What are the drivers of the Indian Poultry farm market?
In 2020, the Indian poultry market, which includes broilers and eggs, will be worth INR 1,988 billion. In the years ahead, the Indian poultry industry is expected to increase at a 15.2% compound annual growth rate (CAGR) between 2021 and 2026.
India is now one of the largest producers of eggs and broiler meat in the world. In India, the poultry industry has evolved from a simple backyard activity to a big industry with a large number of integrated players during the last two decades, transitioning from a simple backyard activity to a significant industry with a large number of integrated players.
Drivers of Indian Poultry Farm market
Increasing Incomes and Changing Food Habits: Broiler meat was once considered a delicacy, but as the world becomes more urbanised and people have more disposable incomes, poultry meat is becoming less of a luxury item and more of a daily staple. Further, the Indian population is gradually transitioning to a non-vegetarian diet as a result of changing eating patterns and increased exposure to world cuisines. Poultry meat is chosen over other meat products because it is more hygienic and is accessible all year across the country at lower prices than fish and mutton.
Broiler Meat and Egg Consumption Per Capita: Broiler meat and egg consumption per capita remains one of the lowest in the world, and is much lower than many emerging and developed markets. However, we predict per capita consumption of both broiler meat and eggs to rise steadily over the next five years as a result of low penetration levels and steadily rising income levels.
Growth in the Food Services Market: Increases in the food services market, such as restaurants and fast food outlets, are helping to boost broiler meat and egg consumption. Broiler meats and eggs are common ingredients in non-vegetarian Indian dishes as well as fast food.
Bakery Meals Market Growth: Eggs are a significant element in bakery foods. The Indian bakery foods market is now seeing rapid expansion. The expansion of the bakery foods business is expected to have a favourable impact on egg consumption in India.
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