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Chicken’s rise to the top of Australia’s meat hierarchy has been one of the most remarkable shifts in modern food history.
“Strategic investment is now flowing into format innovation … think Nashville hot chicken or Korean fried wings.”
Once a Sunday roast treat, chicken is now an everyday staple for millions of Australians. It has become so ubiquitous that it is hard to recall a time when beef and lamb dominated the nation’s dinner tables.
Back in 1975, the average Australian ate just 200 grams of chicken each week – little more than a single drumstick – while consuming over 1.3 kilograms of beef. By 2025, those numbers have flipped. Chicken now leads the pack, with the average Aussie consuming a full kilogram each week – roughly the size of a whole bird – and just 400 grams of beef.
This transformation has been shaped by economics, health, convenience and evolving preferences – not just in Australia, but increasingly around the world.
The efficiency story: why chicken wins on cost
At the core of chicken’s rise lies a structural advantage in cost and efficiency over other forms of animal protein. Chickens require just 1.7 kilograms on average of feed to produce one kilogram of meat, compared to an average of 6 - 10 kilograms for beef.
They can be raised and processed in under two months, allowing producers to respond quickly to changes in demand, seasonal consumer preferences or shifts in input costs.
This translates into pricing and supply resilience. Since 2000, chicken prices in Australia have risen by just 36 per cent, while lamb has soared by 182 per cent and beef by 146 per cent. In inflation adjusted terms, chicken has become relatively cheaper over time – a trend seen in other markets such as the United States and the United Kingdom.
Chicken production is also less exposed to land, labour and climate shocks compared to other livestock sectors. Vertical integration, from breeding to processing, allows companies to tightly manage costs, capture margins and smooth out market volatility. Most production and processing facilities, including farms, hatcheries and slaughterhouses, are located close to feed mills and distribution hubs, reducing logistics costs and improving supply chain control.
A domestic market – with selective exports
Unlike other Australian proteins, chicken is largely produced for the domestic market. Strict biosecurity controls limit imports of fresh poultry and protect local production from global disease risks, but they also shape Australia’s role as an exporter.
Most chicken exports are frozen rather than fresh, focused on by-products such as feet, wings and offal that have limited demand locally but strong value in overseas markets.
Despite having the capacity to produce more, Australia has not developed large-scale chicken export channels for premium fresh or frozen fillets.
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Are we nearing peak chicken?
Between 2000 and 2010, Australians added an average of over 13 kilograms of chicken to their annual diets. From 2021 to 2024, however, the increase was barely one kilogram. While chicken remains the most consumed meat in Australia, per capita growth has clearly slowed.
This has raised the question of whether Australia has reached ‘peak chicken’.
However, a more detailed analysis suggests that while individual consumption levels may be plateauing, overall volume growth remains solid, largely driven by demographic expansion and market diversification.
Chicken’s role is shifting from rapid expansion to more strategic consolidation. In this phase, sustaining dominance means understanding consumer segments, evolving preferences and efficiency in production, processing and distribution systems – not just chasing growth in tonnes of meat, chicken burgers or frozen wings.
This same pattern is emerging in other mature markets, such as the United States and the United Kingdom, where per capita chicken consumption is also levelling out.
In contrast, emerging economies like China, India and much of Southeast Asia are still well below ‘peak chicken’. In China, rising incomes, urbanisation and concerns over pork supply and food safety have helped poultry gain share, especially in processed and quick-service formats.
In India, where beef and pork are less widely consumed, chicken is the fastest-growing meat protein, with gains across both traditional wet markets and modern retail.
The demographic engine: what’s driving new demand
In Australia, the story is no longer about individual consumption growth, but about population-driven volume. From 2022 to 2024, the nation’s population grew by nearly one million people, driven primarily by net overseas migration. Per capita chicken consumption edged up only slightly – from 49.6 to 51.25 kilograms – but total demand surged.
This dynamic highlights the power of demographic tailwinds in a mature market. Chicken is broadly accepted across many cultural and religious groups, giving it a strong foothold in Australia’s increasingly diverse population. Migrants from India, China, the Middle East and Southeast Asia are more likely to choose chicken as their primary protein – whether by cultural preference, religious permissibility or dietary restriction.
Changing cuts, changing kitchens
While total consumption growth is slowing, complexity within the category is increasing.
Chicken thighs are gaining popularity over traditional breast fillets, favoured for their juiciness, flavour and suitability for slow-cooked dishes like curries, stir-fries and braised meals. Bone-in cuts are in demand among multicultural households, particularly for recipes such as tandoori chicken, chicken adobo or traditional soups and stews where bones enhance flavour and authenticity. These shifts reflect not just taste, but changing lifestyles, cooking techniques and cultural influences.
Food media and online influencers have accelerated the mainstream acceptance of diverse dishes and cuts. Cooking shows champion flavour rich, slow-cooked meals. Recipe apps celebrate cost-effective bone-in options. Chicken’s neutral flavour profile allows it to absorb spices and sauces from a wide range of global cuisines, giving home cooks greater creative flexibility.
Fast food, faster growth
Chicken’s growth story is especially visible in quick service restaurants (QSR). Australians are eating more chicken in burgers, wings, wraps and tenders – with younger, multicultural and urban consumers driving much of this shift. New QSR entrants – including Korean-style chains and global brands expanding their chicken menus – are gaining traction, while long-established players like McDonald’s and Hungry Jack’s have significantly expanded their chicken offerings.
This shift in consumer habits is translating into serious market value. Chicken QSR sales in Australia are projected to exceed $4 billion by 2032 – underscoring how food service, not retail, is becoming the main engine of growth.
Strategic investment is now flowing into format innovation (think Nashville hot chicken or Korean fried wings), as well as omnichannel models that integrate dine-in, takeaway, drive-through and delivery. Globally, this trend is accelerating.
In the United States, McDonald’s and Taco Bell are redesigning menus to highlight chicken.
Across Asia, international-style chicken chains are booming in places like Singapore and the
Philippines. In India, McDonald’s has built its entire meat menu around chicken – with localised options like the McSpicy Chicken and Chicken Maharaja Mac.
For Australian chicken farmers and processors, this adds complexity. Supplying modern QSRs means more than just delivering volume; it means creating the right cut, marinade, portion size or prep method for the right outlet, consumer group or cuisine. Supermarkets are evolving too, offering products like Asian-style marinated drumsticks and halal-certified thigh fillets to meet rising demand.
In this new phase, the challenge isn’t more chicken – it’s smarter chicken: the right format, for the right occasion, delivered through the right channel.
Why investors love chicken
Chicken is not just a consumer favourite – it has become one of the most sought-after assets in agribusiness investment. In 2024, global private equity firm KKR acquired ProTen, Australia’s largest meat chicken farm operator, in a deal worth over $600 million.
ProTen produces about 20 per cent of Australia’s broiler chickens, supplying major processors and fast-food chains. The purchase marked one of the largest agricultural investments of the year, signalling how institutional investors view chicken production as a stable, scalable and resilient business with strong long-term returns.
This trend is not unique to Australia. Private equity firm TPG Capital acquired Ingham’s from the Ingham family in 2013 for around $880 million, later listing it on the ASX in 2016. Globally, Advent International has invested in Brazil’s BRF, one of the world’s largest poultry exporters. In Europe, CapVest Partners acquired Eight Fifty Food Group, consolidating protein assets including poultry processor Karro. In Asia, Affinity Equity Partners invested in South Korea’s Harim Group, while in North America, Paine Schwartz Partners has focused on poultry-adjacent agribusinesses such as animal health and genetics firms that underpin the global chicken value chain.
Many of the same factors that drove chicken’s dominance at the dinner table – short production cycles, supply chain control and consistent affordability – also underpin its appeal to investors.
Conclusion: not less chicken – just a different chicken
Chicken’s rise has been a defining shift in food systems around the world – from Australia to Asia, Europe and America.
While its growth story is no longer just about bigger volumes, it is evolving into something even more dynamic.
This is no longer just a volume game. Chicken’s next chapter is about agility – finding the right mix of products, formats and experiences to match the world’s changing tastes. From peri-peri tenders in Lagos to lemongrass chicken bowls in Ho Chi Minh City and schnitzel wraps in suburban Brisbane, the chicken category is reinventing itself in real time.
Michael Whitehead is Executive Director, Food, Beverage and Agribusiness at ANZ
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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