Pork Meat Market Growth, Trends and Forecasts (2022 - 2027)

Pork Meat Market Growth, Trends and Forecasts (2022 - 2027)

The global pork meat market is projected to grow at the CAGR of 5.7% during the forecast period, 2021-2026.

Key Highlights

• The global pork meat market poses a viable opportunity for meat manufacturers due to the rising market demand for high protein food in consumer diets alongwith the rising preference for cured or preserved pork products including smoked pork, ham, bacon, and sausages.
• Consumers are increasingly demanding ready-to-eat and ready-to-cook pork meat products with better taste and quality. The increasing awareness about the risks associated with the use of nitrate for curing purpose in processed meat has enabled manufacturers to replace nitrate with other curing agents such as celery powder, to achieve the same effect. Such factors are registering a significant demand for nitrite-free processed meat products such as bacon products in the European countries.
• Inspite of economic instability and unprecedented obstacles, global demand for pork remained strong in 2020. According to data from the USDA and compiled by USMEF, pork exports from the US were on the rise in February 2020. Part of the growth is attributed to African Swine Fever (ASF), as its impact diminished herds, particularly in China. Demand, however, has not diminished, despite the impact of COVID-19.
• However due to the growing Muslim population, supported by the various religious beliefs associated with the consumption of pork in Islam which forbids its consumption, is anticipated to hinder the market studied, during the forecast period.​ Additionally, the growing vegan population across countries is anticipated to hinder the market growth during the forecast period.​

Key Market TrendsIncreasing Popularity of Processed Pork Products Globally

The increase in the demand for animal protein, along with the growing consumer preference for low-fat and high-protein diet, has led to remarkable rise in the consumption of animal protein, including pork, across the world. Breakfast products that incorporate protein and fiber-rich ingredients have high demand in the market, as increasing number of consumers around the world are having an inflination towards starting their day with the high protein diet, which is expected to provide valuable retail shelf space and market share globally in the processed pork meat market. A significant percentage of the population in the United States are consuming bacon during breakfast time, paving the way for companies to introduce breakfast options such as bacon and ham. Additionally, the UK National Food Survey 2017 identified that the consumption of raw beef, lamb, and pork had dropped by 4.2%, while the consumption of meat products, including sausages, bacon, and poultry, increased by approximately 7%, since 2012. Hence, the increase in consumer preference for the inclusion of protein in regular dietary habits has led to the rise in consumption of animal protein, which, in turn, is attributed to the growth of processed pork meat market globally.

Asia-Pacific Remains a Leading Player With Strong Demand From China and Vietnam

Middle-income countries particularly China and other East Asian countries consume high amounts of meat, wherein the meat consumption of pork is still on the rise. China held the leading position with 30.44 kg/capita consumption of pok meat in 2018. The countries consume high amounts of meat. Such factors offer a projected increase in the meat consumption in Asia Pacific. According to the US Department of Agriculture’s (USDA) Foreign Agricultural Service, the global exports were 8% higher in 2018 as compared to earlier, fueled by the rising demand from China and steady economic growth in most major pork markets. The European Union may remain the top exporter, with shipments increasing by 11% every year. China remains one of the largest sources of demand, with imports anticipated to increase by 41%, due to an African Swine Fever (ASF)-induced decline in production. Japan may boost its imports of red meat, due to the growing demand in the country. Meanwhile, the tariff reductions from the newly implemented free trade agreements also stimulate the demand for Canadian and EU pork. Therefore, the growing consumption of pork across various developing countries, is supporting the demand for pork meat products.

Competitive Landscape

The global pork meat market is fragmented and comprises of regional and international competitors. The market is dominated by gloabal players such as JBS, Tyson Foods, Inc., WH Group Limited, and Hormel Foods Corporation, among others. Additionally, the companies are investing in expanding their presence to cater to a wider market, supported by strategies such as product innovations, mergers & acquisitions, expansions, and partnerships. For instance, in August 2019, Hormel Foods, one of the leaders within shelf stable meat had launched a new limited-edition pumpkin spice-flavoured version of its pork and ham brand, named Spam.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
JBL
Tyson Foods
Danish Crown
China Yurun Food Group
China Yurun Food Group
WH Group
Bridgford Foods Corporation
Coca Foods
CRAIG MOSTYN GROUP
Dawn Meats
Hormel Foods, LLC
Vion Food Group
Monogram Food Solutions, LLC.
The Tönnies Group
Conagra Brands Inc.
Cherkizovo Group PJSC

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