POULTRY PHARMACEUTICALS MARKET ANALYSIS

Poultry Pharmaceuticals MarketSize and Trends

The global poultry pharmaceuticals market is estimated to be valued at US$ 7.35 Billion in 2023 and is expected to exhibit a CAGR of 8.8% during the forecast period (2023-2030).

Figure 1. Global Poultry Pharmaceuticals Market Share (%), By Product Type, 2023

Global Poultry Pharmaceuticals Market– Driver

Increasing consumption of chicken

Increasing consumption of chicken is expected to propel growth of the global poultry pharmaceuticals market over the forecast period. Poultry involves raising of birds like ducks, turkeys, chickens and geese for their eggs and meat at domestic or commercial level. Over the decades, the Global poultry pharmaceuticals market has undergone significant transformation, and the region has emerged as one of the major sectors of the economy.  For instance,in July 2021, according to research presented at the 2021 Chicken Marketing Summit, Florida, U.S., 98% of consumers during a two week survey in the U.S. ate a chicken meal or snack purchased from a supermarket and 68% ate a chicken meal or snack from a food service establishment.

Significant growth of the poultry sector

Significant growth of the poultry sector is also expected to aid in growth of the market. For instance, according to a report in November 2022, by the U.S. Poultry and Egg Association, National Chicken Council, National Turkey Federation and United Egg Producers, the study breaks down poultry into three subcategories: chicken, turkey and eggs. The chicken industry provides 1,517,797 jobs, US$ 94.9 billion in wages, US $417 billion in economic activity and US$ 25.5 billion in government revenue respectively.

Figure 2. Global Poultry Pharmaceuticals Market Share (%), By Region, 2023