According to the latest report by IMARC Group, titled “Indian Poultry Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian poultry market reached a value of around INR 1,750 Billion in 2018. Poultry includes ducks, turkeys, chickens and geese are raised domestically or commercially for their eggs and meat. In recent decades, the poultry industry in India has been radically transformed and emerged as one of the major sectors of the economy. The growth of the industry has been driven by strong demand for these products emanating from the eggetarian and non-vegetarian population in the country. Moreover, due to rapid urbanization, inflating disposable incomes and rising health consciousness among consumers, the traditional Indian diet which had been heavily dependent on pulses has now been replaced with other protein-rich food products such as meat, eggs, and dairy products.
Market Trends:
Changing food habits and busy schedules of the working population have increased the preference for convenient food offered at food joints. In addition to this, the introduction of online food delivery channels, such as Zomato, Swiggy, Food Panda and Uber Eats, has improved the accessibility to food services. Since a significant part of the demand for poultry products comes from the food service sector, its development is providing impetus to the growth of the Indian market. Apart from this, various organized retail outlets have emerged over the past two decades with adequate resources for freezing and refrigerating poultry products. In comparison with local grocery stores, these outlets also offer stock keeping units (SKU) for displaying different products. The expansion of these outlets is further creating a positive outlook for the market. Looking forward, the market value is projected to reach INR 4,340 Billion by 2024, expanding at a CAGR of more than 16% during 2019-2024.
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Indian Poultry Market Summary:
Based on end-uses, the market has been bifurcated into households and food services. Presently, households represent the biggest segment for eggs, whereas food services represent the leading end-use segment for broilers due to the growing trend of dining-out among consumers.
On the basis of distribution channels, the market has been segregated into traditional retail, business-to-business, supermarkets and hypermarkets, convenience stores, online, and others. Currently, traditional retail accounts for the majority of the total market share for both eggs and broilers as consumers mostly prefer freshly slaughtered chicken which is provided by these outlets.
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State-wise, Andhra Pradesh and Maharashtra represent the leading markets for eggs and broilers, respectively. Several initiatives undertaken by the governing authorities have majorly contributed to the growth of the market in these states.
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