Pork Global Market Report 2024

The pork market size has grown steadily in recent years. It will grow from $152.13 billion in 2023 to $155.57 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth observed in the historical period can be ascribed to factors such as population expansion and urbanization, shifts in dietary preferences, economic advancements, as well as changes in cultural and culinary practices, along with livestock farming methods.

The pork market size is expected to see steady growth in the next few years. It will grow to $169.49 billion in 2028 at a compound annual growth rate (CAGR) of 2.2%. The anticipated growth in the forecast period can be linked to trends in health and wellness, the adoption of sustainable farming practices, changes in dietary patterns, the rise of alternative proteins, and global concerns regarding food security and crisis resilience. Key trends expected in the forecast period encompass the popularity of plant-based and alternative proteins, the influence of digital marketing and e-commerce, considerations for environmental and animal welfare, global culinary influences, and advancements in nutritional innovation.

The surge in global meat consumption is propelling the pork market forward. Meat, comprising the edible parts of animals, is a popular food choice, with pork standing out due to its affordability, high protein content, and versatility. For example, the United States witnessed a rise in meat consumption from 10,177.30 thousand metric tons in 2020 to 10,191.61 thousand metric tons in 2021, as reported by the Organization for Economic Co-operation and Development (OECD). This increase in worldwide meat consumption is a driving force for the pork market.

The anticipated exponential growth of the global population is set to drive the pork market in the coming years. A higher population leads to a larger consumer base, creating new market opportunities for pork farmers who may need to increase production to meet growing demand. According to the United Nations Conference on Trade and Development Handbook of Statistics 2022 report in December 2022, the global population is expected to reach 8 billion by 2022, representing a 0.9% increase in 2021. Hence, the rapid growth of the global population is a key factor driving the pork market.

Product innovation is a prominent trend in the pork market, with major companies introducing innovative products to maintain their market position. For instance, in July 2022, Cargill Incorporated launched healthy omega-3 pork in collaboration with EK Slaughterhouse. This pork is produced using modern farming practices, including Cargill's Omega-3-added feed for hogs, resulting in a clean, safe product with enhanced softness compared to regular pork. EK Slaughterhouse is responsible for manufacturing and distributing this pork, utilizing the Freshour brand for marketing and creating additional distribution channels.

Leading companies in the pork market are adopting a strategic partnership approach to reduce the carbon footprint of pork production. In May 2023, BASF SE partnered with Danish Crown to demonstrate that nitrification inhibitors can reduce nitrous oxide emissions by up to 50% during the cultivation of feed crops. The initiative, funded by DLG Group and SEGES Innovation, aims to provide large-scale documentation of the climate impact of BASF's nitrification inhibitors. These substances, added to manure during spreading, have the potential to cut nitrous oxide emissions in half by delaying the transformation of ammonium to nitrate by certain bacteria in the field.

In August 2021, JBS S.A., a Brazilian meat processing company, acquired Rivalea Holdings Pty. Ltd. in Australia for an undisclosed amount. This acquisition is expected to broaden JBS' product portfolio in Australia, adding more brands and enhancing conditions for the development of the value-added business and brand in the nation. Rivalea Holdings Pty. Ltd. operates in the pork and meat industries.

Major companies operating in the pork market report are JBS SA, Tyson Foods Inc., Pilgrim's Pride Corporation, Danish Crown A/S, Vion Food Group Ltd., WH Group Limited, Hormel Foods Corporation, Muyuan Foods Co. Ltd., China Yurun Food Group Co. Ltd., Bridgford Foods Corporation, Coca Foods International Co. Ltd., Craig Mostyn Group, The Tonnies Group, Monogram Food Solutions LLC, Cargill Inc., Smithfield Foods Inc., Sysco Corporation, Sanderson Farms Inc., Seaboard Foods LLC, Triumph Foods LLC, Prestage Farms Inc., The Maschhoffs LLC, Clemens Food Group LLC, Indiana Packers Corporation, Hatfield Quality Meats Inc., Johnsonville Sausage LLC, Smithfield Farmland Corp., Maple Leaf Foods Inc.

Asia-Pacific was the largest region in the pork market in 2023. The regions covered in the pork market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pork market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of pork available in the market are chilled and frozen. Chilled pork denotes food that has been adequately cooled in a refrigerator but has not been frozen. Proper chilling typically occurs within the temperature range of 33°F to 42°F. Various packaging types for pork include store wrap, modified atmosphere packaging, vacuum packaging, shrink bags, and others. Pork is utilized by both households and commercial establishments.

The pork market research report is one of a series of new reports that provides pork market statistics, including pork industry global market size, regional shares, competitors with a pork market share, detailed pork market segments, market trends and opportunities, and any further data you may need to thrive in the pork industry. This pork market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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