Processed poultry meat market predicted to garner $289.16 billion by 2020
A new report by Allied Market Research forecasts continued growth in North America and fastest increase in Asia Pacific region
According to a new 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 shorter preparation time. North America is the largest market of processed poultry meat. However, Asia Pacific is expected to be the fastest growing region during the forecast period.
Findings and predictions
In 2014, the chicken poultry meat segment contributed the highest market share in the processed poultry meat market and will continue to maintain this trend over the forecast period. Chicken processed poultry meat has a substantial demand worldwide, followed by turkey meat, as these are relatively cheaper and contain a high protein content as compared to pork and beef meat. The Asia Pacific region is the highest consumer of unprocessed chicken meat in the world. However, the demand for processed chicken meat has increased in the recent years due 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 amounts of nitrates can cause health-related risks. Uncured poultry meat is in high demand in the market because 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 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 will 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; 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, will be largely supplemented by the booming food service industries. However, the market in developing regions will be driven by the retail industries. Asia Pacific and LAMEA regions will collectively hold over two-fifths of the total processed poultry meat retail market share by 2020.
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