Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Rendered Poultry Products Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The rendered poultry products market size is expected to see steady growth in the next few years. It will grow to $7.96 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The anticipated growth in the forecast period can be attributed to regional market expansion, a growing interest in sustainable agriculture practices, global economic recovery, increased adoption of alternative protein sources, and a rising demand for high-quality proteins. Noteworthy trends expected during the forecast period include a rise in meat production, an increased market size, market segmentation based on type and grade of rendered poultry products, technological advancements in the rendering industry, an evolving competitor landscape in the market, and the influence of macroeconomic factors.
The rendered poultry products market is anticipated to experience growth driven by the increase in meat production. Meat production involves the comprehensive process of nurturing, slaughtering, and processing animals for human consumption. The utilization of rendered poultry products in this context enhances the incorporation of poultry byproducts, minimizes waste, and adds value to the meat production cycle by combining poultry byproducts with beef, chicken, and pork. Recent data from the Foreign Agricultural Service indicated a rise in global chicken meat production from 101.2 million tons in 2021 to 102 million tons in 2022. Similarly, global beef and veal production increased from 58.4 million tons in 2021 to 59.3 million tons in 2022. Forecasts from the Food and Agriculture Organization suggest a global meat production increase to 373 million tons by 2030. This surge in meat production is a significant driver for the rendered poultry products market.
The growing demand for snack foods is poised to further propel the rendered poultry products market. Snack foods, categorized as ready-to-eat items consumed between regular meals, are witnessing increased popularity. Rendered poultry products contribute to the versatility and flavor enhancement of snack options, aligning with consumer preferences for diverse and flavorful snacking choices. According to a report from SNAC International, snacks accounted for 27% of total food and beverage sales in the United States, with salty snack sales reaching approximately $28.4 billion in 2022 - a notable 15.6% growth compared to the previous year. This escalating demand for snack foods is a key factor driving the rendered poultry products market.
A prominent trend in the rendered poultry products market is the increasing investment in this sector by major companies to maintain market positions. For example, Tyson Foods Inc., a leading US-based company in rendered poultry products, invested $208 million in the Hanceville rendering plant in April 2022. This substantial investment aims to boost food production efficiency, reduce energy usage, and provide a concentrated protein source for animal feed and pet food. Such investments play a pivotal role in supporting the agricultural industry and poultry processing in specific regions.
Innovation in product offerings is a noteworthy strategy adopted by major companies in the rendered poultry products market. Companies are developing innovative products, such as organic chicken products, to cater to larger customer bases, drive sales, and increase revenue. Diana Food, a France-based provider of rendered poultry products, launched a range of organic poultry products in February 2021. This selection includes organic hen broth, hen bone broth, hen meat powder, and hen fat. The unique aspect lies in the sourcing approach, ensuring ethically raised chicken materials from local farmers. Additionally, the products boast non-allergenic characteristics, a clean label, and no additives such as monosodium glutamate (MSG) or added hormones.
Report Scope
Markets Covered:
1) By Type: Poultry Fat; Grease; Protein Meal; Other Types
2) By Grade: Food Grade; Feed Grade; Industrial Grade
3) By Application: Food Industry; Medical Industry; Other Applications
Key Companies Mentioned: Cargill Inc.; JBS USA Holdings Inc.; Tyson Foods Inc.; Smithfield Foods Inc.; Hormel Foods Corporation
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
For more information about this report visit https://www.researchandmarkets.com/r/syuvdz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
