Meat Preparations of Poultry Market

The global market for meat preparations of poultry is expected to continue its upward trend from 2022 to 2030, with an anticipated CAGR of +3.0% in volume and +5.6% in value. In 2022, consumption reached 12M tons and $45.7B in value, with China, the US, and India leading in consumption. Turkey dominates production with 83% of total volume. Japan and the UK are key importers, while France recorded the highest import growth rate. Turkey also leads in exports, with a CAGR of +160.4% in value from 2012-2022. The average export price in 2022 was $166 per ton. The market is expected to see continued growth in the immediate term.

Market Forecast

Driven by increasing demand for meat preparations of poultry worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 16M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market value to $70.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Meat Preparations of Poultry

In 2022, the amount of meat preparations of poultry consumed worldwide totaled 12M tons, growing by 1.9% against the previous year. The total consumption volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, global consumption hit record highs at 12M tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global meat preparations of poultry market size rose modestly to $45.7B in 2022, picking up by 3.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.5M tons), the United States (1.6M tons) and India (971K tons), together comprising 40% of global consumption. The UK, Japan, Russia, Brazil, Bangladesh, Pakistan, Mexico, Germany, Nigeria and Canada lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +5.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($10B) led the market, alone. The second position in the ranking was held by the United States ($3.7B). It was followed by India.

From 2012 to 2022, the average annual growth rate of value in China stood at +1.4%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+3.9% per year) and India (+5.2% per year).

The countries with the highest levels of meat preparations of poultry per capita consumption in 2022 were the UK (9.3 kg per person), Canada (5.7 kg per person) and the United States (4.7 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Canada (with a CAGR of +4.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Meat Preparations of Poultry

In 2022, global meat preparations of poultry production surged to 73M tons, rising by 491% on 2021. Over the period under review, production saw a significant increase. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, meat preparations of poultry production reached $46.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 13%. Over the period under review, global production hit record highs in 2022 and is likely to see gradual growth in years to come.

Production By Country

Turkey (61M tons) constituted the country with the largest volume of meat preparations of poultry production, accounting for 83% of total volume. Moreover, meat preparations of poultry production in Turkey exceeded the figures recorded by the second-largest producer, China (2.8M tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Turkey stood at +89.9%. In the other countries, the average annual rates were as follows: China (+2.3% per year) and the United States (+4.6% per year).

Imports

World Imports of Meat Preparations of Poultry

In 2022, the amount of meat preparations of poultry imported worldwide totaled 2.2M tons, increasing by 12% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, meat preparations of poultry imports soared to $9.9B in 2022. The total import value increased at an average annual rate of +3.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

Japan (526K tons) and the UK (404K tons) represented the key importers of meat preparations of poultry in 2022, resulting at near 24% and 18% of total imports, respectively. The Netherlands (176K tons) held an 8% share (based on physical terms) of total imports, which put it in second place, followed by Germany (6%) and France (4.5%). The United States (60K tons), Ireland (53K tons), Hong Kong SAR (45K tons), Belgium (39K tons), Canada (39K tons), Denmark (35K tons) and South Korea (34K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +10.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest meat preparations of poultry importing markets worldwide were Japan ($2.5B), the UK ($1.8B) and the Netherlands ($815M), with a combined 51% share of global imports. Germany, France, the United States, Ireland, Canada, Belgium, Hong Kong SAR, South Korea and Denmark lagged somewhat behind, together accounting for a further 27%.

The United States, with a CAGR of +13.6%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average meat preparations of poultry import price stood at $4,502 per ton in 2022, increasing by 9.1% against the previous year. In general, the import price continues to indicate a slight increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($7,085 per ton), while Hong Kong SAR ($4,255 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Meat Preparations of Poultry

In 2022, approx. 63M tons of meat preparations of poultry were exported worldwide; with an increase of 2,816% compared with the previous year. In general, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, meat preparations of poultry exports surged to $10.4B in 2022. The total export value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

Turkey (60M tons) represented roughly 96% of total exports in 2022.

Turkey was also the fastest-growing in terms of the meat preparations of poultry exports, with a CAGR of +160.4% from 2012 to 2022. While the share of Turkey (+96 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($102M) also remains the largest meat preparations of poultry supplier worldwide.

In Turkey, meat preparations of poultry exports increased at an average annual rate of +24.3% over the period from 2012-2022.

Export Prices By Country

In 2022, the average meat preparations of poultry export price amounted to $166 per ton, shrinking by -95.8% against the previous year. In general, the export price saw a sharp descent. The most prominent rate of growth was recorded in 2013 an increase of 6.2% against the previous year. As a result, the export price reached the peak level of $4,314 per ton. From 2014 to 2022, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to -52.3% per year.

Source: IndexBox Market Intelligence Platform