The global pork meat market is expected to witness tremendous growth during the 2021-2028 periods, thanks to rising demand for pork meat in countries like China, which increased its pork import by 62% across all meat categories in 2019. Moreover, the rising production capacities from countries like Canada, Argentina, the European Union, Thailand, and United States will likely meet the growing demand from Asia, with poultry meat prices rising by 5.6% during 2019, as compared to in 2018. The frozen pork category witnessed the most promising growth during this year, according to the Food and Agricultural Organization (FAO) of the United Nation. Apart from pork, the global meat exports increase to 36 Mt in 2019, rising by 4% from the previous year.
The rising production capacities will remain a major positive for global growth of the pork meat market, as ASF (African swine fever)-related culling has decreased production in Asia. The rising costs of feed remain a concern for meat producers globally. However, the Food and Agricultural Organization estimates that the pork meat prices will start to decrease gradually as productivity growth is likely to set in. The African swine fever resulted in a decline in meat demand in several countries in 2019, however, the FAO estimates that per capita consumption will balance itself out as demand for quality pork meat products is expected to increase in high-income countries.
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Global Pork Meat Market: By Type
Global Pork Meat Market: By Applications
Global Pork Meat Market: Key Players
Danish Crown AmbA
Tyson Foods, Inc.
CRAIG MOSTYN GROUP
Yurun Group Limited
Bridgford Foods Corporation
Global Pork Meat Market: by Region
Middle East & Africa
Rising Consumption of Meat and Quality Products to Drive Growth
According to the FAO, the per capita consumption of meat is expected to increase by 12% by 2029 globally. This includes several challenges and opportunities for players in the global pork meat market, as the rising demand is expected to remain highly complex in its nature. For example, the FAO estimates that over the medium term, the growth rates will decrease in response to slower income growth in several regions. For example, changing dietary preferences in high-income regions, growing saturation of demand will lead to a decline initially. However, thanks to rising demand for quality products, the global per capita consumption of meat will increase to 34.9 kg by 2029. In the long term, the rising meat supply will likely create more opportunities for growth as estimated meat supply reaches 40 Mt by 2029. The rising investment in pork meat production in EU, and United States will encourage strong growth for the global pork meat market, with increased productivity, higher quality products, and a strong demand for pork products in Asia, and low-income countries. The ASF outbreaks may remain a restraint to growth initially. However, the promising rise in demand from low-income countries, and lack of self-sufficiency to meet demand will promise more opportunities for global producers.
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