of the period, the report said.
The global poultry processing equipment market is set to grow over the same period, with an expected compound annual growth rate of 6.7%. The market stood at $2,667 million in 2012 and is predicted to go up to $3,974.9 million by 2018.
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In 2013, the bulk of poultry meat consumed globally was chicken, accounting for 84.2% of the total. This means that last year 94 million tons of chicken meat were consumed out of the 106 million tons of poultry meat overall. Consumption rates for chicken increased faster than those for any other meat, partly because it is cheaper but also because it is seen as a more healthy alternative to red meat.
In terms of geographical trends, the industry is expected to grow at the fastest pace in North America, where demand for poultry will drive production and demand for processing equipment. The latter will also be boosted by continuous upgrades of traditional processing equipment and a shift to automated processing systems, the report pointed out.