The Indian poultry and hatchery market is estimated to register a CAGR (compound annual growth rate) of over 12 per cent between 2019 and 2024, to attain the market value of over $29.6 billion by 2024.
This was stated in a report titled India Poultry and Hatchery Market, By Type, By Sales Channel, Competition, Forecast and Opportunities, 2014 – 2024 by research-based global management consulting firm TechSci Research.
Anticipated growth in the market can be attributed to the rising young and dynamic population, which is showing high inclination towards non-vegetarian food products, and the growing awareness about nutritional value of meat products, along with the surging demand for egg-based bakery products.
Moreover, the rising household disposable incomes of the middle-class population, coupled with rapid westernisation, has resulted in changing taste preferences of Indian consumers, which is further leading to increased consumption of meat products. This factor is anticipated to fuel growth in the Indian poultry and hatchery market during the forecast period.
The traditional/modern retail store segment dominates the Indian poultry and hatchery market and is anticipated to maintain its dominance during the forecast period as well.
However, institutional sales are projected to show rapid growth in the coming years on account of the rising tourist footfall in the country and booming HoReCa (hotel, restaurant and café) sector.
Moreover, the number of quick service restaurant (QSR) chains, such as KFC, McDonald's, Pizza Hut and Dominos, is increasing in India. This is further expected to drive the demand for processed meat, thereby pushing the sales of poultry and hatchery through institutional channels.
Suguna Foods Pvt Ltd, Venkys Group, Sneha Farms Pvt Ltd, Skylark Group, RM Group, Srinivasa Farms Private Limited, Mulpuri Poultries, Komarla Group, etc. are some of the major companies operating in the Indian poultry and hatchery market.
“The rising trend of consuming a protein-rich and high-energy diet by the health-conscious young population particularly in urban regions, is propelling the demand for poultry and hatchery in India. Moreover, rising health concerns among consumers, along with the increasing meat consumption, backed by increasing per capita income and rapid urbanisation would further steer growth in the market in the coming years,” said Karan Chechi, research director, TechSci Research.
The report evaluated the future growth potential of poultry and hatchery in India and provided statistics and information on market structure, size, share and future growth.
It was intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions.
Besides, the report also identified and analysed the emerging trends, along with essential drivers, challenges and opportunities present in the Indian poultry and hatchery market.