Indian Poultry Industry Poised For Recovery; Margins To Expand By 180- 20 Basis Points: CareEdge Analysis

CareEdge Research Report

India is a leading producer of eggs and broiler chicken, with significant growth driven by urbanisation and rising incomes. As of 2024, India ranks among the top producers of eggs and broiler chicken globally, with an annual production of over 140 billion eggs and approximately 4.5 million tonnes of broiler meat.

Revenue of key players peaked in 2022 but declined in 2023 and 2024 due to market conditions and rising input costs. Maize and soybean are the key feed inputs whose prices surged due to supply issues; however, these have stabilised in 2024 with improved harvests and government interventions.

Broiler meat prices peaked in early FY2024 but fell later due to oversupply. Prices are expected to stabilize with seasonal demand boosts.

We anticipate an 8-10% revenue growth in FY2025, with recovery of 180-220 basis points in operating profit margins driven by growing population with changing dietary preferences towards protein-rich foods and softening of input prices.

Poultry industry remain susceptible to feed prices and disease outbreaks wherein industry players continue to focus on developing breed with lower FCR and higher disease resistance and innovations in poultry vaccines.

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