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The Worldwide Pork Industry is Expected to Reach $418.27 Billion by 2028
Global Pork Market
Dublin, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The "Global Pork Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Pork Market is expected to be US$ 418.37 Billion by 2028, according to the publisher. Pork is the most widely and popular consumed meat source worldwide.
The global swine industries are very dynamic and the primary protein source for millions across numerous cultures. Pork is cheaper than any other meat source, which is a significant factor in its high consumption.
A significant middle-class population, growing disposable income, and changing consumer preferences are levitating pork demand. However, the rise in the adoption of veganism and stringent law against the animal cruelty act are the major restraints of the global pork meat market.
The growth of the pork meat market can be attributed to changes in the food consumption pattern of people worldwide. In addition, the expansion of the retail market and easy availability of the product through various sales channels make it convenient for consumers to purchase packaged pork meat, which drives the sales figures. Worldwide Pork Market was valued US$ 254.53 Billion in 2022.
Frozen pork meat is growing manifold due to the rapid increase in consumption of meat.
The growth in the online application of pork purchasing can be directly attributed to the surge in the working population and the trend of consuming meals outside homes.
Increasing the popularity of organic pork meat and clean-label products is expected to offer lucrative opportunities for expansion and the growth of the global pork meat market.
Consumers increasingly demand ready-to-eat and ready-to-cook pork meat products with better taste and quality. The increasing awareness about the risks associated with using nitrate for curing purposes in processed meat has enabled manufacturers to replace nitrate with other curing agents, such as celery powder, to achieve the same effect. Such factors register a significant demand for nitrite-free processed meat products such as bacon in European countries.
Household consumption of pork has increased considerably because it is a staple food and has various benefits associated with pork meat, such as its rich source of proteins and vitamins and its luscious taste.
Global Pork Industry is expected to grow with a CAGR of nearly 8.64% from 2022 to 2028
The pig industry continues to thrive in areas with plentiful access to grains and protein sources. Pigs are adaptable to various climatic conditions, as evidenced by a large number of breeds present throughout the world. According to USDA, in 2021, worldwide, over 752 million pigs, increasing from the previous year. In this same period, China was home to the most pig and head. In other meaning, China produced more than half of the global pig population, and Europe and the United States were second and third. Brazil, Canada, Mexico, the Philippines, South Korea, Japan, and Hong Kong was in the top 10 producing countries.
Pork consumption is very high in North America, Europe, and developing Asian regions, such as Japan and China. According to the United States Department of Agriculture's National Agricultural report, the most commonly consumed meat in the world is pork and poultry. The factors influencing change are generally related to economic efficiency and competition from alternative protein sources.
The global trend is for fewer producers responsible for more significant numbers of pigs and more concentration within the swine industry. The ability to maintain economic viability is a function of providing optimal facilities, genetics, nutrition, and health programs to the pig in a system that addresses the cost of production and generates revenue from the marketing of a high-quality product.
Asia is the leading pork consumer, with more than half of the world's production. Apart from this, South Korea, Taiwan, and Japan are the markets for pork consumption, while Vietnam and the Philippines are emerging markets. Pork meat has been consumed in the East Asian region since ancient times and is the most preferred meat due to its taste and fat content.
The Five biggest imported pork markets are Japan, mainland China, Mexico, Italy, and South Korea. During 2022, Asian countries imported the highest worth of pork, of the world's total. Europe is also one of the biggest pork importer. Some of import were bought by customers in Latin America excluding Mexico but including the Caribbean, Oceania led by Australia and New Zealand, and Africa.
Asia Pacific is the world's largest exporter of pork, followed by Europe and North America. In contrast, China, the U.S., Canada, Brazil, and European countries are the major pork exporters. In global pork exports, European Union maintained its leadership. The U.S., Canada, and Brazil ranked top five in world pork exports.
The pork meat players have adopted new product launches as their key development strategy to maintain their presence in the pork meat market. Some key players in the report include JBS S.A., Tyson Foods, Pilgrim's pride corporation, Danish crown group, Vion Food Group, WH Groups, Hormel Foods Corporation, and Muyuan Foods.
Report Attribute | Details |
No. of Pages | 325 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $254.53 Billion |
Forecasted Market Value (USD) by 2028 | $418.37 Billion |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Pork Meat Market
6. Consuming Countries Market share- Global Pork Meat Market
7. Volume Share- Global Pork Meat
7.1 Consuming Countries
7.2 Producing Countries
7.3 Importing Countries
7.4 Exporting Countries
8. Consuming Countries- Global Pork Meat Market and Volume
8.1 China
8.1.1 Market
8.1.2 Volume
8.2 European Union
8.2.1 Market
8.2.2 Volume
8.3 United States
8.3.1 Market
8.3.2 Volume
8.4 Russia
8.4.1 Market
8.4.2 Volume
8.5 Brazil
8.5.1 Market
8.5.2 Volume
8.6 Vietnam
8.6.1 Market
8.6.2 Volume
8.7 Japan
8.7.1 Market
8.7.2 Volume
8.8 Mexico
8.8.1 Market
8.8.2 Volume
8.9 South Korea
8.9.1 Market
8.9.2 Volume
8.10 United Kingdom
8.10.1 Market
8.10.2 Volume
8.11 Philippines
8.11.1 Market
8.11.2 Volume
8.12 Others
8.12.1 Market
8.12.2 Volume
9. Producing Countries- Global Pork Meat Volume
9.1 China
9.2 European Union
9.3 United States
9.4 Brazil
9.5 Russia
9.6 Vietnam
9.7 Philippines
9.8 Canada
9.9 South Korea
9.10 Mexico
9.11 Japan
9.12 Others
10. Importing Countries- Global Pork Meat Volume
10.1 Japan
10.2 China
10.3 Mexico
10.4 United Kingdom
10.5 South Korea
10.6 United States
10.7 Hong Kong
10.8 Philippines
10.9 Canada
10.10 Australia
10.11 Vietnam
10.12 Other
11. Exporting Countries- Global Pork Meat Volume
11.1 European Union
11.2 United States
11.3 Canada
11.4 Brazil
11.5 United Kingdom
11.6 Mexico
11.7 China
11.8 Chile
11.9 Russia
11.10 Australia
11.11 Singapore
11.12 Others
12. Key Players Analysis
12.1 JBS S.A
12.1.1 Overview
12.1.2 Recent Development
12.1.3 Financial Insight
12.2 Tyson Foods
12.2.1 Overview
12.2.2 Recent Development
12.2.3 Financial Insight
12.3 Pilgrim's pride corporation
12.3.1 Overview
12.3.2 Recent Development
12.3.3 Financial Insight
12.4 Danish crown group
12.4.1 Overview
12.4.2 Recent Development
12.4.3 Financial Insight
12.5 Vion Food Group
12.5.1 Overview
12.5.2 Recent Development
12.5.3 Financial Insight
12.6 WH Group
12.6.1 Overview
12.6.2 Recent Development
12.6.3 Financial Insight
12.7 Hormel Foods Corporation
12.7.1 Overview
12.7.2 Recent Development
12.7.3 Financial Insight
12.8 Muyuan Foods
12.8.1 Overview
12.8.2 Recent Development
12.8.3 Financial Insight
For more information about this report visit https://www.researchandmarkets.com/r/99iya0-pork?w=12
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