Turkey Meat Market

The global turkey meat market is expected to see an upward consumption trend over the period from 2022 to 2030, with a forecasted increase in market volume to 5.7M tons and market value to $16B by the end of 2030. Consumption, production, imports, and exports data show fluctuations over the years, with certain countries like the United States, Poland, and Mexico playing significant roles in the market. Import prices and export prices have also seen fluctuations, with variations in prices based on product type and country of origin.

Market Forecast

Driven by rising demand for turkey meat worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 5.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $16B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Turkey Meat

In 2022, the amount of turkey meat consumed worldwide reduced modestly to 5.1M tons, with a decrease of -4.9% against 2021. In general, consumption showed a mild slump. The pace of growth appeared the most rapid in 2016 when the consumption volume increased by 5.5% against the previous year. As a result, consumption reached the peak volume of 5.7M tons. From 2017 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global turkey meat market revenue shrank modestly to $12.6B in 2022, falling by -3.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the market value increased by 9.5% against the previous year. As a result, consumption reached the peak level of $13B, and then contracted in the following year.

Consumption By Country

The country with the largest volume of turkey meat consumption was the United States (2.3M tons), comprising approx. 45% of total volume. Moreover, turkey meat consumption in the United States exceeded the figures recorded by the second-largest consumer, Germany (391K tons), sixfold. The third position in this ranking was held by France (226K tons), with a 4.5% share.

In the United States, turkey meat consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-1.8% per year) and France (-3.5% per year).

In value terms, the United States ($5.3B) led the market, alone. The second position in the ranking was taken by Germany ($1.3B). It was followed by Italy.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +2.1%. In the other countries, the average annual rates were as follows: Germany (-0.9% per year) and Italy (-1.8% per year).

The countries with the highest levels of turkey meat per capita consumption in 2022 were Israel (9.3 kg per person), Tunisia (7.2 kg per person) and the United States (6.8 kg per person).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +22.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Turkey Meat

In 2022, production of turkey meat decreased by -5.4% to 5.1M tons, falling for the sixth consecutive year after three years of growth. Overall, production continues to indicate a mild setback. The growth pace was the most rapid in 2016 when the production volume increased by 5.6% against the previous year. As a result, production reached the peak volume of 5.8M tons. From 2017 to 2022, global production growth remained at a somewhat lower figure. The general negative trend in terms output was largely conditioned by a mild downturn of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, turkey meat production shrank to $12.6B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 14%. As a result, production attained the peak level of $13.4B, and then reduced in the following year.

Production By Country

The United States (2.4M tons) constituted the country with the largest volume of turkey meat production, accounting for 46% of total volume. Moreover, turkey meat production in the United States exceeded the figures recorded by the second-largest producer, Poland (409K tons), sixfold. The third position in this ranking was taken by Germany (406K tons), with a 7.9% share.

In the United States, turkey meat production contracted by an average annual rate of -1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Poland (+12.2% per year) and Germany (-1.3% per year).

Yield

The global average turkey meat yield shrank to 9.9 kg per head in 2022, dropping by -2.6% on 2021. In general, the yield, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.5%. Over the period under review, the average turkey meat yield attained the peak level at 10 kg per head in 2021, and then shrank modestly in the following year.

Producing Animals

In 2022, global number of animals slaughtered for turkey meat production declined slightly to 516M heads, with a decrease of -2.9% compared with 2021. Over the period under review, the number of producing animals saw a slight decrease. The most prominent rate of growth was recorded in 2016 when the number of producing animals increased by 4.4%. As a result, the number of animals produced reached the peak level of 608M heads. From 2017 to 2022, the growth of this number remained at a somewhat lower figure.

Imports

World Imports of Turkey Meat

In 2022, approx. 828K tons of turkey meat were imported worldwide; which is down by -8.2% on the previous year's figure. Overall, imports recorded a pronounced descent. The most prominent rate of growth was recorded in 2016 when imports increased by 5.5%. Global imports peaked at 1.1M tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, turkey meat imports expanded significantly to $2.8B in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. Over the period under review, global imports hit record highs at $2.9B in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Mexico (103K tons) and Germany (96K tons) represented the largest importers of turkey meatin the world, together generating 24% of total imports. It was followed by Benin (47K tons), the United States (39K tons) and Belgium (38K tons), together constituting a 15% share of total imports. France (32K tons), Spain (32K tons), Austria (28K tons), the UK (26K tons), the Netherlands (24K tons), Italy (23K tons), Poland (21K tons) and Romania (21K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +14.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest turkey meat importing markets worldwide were Mexico ($351M), Germany ($350M) and Belgium ($146M), with a combined 30% share of global imports. Spain, France, Austria, the United States, the UK, Italy, the Netherlands, Romania, Benin and Poland lagged somewhat behind, together comprising a further 35%.

The United States, with a CAGR of +17.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Frozen turkey cuts (418K tons) and fresh or chilled turkey cuts (363K tons) prevails in imports structure, together mixing up 94% of total imports. The following types - frozen whole turkeys (26K tons) and fresh or chilled whole turkeys (21K tons) - each accounted for a 5.7% share of total imports.

From 2012 to 2022, the biggest increases were recorded for fresh or chilled turkey cuts (with a CAGR of -0.3%), while purchases for the other products experienced a decline in the imports figures.

In value terms, the largest types of imported turkey meat were fresh or chilled turkey cuts ($1.5B), frozen turkey cuts ($1.2B) and frozen whole turkeys ($89M), with a combined 97% share of global imports.

Fresh or chilled turkey cuts, with a CAGR of +1.5%, recorded the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced a decline in the imports figures.

Import Prices By Type

In 2022, the average turkey meat import price amounted to $3,403 per ton, jumping by 25% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major imported products. In 2022, major imported products recorded the following prices: in fresh or chilled turkey cuts ($3,997 per ton) and fresh or chilled whole turkeys ($3,805 per ton), while the price for frozen turkey cuts ($2,866 per ton) and frozen whole turkeys ($3,418 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by fresh or chilled whole turkey (+3.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average turkey meat import price stood at $3,403 per ton in 2022, surging by 25% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($5,062 per ton), while Benin ($829 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Turkey Meat

Global turkey meat exports fell to 852K tons in 2022, waning by -10.8% against the previous year. Over the period under review, exports recorded a perceptible downturn. The pace of growth appeared the most rapid in 2016 with an increase of 6.3%. Over the period under review, the global exports reached the peak figure at 1.1M tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, turkey meat exports soared to $2.9B in 2022. The total export value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 16%. Over the period under review, the global exports reached the maximum at $3B in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Poland (205K tons), distantly followed by the United States (133K tons), Germany (111K tons), Brazil (57K tons), France (51K tons), Spain (49K tons) and Italy (39K tons) were the main exporters of turkey meat, together achieving 76% of total exports. The following exporters - Hungary (30K tons), Chile (28K tons), Canada (24K tons), the Netherlands (22K tons) and Russia (19K tons) - together made up 14% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Russia (with a CAGR of +69.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest turkey meat supplying countries worldwide were Poland ($795M), the United States ($412M) and Germany ($384M), together comprising 55% of global exports. Brazil, Chile, France, Spain, Italy, Hungary, the Netherlands, Canada and Russia lagged somewhat behind, together comprising a further 37%.

In terms of the main exporting countries, Russia, with a CAGR of +71.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Frozen turkey cuts (434K tons) and fresh or chilled turkey cuts (372K tons) dominates exports structure, together achieving 95% of total exports. The following types - frozen whole turkeys (24K tons) and fresh or chilled whole turkeys (22K tons) - each recorded a 5.5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by fresh or chilled turkey cuts (with a CAGR of -0.9%), while the other products experienced a decline in the exports figures.

In value terms, the largest types of exported turkey meat were fresh or chilled turkey cuts ($1.5B), frozen turkey cuts ($1.3B) and frozen whole turkeys ($77M), together accounting for 97% of global exports.

In terms of the main exported products, fresh or chilled turkey cuts, with a CAGR of +1.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced mixed trends in the exports figures.

Export Prices By Type

In 2022, the average turkey meat export price amounted to $3,419 per ton, surging by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exported products. In 2022, major exported products recorded the following prices: in fresh or chilled turkey cuts ($4,053 per ton) and fresh or chilled whole turkeys ($3,296 per ton), while the average price for exports of frozen turkey cuts ($2,895 per ton) and frozen whole turkeys ($3,212 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen turkey cut (+4.7%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average turkey meat export price amounted to $3,419 per ton, with an increase of 29% against the previous year. Over the last decade, it increased at an average annual rate of +3.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($6,171 per ton), while Canada ($2,098 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+8.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform