Pork Market Overview: Market Size, Major Drivers And Trends
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The increase in consumption of meat around the globe is driving the pork market going forward. Meat refers to the meat or other edible components of animals (often domesticated cattle, swine, and sheep) used for food, which may also include tendons, ligaments, and muscles. Pork is an excellent option for meals and consumption since it is an affordable meat to produce, has high protein content, and is adaptable. For instance, according to OCED (Organization for Economic Co-operation and Development), an intergovernmental organization based in France, the US consumed 10,177.30 thousand metric tons of meat in 2020, which increased to 10,191.61 thousand metric tons in 2021. Therefore, the increase in the consumption of meat across the globe is driving the market for pork.
- Steady Market Growth: The pork market size has grown steadily in recent years, reaching $152.13 billion in 2023 and projected to grow to $155.57 billion in 2024, with a compound annual growth rate (CAGR) of 2.3%.
- Factors Driving Growth: Growth in the historic and forecast periods can be attributed to various factors such as population growth, urbanization, changing dietary preferences, economic development, cultural and culinary practices, health and wellness trends, sustainable farming practices, dietary shifts and alternative proteins, global food security, and crisis resilience.
- Major Players: Companies like JBS SA, Tyson Foods Inc., Pilgrim’s Pride Corporation, Danish Crown A/S, and WH Group Limited are key players operating in the pork market.
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Innovation In The Pork Market: Cargill Introduces Omega-3 Pork In Collaboration With Ek Slaughterhouse
Product innovations are a key trend gaining popularity in the pork market. Major companies operating in the market are introducing innovative products to sustain their position in the pork market. For instance, in July 2022, Cargill Incorporated, a US-based food company, announced the launch of healthy omega-3 pork in partnership with the EK Slaughterhouse, a Thailand-based pork processing and food service company.
- Omega-3 Pork: This innovation involves producing pork with added Omega-3 fatty acids, which is healthier compared to regular pork. It’s produced on modern farms using specialized feeding methods that leverage Omega-3-added feed for hogs.
- Distribution: EK Slaughterhouse is responsible for manufacturing and distributing this pork, enhancing the value chain and supplying the product under its brand via contemporary trade and supermarkets.
JBS S.A. Strengthens Presence In Australia With Strategic Acquisition Of Rivalea Holdings Pty. Ltd.
In August 2021, JBS S.A., based in Brazil and a meat processing company, acquired Rivalea Holdings Pty. Ltd. for an undisclosed amount. The acquisition is expected to expand JBS’ product portfolio in Australia, by adding more brands to the portfolio and developing better conditions to accelerate the development of the value-added business and brand in the nation. Rivalea Holdings Pty. Ltd. is an Australia-based company that operates in the pork and meat industries.
Market Segmentation
The pork market covered in this report is segmented based on type, packaging, and application:
- By Type: Chilled, Frozen
- By Packaging: Store Wrap, Modified Atmosphere Packaging, Vacuum Packaging, Shrink Bags, Others
- By Application: Household, Commercial
Asia-Pacific Leads the Market
Asia-Pacific emerged as the largest region in the pork market in 2023.
In conclusion, the pork market continues to thrive, driven by global trends in meat consumption, innovation in product offerings, strategic acquisitions by major players, and market segmentation catering to diverse consumer needs. As the market evolves, it presents opportunities for companies to innovate and capitalize on emerging trends.
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The Pork Global Market Report 2024 provides an overview of the pork market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The pork market forecast analyzes pork market size, pork market share, leading competitor and their market positions.
The Table Of Content For The Pork Market Include:
1. Pork Market Executive Summary
2. Pork Market Segments
3. Pork Market Size And Pork Market Growth Rate
4. Key Pork Market Trends
5. Major Pork Market Drivers
……
25. Key Mergers And Acquisitions In The Pork Market
26. Top Pork Companies
27. Pork Market Opportunities And Strategies
28. Pork Market, Conclusions And Recommendations
29. Appendix
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