New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hen Global Market Report 2023" - https://www.reportlinker.com/p06464111/?utm_source=GNW
, Inglewood Group, JBS S.A., Danish Crown, Vion Food Group, Hormel Foods Corporation, and Ayrshire Farms.
The global hen market is expected to grow from $235.73 billion in 2022 to $255.95 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hen market is expected to reach $352.42 billion in 2027 at a CAGR of 8.3%.
The hen market consists of sales of leghorn, rhode island red, plymouth rock chicken, australorp, red star chicken, orpington, white-faced black spanish, and Sussex chicken.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hen refers to domesticated female chickens that are over a year old.The scientific name of the hen is Gallus domesticus, and it is considered an omnivorous species that feeds on insects, seeds, and grains as a food source.
It is commonly used to produce meat and lay eggs for human consumption as a lean source of protein.
Europe was the largest region in the hen market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the hen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hen products are eggs and meat, which are packaged in several ways, including vacuum skin packaging, modified atmospheric packaging, overwrap packaging, shrink packaging, and vacuum thermoformed packaging.Eggs refer to the hard-shelled reproductive body of a bird with an egg inside that is considered food.
These are sold through main distribution channels such as business-to-business (B2B) and business-to-consumer (B2C) and are used in various applications, including food services and retail.
The increasing meat consumption per capita is expected to propel the growth of the hen market going forward.Meat consumption per capita refers to the amount of red meat and poultry that an average person consumes in a year, measured in retail weight.
The increased meat consumption per capita is mostly driven by population growth, urbanization, rising incomes, and the rise in popularity of high-protein diets, where hens dominates meat consumption as it is generally affordable and low in fat while providing high-quality protein with a desirable fatty acid profile. For instance, in July 2021, according to the Food and Agriculture Organization (FAO) agriculture report outlook 2021–2030 shared by the Organization for Economic Co-operation and Development (OECD), a France-based intergovernmental organization, it is anticipated that global meat consumption per capita would rise by 0.3% per year to 35.4 kg in retail weight equivalent by 2030. In addition, due to its more wholesome food option, affordable pricing, and ease of preparation, chicken meat is predicted to account for 41% of all the protein from meat sources in 2030, increasing by 2%. Moreover, a substantial increase in Chinese demand boosted global chicken meat production to 134 million tons in 2020, an increase of 1.2% from 2019. Therefore, increasing meat consumption per capita is driving the growth of the hen market.
Product innovations have emerged as a key trend gaining popularity in the hen market.Major companies operating in the hen market are focused on innovating new products to sustain their position in the market.
For instance, in December 2022, Do Good Foods, a US-based climate-forward food solutions company, launched Do Good Eggs, its latest product innovation to fight food waste and combat climate change.Do Good Eggs help foodservice businesses lower their Scope 3 carbon emissions while attracting customers who want to buy environmentally friendly products.
Each dozen of Do Good Eggs will stop about one pound of greenhouse gas emissions (CO2e) from entering the atmosphere. All Do Good Eggs will be made in a cage-free facility that has received certification.
In July 2022, Cargill and Continental Grain Company, a US-based joint venture of an agribusiness giant with businesses in meat, grain, and food ingredients, and an agriculture investment firm, acquired Sanderson Farms Inc. for an undisclosed amount. With the acquisition, Cargill and Continental Grain Company, along with Sanderson Farms Inc., aim to enhance consumer experiences in food and retail, and to promote organic growth in a sector driven by accessibility and important consumer trends around the sustainability, health, and adaptability of chicken. Sanderson Farms is a US-based poultry producer.
The countries covered in the hen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hen market research report is one of a series of new reports that provides hen market statistics, including hen industry global market size, regional shares, competitors with a hen market share, detailed hen market segments, market trends and opportunities, and any further data you may need to thrive in the hen industry. This hen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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