HYDERABAD, 1 September 2023: The Indian poultry sector is expected to grow at an 8.1 percent CAGR from 2023 to 2028, reaching a value of around USD 44.97 billion by 2028, according to a report by TheIndustryOutlook.com.
The growth of the Indian poultry sector is being driven by a number of factors, including:
- Rising incomes: As incomes rise, people are spending more on poultry products.
- Growing urbanization: The growing urban population is demanding more convenient and processed poultry products.
- Changing dietary habits: People are increasingly consuming poultry products as part of a healthy diet.
- Government support: The government is providing support to the poultry sector through schemes such as the National Egg Coordination Committee (NECC) and the Poultry Industry Development Plan (PIDP).
The Indian poultry sector is a major contributor to the country's economy. It provides employment to over 10 million people and accounts for about 14 percent of the country's agricultural GDP.
The sector is also a major source of foreign exchange earnings. India is the world's fifth-largest exporter of poultry meat and the third-largest exporter of eggs.
The growth of the Indian poultry sector is expected to create new opportunities for businesses and entrepreneurs. There is a growing demand for poultry products, and there is also a need for innovative solutions to address the challenges facing the sector, such as avian influenza and antibiotic resistance.
The Indian poultry sector is a vibrant and growing sector with a lot of potential. It is a sector that is worth watching, and it is a sector that offers a lot of opportunities for businesses and entrepreneurs.
In addition to the factors mentioned above, here are some other factors that are driving the growth of the Indian poultry sector:
- The increasing demand for poultry meat in export markets: India is the world's fifth-largest exporter of poultry meat, and the demand for this product is expected to grow in export markets, such as China and Southeast Asia.
- The growing popularity of processed poultry products: Processed poultry products, such as nuggets and sausages, are becoming increasingly popular among consumers. This is due to their convenience and taste.
- The increasing use of poultry products in prepared foods: Poultry products are increasingly being used in prepared foods, such as pizzas and sandwiches. This is due to their nutritional value and flavor.
The growth of the Indian poultry sector is a positive development for the country's economy. It is expected to create new jobs, boost exports, and improve the nutritional status of the population.
The government is taking steps to support the growth of the poultry sector. These include:
- Providing subsidies to poultry farmers
- Investing in poultry infrastructure
- Promoting poultry exports
- Educating consumers about the benefits of poultry products
The Indian poultry sector is poised for significant growth in the coming years. The government's support and the growing demand for poultry products are expected to drive this growth.