In 2024, the poultry meat market will be the only one in the animal protein segment to show growth

After a challenging 2023, the global poultry market is expected to show some improvement, according to a Rabobank report. Analysts assess the prospects for the global poultry meat market in 2024 as “cautiously optimistic”: compared to 2023, global poultry meat production will increase by 1.5–2.0%. That would be up from 1.1% the previous year, but less than the long-term average of 2.5%.

With demand for pork and beef expected to decline , poultry will be the only major segment of the global animal protein market to show some momentum in 2024, with overall global animal protein market growth expected to be just 0.4%.

In particular, lower feed costs are likely to lower poultry prices , which Rabobank says could lead to higher consumption in 2024, supported by lower inflation and higher purchasing power. However, oversupply is possible, which can significantly impact profitability, as happened in Brazil, the US and South Africa in early 2023. Returning to costs, experts noted that the decline in feed prices also depends on geopolitical events and weather conditions. A major risk factor for production and trade is highly pathogenic avian influenza .

Exports from Eastern Europe and especially Russia are likely to continue to grow due to price competitiveness. Rabobank also expects Ukraine to try to further expand its exports , especially to Europe. Sales potential for high-quality processed foods is estimated to be weaker than for raw meat, although sales should recover if the economy improves and prices fall.

Rabobank analysts consider the prospects for the EU poultry industry to be more challenging in 2024 than in the previous two years. While overall meat supply in Europe is expected to fall due to lower pork production, rising imports are likely to put pressure on the profitability of EU poultry producers. At the same time, poultry remains very popular among consumers in the European Union, especially since pork and beef are likely to remain too expensive for them, Rabobank concludes.