Global Turkey Meat Market 2023

Turkey Meat Market Size

The global turkey meat market reduced to $X in 2022, stabilizing at the previous year. In general, consumption saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 9.9% against the previous year. Over the period under review, the global market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Turkey Meat Production

In value terms, turkey meat production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 10%. Over the period under review, global production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The United States (X tons) constituted the country with the largest volume of turkey meat production, accounting for 44% of total volume. Moreover, turkey meat production in the United States exceeded the figures recorded by the second-largest producer, Brazil (X tons), fivefold. Germany (X tons) ranked third in terms of total production with a 7.9% share.

In the United States, turkey meat production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Brazil (+1.1% per year) and Germany (-0.1% per year).

The global average turkey meat yield fell slightly to X kg per head in 2022, leveling off at the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 4.7% against the previous year. Over the period under review, the average turkey meat yield attained the peak level at X kg per head in 2020; afterwards, it flattened through to 2022.

The global number of animals slaughtered for turkey meat production reduced slightly to X heads in 2022, approximately reflecting the previous year. Overall, the number of producing animals saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the number of producing animals increased by 3.9%. As a result, the number of producing animals reached the peak level of X heads. From 2017 to 2022, the growth of this number remained at a somewhat lower figure.

Turkey Meat Exports

Exports

In 2022, the amount of turkey meat exported worldwide shrank to X tons, falling by -12.2% compared with the previous year. Overall, exports saw a perceptible reduction. The pace of growth was the most pronounced in 2016 when exports increased by 5.2% against the previous year. Over the period under review, the global exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, turkey meat exports totaled $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 15%. Over the period under review, the global exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Poland (X tons), distantly followed by the United States (X tons), Germany (X tons), Brazil (X tons), France (X tons), Spain (X tons), Chile (X tons) and Italy (X tons) were the main exporters of turkey meat, together creating 80% of total exports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +8.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest turkey meat supplying countries worldwide were Poland ($X), the United States ($X) and Germany ($X), together accounting for 55% of global exports. Brazil, Chile, France, Spain and Italy lagged somewhat behind, together accounting for a further 27%.

Chile, with a CAGR of +12.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average turkey meat export price stood at $X per ton in 2022, surging by 28% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Chile ($X per ton) and Poland ($X per ton), while France ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.8%), while the other global leaders experienced more modest paces of growth.

Turkey Meat Imports

Imports

In 2022, overseas purchases of turkey meat decreased by -5.6% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 6.4%. Over the period under review, global imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, turkey meat imports expanded rapidly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. Over the period under review, global imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Mexico (X tons) and Germany (X tons) represented the key importers of turkey meat in 2022, finishing at near 12% and 10% of total imports, respectively. It was followed by Benin (X tons), comprising a 5.7% share of total imports. The following importers - Belgium (X tons), France (X tons), Spain (X tons), Austria (X tons), the UK (X tons), Italy (X tons), Ghana (X tons), the Netherlands (X tons), Poland (X tons) and Romania (X tons) - together made up 30% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +17.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Germany ($X) and Belgium ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 30% of global imports. Spain, France, Austria, the UK, Italy, Romania, the Netherlands, Benin, Ghana and Poland lagged somewhat behind, together comprising a further 32%.

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

Import Prices by Country

In 2022, the average turkey meat import price amounted to $X per ton, picking up by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($X per ton), while Benin ($X 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.

Source: IndexBox Platform

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