2021 China Broiler Industry Research Report

From the perspective of meat import structure, chicken is China's third-largest imported meat category, ranking behind only pork and beef. According to data from the General Administration of Customs, in 2020, China's total meat imports (including offal) reached 9.9 million tons, with pork accounting for 4.39 million tons (44%), beef for 2.12 million tons (21%), and chicken for 1.433 million tons (14.5%).

I. Poultry consumption in China accounts for a lower share than the global average.

China's meat consumption structure differs significantly from the global one. While short-term demand for chicken is seasonal, its long-term potential remains immense. Emerging channels and evolving consumer trends are driving new growth in China's chicken consumption.

China's meat consumption structure differs significantly from the global one. In 2021, pork accounted for approximately three times the share of chicken consumption in China compared to the global ratio of pork to chicken, which was roughly 1:1. Meanwhile, China's chicken consumption is projected to reach 21.82% of total meat consumption in 2021, a slight decrease of 1.15 percentage points from its 2020 share of 22.97%.

China's share of poultry consumption is lower than the global average. In terms of global meat consumption patterns, poultry accounts for 40 percent worldwide, while in China, it makes up less than 30 percent.

In China, poultry consumption is dominated by chicken, with white-feathered and yellow-feathered chickens serving as the core consumer products. Currently, chicken meat production and sales account for about 63% of the domestic market, followed by duck meat at around 29%, and goose meat in third place at nearly 7%. Domestically, chicken production and sales are primarily driven by white-feathered chickens (approximately 41%) and yellow-feathered chickens (about 36%), while the 817 crossbred chicken ranks third, making up nearly 14% of the market.

II. How large is the domestic chicken consumption market?

Compared to other mature markets, China has lower per capita chicken consumption, while pork remains the dominant choice—largely due to the influence of our traditional food culture. Key factors driving growth in per capita chicken consumption, particularly white-feathered broiler consumption, include rising health consciousness and the increasing presence of younger consumers in the market.

3. The Evolution of Consumer Behavior Is Ongoing

1. Fresh vs. Chilled vs. Frozen

Huangyu primarily focuses on live poultry trading but is currently transitioning toward fresh-chilled products; several Huangyu chicken farms are actively expanding their capacity for fresh-chilled slaughtering. Meanwhile, Baiyu mainly sells frozen, portioned products, though a few companies are also starting to develop fresh-chilled operations. As consumer preferences evolve and消费升级 continues, the share of fresh-chilled products is steadily increasing.

2. Ready-to-eat options: Diversified product portfolio

To cut costs and boost efficiency, B2B catering companies are increasing their procurement of deeply processed products. Meanwhile, growing consumer demand for convenient food options is driving the "ready-to-eat" transformation of white-feathered chicken meat.

Ready-to-eat products are poised to elevate the industry's profit margins. According to Frost & Sullivan, China's market for deeply processed white-feathered chicken products grew from RMB 14.3 billion in 2015 to RMB 28.6 billion in 2020, representing a robust compound annual growth rate (CAGR) of 14.1%. Looking ahead, the CAGR is projected to reach 20.1% from 2019 to 2024. Moreover, the unit prices of deep-processed meat products typically remain more stable—and often higher—than those of raw meat, thanks to added processing value and brand premiums. With the introduction of diversified product portfolios, the future growth potential for ready-to-eat products remains highly promising.

IV. Overview of China's Chicken Meat Imports

Looking at the total volume of chicken imports and exports, China's poultry meat imports exceed its exports—specifically, chicken imports account for more than 90% of all poultry meat imports. Among chicken imports, chicken feet and wings make up the bulk. Since 2019, poultry meat imports have surged significantly, primarily due to the African swine fever outbreak, which has tightened the country’s overall meat supply over the past two years. As a result, lower-priced poultry products have become a strong substitute, while beef and lamb—despite their higher price points—still offer better value compared to pork, further boosting the growth in meat product imports.

From the perspective of meat import structure, chicken is China's third-largest imported meat category, trailing only pork and beef. According to data from the General Administration of Customs, in 2020, China's total meat imports (including offal) reached 9.9 million tons, with pork accounting for 439万吨 (44%), beef for 212万吨 (21%), and chicken for 143.3万吨 (14.5%).

From the perspective of chicken import sources, imported chicken primarily comes from Brazil, the United States, Russia, Thailand, and other countries, with Brazil being the largest supplier. In 2020, Brazil accounted for 637,600 tons (44.50% share), followed by the U.S. (391,100 tons, 27.30%), Russia (141,600 tons, 9.88%), Thailand (102,700 tons, 7.17%), and Argentina (92,200 tons, 6.43%). The remaining imports were sourced from Chile, Belarus, France, Poland, Ukraine, and Turkey.

5. Domestic Supply-Side Images

6. Major Listed Companies

1. Competitive Landscape

From top to bottom, based on the broiler breeding expansion factor, the number of enterprises is increasing. Meanwhile, the competitive landscape among upstream breeding companies remains relatively stable, while the downstream market is dominated by a few leading players. Larger-scale firms are gradually shifting their competition—from the farming and slaughtering/processing stages—to encompass the entire poultry industry value chain. As a result, agriculture is undergoing a transformation into the broader food industry.

Industry concentration is expected to rise further, as some small and medium-sized enterprises, along with rural broiler cooperative organizations, are likely to be replaced or acquired by larger-scale companies. Meanwhile, the share of the "social chicken" model is declining, leading to reduced influence over chicken prices. However, the major core enterprises—those with significant chicken production capacity—have yet to exert dominant control over market pricing.

2. Financial Comparison of Major Listed Companies

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