Our-in depth analysis of the global poultry keeping machinery market includes the following segments:
Global poultry keeping machinery market is further classified on the basis of region as follows:
Global poultry keeping machinery market is anticipated to witness a robust growth over the forecast period 2017-2024. The rising demand for poultry keeping machinery is expected to remain positive in near future, translating into an opportunity of around USD 1.7 Billion over the forecast period.
In terms of region, global poultry machinery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa Region. Among these regions, Asia Pacific region is dominating the global poultry keeping machinery market and is expected to behold this positive growth in near future. In terms of machine unit, Asia Pacific region is leading the market with a major share of 39.1% and is projected to dominate the consumption of poultry keeping machinery over the forecast period. Furthermore, India and China are the major contributors to the growth of poultry keeping machinery market in Asia Pacific Region.CLICK TO DOWNLOAD FREE SAMPLE REPORT
North America poultry keeping machinery market is anticipated to capture market share of 29% by the end of forecast period and is projected to flourish at a compound annual growth rate (CAGR) of 3.3% over the forecast period. In addition to this, rising adoption of advanced poultry machineries such as automated egg collector and broiler harvester in Middle East & Africa region is anticipated to foster the growth of global poultry keeping machinery market over the forecast period. Apart from this, Europe region is anticipated to witness a slow growth during the forecast period.
Some of the major factors driving the growth of poultry keeping machinery are increasing demand for affordable & protein rich products and varying food products globally. Apart from this, global poultry keeping machinery market is directly affected by rising number of poultry farms which is likely to raise the demand for poultry keeping machineries over the forecast period.
Further, increasing disposable income of consumers and rising cost of other meat products including beef and pork are some major drivers augmenting the growth of global poultry keeping machinery market. Furthermore, adoption of poultry keeping machineries has results in remarkable advantages such as higher production and reduced mortality of reared birds. These beneficial featres are expected to propel the demand for poultry keeping machineries globally.
However, recent upsurge in bird related disease such as bird flu has affected the global poultry keeping machinery market. Nonetheless, high tax and duties with importation of poultry keeping machinery are also restraining the growth of global poultry keeping machinery market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.