A recent report by RaboResearch (a branch of RaboBank) says global poultry markets are now optimistic, driven by accelerating consumption growth across many regions. The prospect comes after several years of slow growth, with markets driven by continued demand for chicken imports.
Global poultry consumption is expected to rise by 2.5-3% in 2024, indicating a return to historic growth levels. This positive trend is supported by lower production costs and a strong demand recovery in most markets.
Analysts from the company indicate that poultry’s competitive pricing against other proteins, along with strong retail demand, recovering food service activity, and increasing sustainability efforts, are fueling rapid growth.
It is worth mentioning that China and Japan are facing challenges due to local oversupply, which has led to lower prices and growing inventories.
Global trade is forecast to grow alongside rising poultry consumption, although volatility will persist. Reduced demand from China may put downward pressure on chicken feet prices, but breast meat and processed chicken prices are expected to remain stable due to strong market conditions in key importing regions such as Europe and Asia.
However, risks remain, says the analysts. Geopolitical tensions, particularly in the Middle East, have disrupted trade routes between Asia and Europe, leading to longer transport times and higher costs.