Poultry is expected to emerge as the fastest growing segment in markets such as the US and Europe.
A new report from Grand View Research predicts that the global market for poultry, meat and seafood is to reach $7.3 trillion in 2025 as the world population is expected to be at 8.1 billion inhabitants.
Poultry will be the fastest growing product segment in markets such as the US, Europe or India, according to the analysts, quoted by PR News Wire. In the US market, for example, a survey conducted by the National Chicken Council in June 2017 showed over 84% of consumers had eaten chicken purchased from a supermarket within the previous two weeks, and 67% had consumed chicken at a food service establishment - down from 87% and 72% in 2016, but about the same as observed in 2015.
A growth in poultry consumption is also expected to take place in Europe, where the market share for this products is expected to be at 17.4%. For the forecast period, Idia is expected to witness an increases consumption of poultry and seafood as the beef products will get more expensive. By 2025, seafood demand in India will have a market share by 27.8% in terms of volume of Asia-Pacific region. Another region where seafood consumption is expected to increase substantially is Central and South America. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.4% in terms of revenue.
Asia-Pacific will become the largest regional market in meat, poultry and seafood market and China will be accounting for a 39.5% market share by 2025, mentions the report.