Major companies in the poultry market include BRF S. A; Bayle S. A. ; CTB Inc. ; Cargill Incorporated and Cherkizovo Group. The global poultry market is expected to grow from $310. 7 billion in 2020 to $322.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Poultry Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018873/?utm_source=GNW
55 billion in 2021 at a compound annual growth rate (CAGR) of 3.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $422.97 billion in 2025 at a CAGR of 7%.
The poultry market consists of sales of poultry by entities (organizations, sole traders and partnerships) that slaughter poultry and prepare processed poultry and meat byproducts. Poultry includes chickens, ducks, geese, rabbits, small game and turkeys. Poultry processing is fully or semi-automated in most countries. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The poultry market is segmented into chicken; turkey; ducks and other poultry.
Asia Pacific was the largest region in the global poultry market, accounting for 32% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global poultry market. Africa was the smallest region in the global poultry market.
Poultry processing companies are increasingly using 3D imaging systems to optimize yields. 3D imaging systems model the poultry bird using sensors and actuators to determine the position of cut. The bird is put under the vision system, which takes the images and measurements and geometry is determined. Near-infrared sensors determine the amount of meat and bone present in the bird. Vision analysis enables the system to perform optimal cuts for each bird regardless of the size and shape. It is a data-driven process which maximizes the yield and minimizes per unit cost for poultry meat processing. Major companies involved in pioneering this technology include Gainco, a meat and poultry equipment manufacturer, and Midwest Machine LLC.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the poultry manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the poultry manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The poultry manufacturing growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user poultry market, thereby driving the poultry manufacturing during forecast period.
Read the full report: https://www.reportlinker.com/p06018873/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001