Turkey Meat Products Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Turkey Meat Market is poised for substantial growth, with a market size of $ 19.62 billion in 2024, which is projected to increase to $ 67.96 billion by 2032. This growth rate of 14.55% represents a CAGR of 14.55% for the forecast period, 2018 to 2032. This indicates a growing demand for turkey meat, which is a healthy and versatile ingredient in many cuisines. There are several factors driving this growth, such as the growing awareness of the health benefits associated with turkey meat, including the lower fat content compared to other meats. Turkey is also a sustainable and ethically sourced meat, which is becoming more widely available due to technological advances in food processing and preservation. In addition, leading companies such as Butterball, Perdue Farms, and Jennie-O Turkey Store are constantly innovating to expand their market share. Recent product launches have included organic and ready-to-eat turkeys, which meet the growing demand for healthy and convenient foods.

Regional Market Size

Regional Deep Dive

The turkey meat market is growing at a fast pace, owing to the increasing awareness about health, the growing demand for a high-protein diet and the versatility of turkey meat in food preparation. In North America, there is a strong preference for processed turkey products, while in Europe, the trend is towards organic and free-range turkey. In Asia-Pacific, Turkey consumption is on the rise, driven by changing dietary habits and urbanization. The Middle East and Africa are importing turkey meat to meet the rising demand. Latin America is also gaining importance as a major producer, and local producers are innovating to meet the needs of both domestic and export markets.

Europe

• In Europe, there is a notable shift towards organic and free-range turkey products, driven by consumer demand for ethically sourced meat, with brands like Bernard Matthews and Herta adapting their offerings accordingly.
• The European Union's stringent regulations on animal welfare and food safety are influencing production practices, leading to a rise in premium turkey products that cater to health-conscious consumers.

Asia Pacific

• The Asia-Pacific region is experiencing a rapid increase in turkey consumption, particularly in countries like China and Japan, where western dietary influences are prompting a shift towards poultry over traditional meats.
• Innovative marketing strategies by companies such as Hormel Foods and Tyson Foods are introducing turkey products to new consumer segments, capitalizing on the growing trend of health and wellness.

Latin America

• Latin America is witnessing a growing interest in turkey meat, particularly in Brazil and Argentina, where local producers are innovating to create value-added products that appeal to health-conscious consumers.
• The region's economic growth and increasing disposable incomes are driving demand for premium turkey products, with companies like Perdigão and Seara expanding their product lines to capture this emerging market.

North America

• The North American market is heavily influenced by the increasing popularity of turkey as a healthier alternative to red meat, with companies like Butterball and Jennie-O leading the charge in product innovation and marketing.
• Recent regulatory changes, such as the USDA's focus on food safety and labeling standards, are shaping the market by ensuring higher quality and transparency in turkey meat products, which is expected to enhance consumer trust and drive sales.

Middle East And Africa

• In the Middle East and Africa, the turkey meat market is expanding due to increasing urbanization and changing dietary preferences, with local producers and importers like Al Ain Farms and KFC Middle East playing significant roles.
• Government initiatives aimed at boosting local poultry production are expected to enhance the availability of turkey meat, thereby meeting the rising demand in the region.

Did You Know?

“Turkey meat is not only a popular choice for holiday meals in the U.S. but also has a lower fat content compared to chicken, making it a healthier option for consumers.” — USDA Nutritional Data

Segmental Market Size

The turkey meat products market in Turkey is currently growing at a steady rate, driven by the rising demand for healthier food and a switch towards more sustainable meat sources. The growing demand for low-fat meat products such as turkey is also being driven by government policies which encourage the production of leaner meats. Further, technological advances in the processing and preservation of turkey meat have improved the quality and shelf life of these products, further driving demand. Turkey’s turkey meat products market is currently at a mature stage of development, with companies such as Banvit and Pinar leading the market in the production and distribution of turkey meat products. Turkey’s turkey meat products market is dominated by ready-to-eat turkey meat products, such as ready-to-eat meals, deli meats and processed turkey products, which are used in both the retail and foodservice industries. However, innovation in turkey meat products is also occurring, with a focus on plant-based diets and the growing popularity of a more sustainable approach to farming. Technological advances in packaging and traceability are also shaping the development of the turkey meat products market, as consumers seek higher quality and more sustainable products.

Future Outlook

The turkey meat market will grow at a CAGR of 14.46% from 2024 to 2032, a significant increase from $19.62 billion to $67.96 billion. This growth is based on the increased health and nutritional consciousness of consumers, which has led to the increased consumption of lean meats such as turkey. During the forecast period, the penetration of turkey meat products is expected to increase, with a penetration rate of more than 30% in the consumption of animal proteins in 2032. Moreover, the development of key processing and preservation methods will continue to improve the quality and shelf life of turkey meat, making it more appealing to a wider audience. In addition, government policies promoting poultry farming and sustainable practices will help increase production. In addition, the trend of plant-based and alternative protein products will also influence the market, as manufacturers continue to develop hybrid products to meet the diverse needs of consumers. Turkey meat products are expected to thrive in the face of health-conscious consumers, technological innovations and favourable market conditions.