Global Pork Market is estimated to reach US$ 418.36 Billion by 2028 | Renub Research
According to Renub Research's latest report, "Global Pork Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis," the Global Pork Market is estimated to grow at a CAGR of 8.63% from 2022 to 2028. Pig meat is the most commonly consumed meat in the planet. Furthermore, pig accounts for about one-third of all meat consumed globally, surpassing beef and chicken. The surge in demand for animal protein, along with the expanding consumer desire for a low-fat, high-protein diet, has resulted in a significant increase in global consumption of animal protein, especially pig. Pork is less expensive than other meat sources, which contributes to its popularity. Furthermore, the expanding food and beverage business will propel the hog meat market forward in the next years.
Continued access to refrigeration in industrialized nations allows more pork products to be purchased, stored, and ultimately consumed than at any other time in history. As a result, the growing middle class is demanding more pork worldwide, with growth expected over the next decade without signs of slowing down. Pork is a popular choice among consumers in fast food outlets and restaurants. Several quick-service restaurants offer pork as a topping for French fries and burgers. Pork is present in the category of products that consumers frequently purchase. Hence, the demand for such products remains continuous among consumers.
Asia is predicted to emerge as the Leading Consumer in the Global Pork Market
Pork is the most popular and extensively eaten meat in developing nations, particularly in Asia. China consumes over half of the world's pig meat, with urbanisation and growing affluence driving up consumption, followed by other Asian nations such as India and Japan. The Asian region is expected to be one of the most profitable regions for the expansion of the pig meat market in the future. The increased awareness of high-protein diets in emerging economies such as India and China is driving market expansion in this area.
Pork production and consumption are very high in China, Vietnam, Indonesia, and India. Pork is highly nutritious as it contains high protein, less fat, and less cholesterol than beef and other meat sources. It provides a protein-rich meat source for consumers at a low cost, which makes it an affordable animal meat protein source for consumers in the region.
By Production: China will dominate Global Pork Global Pork Market
China is leading global pork production, and the European Union and the United States hold the latter positions. The rapid economic growth in China has increased the demand for pork in the country. Although most pig farms in China are small-scale operations, the introduction of factory farming and large-scale production methods has shown a rise in pork production. The development of modern farms has been one of the essential factors in satisfying the increasing demand for pork in China.
According to the "Livestock and Poultry: World Markets and Trade" report of the USDA, global pork production in 2021 accounted for 105 million metric tons. And China, which produced above 43 million metric tons of pork, was the dominant country in the market. The European Union, with 24 million metric tons, and the United States, with 12 million metric tons, grasped the second and third positions, respectively. Brazil, Canada, Mexico, South Korea, Japan, the Philippines, and Hong Kong followed these countries.
European Union registered the Highest Market Share Global Pork Global Pork Market
Global pork exports will register the most aggressive growth in trade since before COVID-19. The expansion will bolster primarily by increased demand in China, the EU, and Saudi Arabia. As there is a production limitation in growth for several competing exporting producers, Brazil will capture most of the gains. Brazil's price competitiveness, EU market access, and ability to supply halal products make the world's leading exporter well-positioned to fulfil rising global demand. Thailand shipments will register record-increased shipments to significant markets, mainly benefiting from improved China and Saudi Arabia market access.
Asia emerged as the Largest Importer of Pork
In 2022, Asian countries imported the most amount of pork in the globe. Japan, mainland China, Mexico, Italy, and South Korea are the top five importers of pork. European importers came in second position. Customers throughout Latin America, excluding Mexico, but including the Caribbean, Oceania, headed by Australia and New Zealand, and Africa, purchased some of the shipments.
Key Players:
Some key players competing in the Global Pork Market include JBS S.A., Tyson Foods, Pilgrim's pride corporation, Danish crown group, Vion Food Group, WH Groups, Hormel Foods Corporation, and Muyuan Foods.
Market Summary:
Production- The Report Covers Global Pork Market by production from 12 viewpoints (China, European Union, United States, Brazil, Russia, Vietnam, Philippines, Canada, South Korea, Mexico, Japan, and Others).
Consumption- By Consumption, the Global Pork Market breakup up in 12 viewpoints (China, European Union, United States, Russia, Brazil, Vietnam, Japan, Mexico, South Korea, United Kingdom, Philippines, and Others).
Export- Renub Research report Global Pork Global Pork Market export from 12 viewpoints (European Union, United States, Canada, Brazil, United Kingdom, Mexico, China, Chile, Russia, Australia, Singapore, and Others).
Import- Based on Import, the Renub Research Report Global Pork Global Pork Market breaks up into 12 viewpoints (Japan, China, Mexico, United Kingdom, South Korea, United States, Hong Kong, Philippines, Canada, Australia, Vietnam, and Others).
Key Players- All the major players in the report Global Pork Global Pork Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Sales Analysis) JBS S.A., Tyson Foods, Pilgrim's pride corporation, Danish crown group, Vion Food Group, WH Groups, Hormel Foods Corporation, and Muyuan Foods.
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