Global poultry industry recovers for 2024

With declines expected in pork and beef markets, poultry is expected to be the fastest-growing protein in a global animal protein market forecast to grow just 0.4% year over year, according to a recent Rabobank report. Lower input costs, and therefore lower-priced chicken, should help stimulate chicken consumption in 2024 and accelerate growth in the industry. Recovering growth for global poultry industry The 2024 outlook for the global poultry market is moderately positive, with a forecast of 1.5% to 2% growth. Though a decline from the long-term average of 2.5% per year, it marks a sign of recovery compared to 2023, when growth was only 1.1%. Most growth is expected in Southeast Asia, the Middle East and Latin America, but at below-average levels. “Producers will need to keep balancing supply growth with relatively slow demand growth, especially in the US, Thailand, Indonesia, and more recently in China and the EU, which have been struggling with oversupply,” said Nan-Dirk ...