Published on: December 12, 2019
Pork meat is the culinary name for the meat produced from pigs. It is the most consumed meat globally. Port meat is available as fresh meat as well as processed meat. The examples of processed pork meat include sausage, ham, and bacon. The global pork meat market has been categorized as a part of the global packaged foods and meats market. The global packaged foods and meats market includes producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
The global pork meat market is expected to reach around USD 565 billion by 2023, growing at a CAGR of 3.3% during the forecast period. The increased demand for protein-rich food items, increasing import and export of pork meat, and the growing meat production is expected to drive the pork meat market. The middle-class population is growing worldwide, and their purchasing power is increasing due to turnaround of the economy. These factors will significantly influence the purchase pattern of the consumers during the forecast period and are expected to increase the global sales of pork meat.
Based on geography, the APAC market has the dominant market share with China alone covering approximately 50%-55% of the global market share. The growth of the market in the region is driven by the convenience factor of processed meats, and the vastly expanding fast-food chains.
Global pork market can be segmented into the following:
Many factors are expected to drive growth in the pork meat market during the forecast period. Our analysis identifies the following factors to be driving the growth in the pork meat market:
The increasing production of pork meat is driving the global pork meat market. Many market players are increasing their pork production to catch up to the rising demands of the consumers, thereby, helping the market growth to soar during the forecast period. China is the largest producer of pork in the world and is expected to maintain its leadership position during the forecast period. The global pork meat production is expected to increase by more than 3% during the forecast period.
The increasing number of new product launches of pork meat by many major players is driving the pork market during the forecast period. This is done to cater to the rising demand for pork meat from consumers. Successful launches of new products help players to increase their revenue share and consolidate their position in the market. Such launches also give platform for players to differentiate themselves from their market adversaries.
The increasing export and import of pork meat products are driving the global pork market. There is an increasing demand and consumption of pork meat worldwide especially from the foodservice sector. In 2016, China was the biggest importer of pork from the UK, followed by Germany and Ireland. Compared to the 2015 value, the pork import of China nearly doubled in 2016 due to restrictions imposed on domestic pork production.
Meanwhile, the vendors operating in the market face numerous challenges in increasing their sales and improving profitability. Some of those challenges are:
The fluctuation in the price of pork meat is affecting the growth of the global pork market. The pork meat price is determined by various factors such as meat production, environmental conditions, and disease outbreak among animals. The expanding number of players in the market and the rising demand for high-quality pork meat are likely to affect the pork meat product prices during the forecast period. The intense competition among players will force them to decrease the prices of their product offerings.
The increasing global vegan population is one of the challenges for the growth of the pork market. Vegans do not consume any product obtained from animals. Veganism is one of the fastest-growing lifestyle and diet movements. Players are also coming up with new vegan product categories to tap into the growing potential of the vegan population.
The increasing disease outbreaks among animals is another challenge that can hamper market growth during the forecast period. This will also affect the rate of meat production. Changing climatic conditions in various countries have also added to the increase in disease outbreaks. Diseases such as swine influenza and foot and mouth disease are increasing among the swine population and will affect the growth of the market during the forecast period.
Our reports on the pork market cover several large and small vendors active in the market including China Yurun Food Group, Danish Crown, JBS, Tyson Foods, and WH Group.
New pork processing technology and mergers & acquisitions are some of the strategies adopted by the companies in the global pork market.
Following are a few of the major developments in the market:
Backed with competitive intelligence and benchmarking, our pork market research report is designed to provide entry support, customer and M&A assessment, as well as go-to-market strategy support.
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