Pork Meat Market - 2023-2030

Pork Meat Market - 2023-2030

Global Pork Meat Market reached US$ 259.1 billion in 2022 and is expected to reach US$ 338.5 billion by 2030 growing with a CAGR of 3.4% during the forecast period 2023-2030. The growing awareness among people about the health benefits of pork meat consumption is driving the global pork meat market growth.

The availability and growing popularity of various pork meat and meat products boost the market growth. Processed pork products like bacon, hams, and sausages are gaining popularity. The change in consumer food preferences and rising need for convenience food products is increasing the market's popularity. The manufacturers are also focussing on introducing new products into the market. For instance, in 2022, McCormick, an American food company, launched marinated, smoked bacon with two flavors.

Moreover, the increased food service sectors and wide developments in the distribution channels are driving the market. The changing lifestyles, rising disposable incomes, and adoption of pork as a staple food boost market growth. The nutritional benefits of pork meat are attracting health-conscious people towards it.

Dynamics

Increasing Consumption of Red Meat

The increased adoption and consumption of red meat are driving the pork meat market growth worldwide. The increased awareness among people about the higher protein content of meat that helps in muscle growth drives red meat adoption. In addition, the increasing population growth and rising disposable incomes of the people in all regions are driving the consumption of red meat, thereby, increasing the pork meat market expansion.

Pork is delicious and easy to digest. It is a popular choice among consumers in fast-food stores and restaurants. Pork is considered a staple food in many nations. According to data from the Ministry of Agriculture, Forestry, and Fisheries in Japan in 2021, the per capita volume of consumption of pork meat products was 13.2 kg. The rising adoption of pork in the food service industry is also driving market growth.

Growing Health Consciousness among People

The rising demand for animal protein and a preference for low-fat, high-protein diets have contributed to a significant increase in pork consumption. Pork has various nutritional benefits. Health-conscious people prefer the higher protein content in pork meat. Pork meat, like shoulder and tenderloin, is usually consumed by consumers. People often consume pork meat products to build muscles.

Pork is tasty and nutritious, increasing the demand for this meat. Pork is a rich source of protein and fats. The higher amounts of vitamins and minerals make pork the popular meat choice for health-conscious people. Pork meat is cheaper than other meat sources. The pork cuts and pork chops are available at lower prices than that of other meat. The nutritional and economic reasons are driving the growth of pork meat.

Increasing Vegan Population

The overconsumption of red meat can cause various health problems. The higher levels of fat and cholesterol can lead to health issues. Increased risk of heart disease and high blood pressure can result due to excess meat. Increased health problems of meat consumption reduced the market growth. The increased lifestyle disorders such as obesity and diabetes can also lead to reduced demand for meat.

The increased health concerns due to the consumption of animal meat are driving people to shift towards a plant-based diet. The World Animal Foundation estimates that there are approximately 88 million vegans in the world. The increased vegan diet adoption decreased the demand for animal meat and meat products, restraining the pork meat market growth.

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Segment Analysisn

The global pork meat market is segmented based on form, packaging, distribution channel, application, and region.

Shrink Bags Segment Holds the Largest Market Share in the Pork Meat.

The global pork meat market has been segmented by packaging into store wrap, modified atmosphere packaging, vacuum packaging, and shrink bags. The shrink bags segment held the largest pork meat market share of 38.8% in 2022 in the pork meat market analysis report. The increased use of shrink-bag packaging in preserving pork meat, like pork ribs and pork belly, while transportation is driving the segment’s growth.

Shrink bags are best suited for the preservation of meat products. They can keep the perishable products fresh for a long time in the process of meat distribution. The increased number of food service outlets, the catering industry, and the rising demand the fresh pork meat are increasing the demand and popularity for these shrink bags, thereby, driving the segment’s growth.

Geographical Penetration

Asia-Pacific Held the Largest Share of the Global Pork Meat Market.

The global pork meat market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific pork meat market held a significant share in 2022. The increased consumption of processed and convenience meat and meat products in this region is driving the market growth.

The consumers in this region consume more meat due to environmental conditions and consumer food preferences. The Asia-Pacific region countries are leading in the production and consumption of pork. The Organisation for Economic Cooperation and Development estimates that the per capita consumption of pork meat products in China was around 23.68 kg. The rising disposable incomes boost this region’s market growth.

Competitive Landscape

The major global players in the market include WH Group, JBS S.A., Smithfield Foods, Triumph Foods, Danish Crown, Tyson Foods Inc., Tonnies, Yurun Group, Vion Food Group Ltd., and Hormel Foods LLC.

COVID-19 Impact Analysis



COVID Impact

The COVID-19 pandemic negatively impacted the pork meat market. The shutdown of the processing plant due to government regulations had a huge impact on the market. According to U.S. Department of Agriculture report on the impact of COVID-19 on the U.S. Meat and Livestock Market is estimated that there is about a 45% decrease in hog processing capacity in the USA, resulting in the loss of firms. The disruption in the distribution and supply chain channels and the shutdown of the various stores made it tough for the reach of people to the products.

Russia- Ukraine War Impact

The Russian-Ukraine war created a huge impact on the food industry of all sorts. The war had a bad impact on the pork meat market as well. The production and supply chain of pork meat and meat products was disrupted due to the war. The number of pigs also decreased, affecting the production and processing of the market.

According to the executive director of the Meat Industry Association, Mykola Babenko, in July 2020, Ukrainian meat processors are concerned about major negative factors regarding meat supply. Pig farming leads to high prices for produced pigs and even compared to imported meats. The massive closures of over 2,000 pig farms over the past six years a reduction of several pigs and the shortage of local pigs for meat processing needs is causing trouble to the market.

By Form
• Chilled
• Frozen
• Canned

By Packaging
• Store Wrap
• Modified Atmosphere Packaging
• Vacuum Packaging
• Shrink Bags

By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• E-Commerce
• Others

By Application
• Household
• Commercial

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In March 2023, Magic Valley, an Australian agrifood startup, announced the launch of its cultivated pork product.
• In February 2022, Benestar Brands, an American-based pork products manufacturer, announced the acquisition of San Francisco-based 4505 Meats, a specialized manufacturer of pork rinds and other protein-based snacks.
• In January 2022, JBS SA, a Brazilian multinational company, announced the acquisition of Rivalea Australia Pty Ltd., an Australian-based pork processor. This acquisition helps strengthen the JBS company’s export platform.

Why Purchase the Report?
• To visualize the global pork meat market segmentation based on form, packaging, distribution channel, application, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of pork meat market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global pork meat market report would provide approximately 69 tables, 68 figures and 189 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies