The report provides the latest data of the global turkey meat industry.
Global turkey meat market accelerated slightly
In 2016, the global market of turkey meat increased by 9% to 6.2M tonnes, after languishing over the previous three years; prior to that, it also remained relatively stable. In wholesale prices, the market reached $13.5B in 2016, growing by +3.6% per year from 2007 to 2016; however, it indicated mixed trend pattern with regard to the total consumption figures. A significant increase in 2008 (16% Y-o-Y) was followed by a sharp decline in 2009 (86% Y-o-Y). According to IndexBox estimates, over the next two years, the market recovered gradually and then leveled off over the next five years.
Global consumption of turkey meat is expected to reach 6.7M tonnes by 2025
Turkey meat is a product of stable demand in North America, Europe and Latin America, but the levels of per capita consumption vary from country to country. Turkey meat consumption is largely determined by the level of income of the population and seasonality (government holidays and Christmas), thus, countries with a high standard of living traditionally have higher per capita consumption of turkey meat. On the other hand, the rise in living standards and the rapid pace of urbanization, increasing popularity of western diet in Asia and higher attention for lower fat intake have led to a significant increase in production and consumption of turkey meat across the world over the last decade.
Given the backdrop of global population growth, which drives the demand for food, a gradual increase in household incomes and in a turnover of retail trade amid continuing urbanization will be the main drivers behind the growth of the global meat consumption, which should also affect the turkey meat market. On the other hand, improved meat supply thanks to the development of production capacities, along with maintaining strict poultry standards should secure capabilities to meet the market demand.
Therefore, the performance of the market is predicted to grow with an anticipated CAGR of +0.8% for the next nine years, which is forecasted to bring the market volume to 6.7M tonnes by 2025.