Pork Meat Market

Pork Meat Market Size Analysis 2022 - 2027:

Pork Meat Market size was assessed at USD 237 billion in 2020 and is foreseen to reach an extent of USD 258 billion, garnering a CAGR of 3.9% throughout the outlook period 2022 - 2027.

Pork meat is not only appetizing, but it also has a high nutritional profile. Additionally, it acts as a rich source of protein and fat, as well as high amounts of selenium, B vitamins, and thiamine, making it one of the foods of choice for fitness enthusiasts who want to build muscle mass. Pork is a popular choice among consumers in fast food and restaurant establishments. Several quick-service restaurants offer pork as a side to fries and burgers. Pork is included in the category of products that consumers buy frequently. Therefore, the demand for these products remains constant among consumers. The novel coronavirus outbreak has significantly affected market growth around the world. There has been a slight decrease in sales of pork products due to supply chain disruption and reduced food consumption outside the home during the COVID-19 pandemic.

Recent Developments in Pork Meat Market:

• Smithfield and Pini Poland have notified the proposed transaction to the Commission. UOKiK requested the Commission to return the assessment of the proposed transaction. UOKiK has raised competition concerns on certain Polish markets related to pig slaughter. The transaction would have no impact on markets outside of Poland and UOKiK has the knowledge and experience to assess the case, having conducted several investigations related to the agricultural sector
• In July 2020, American Foods Group (AFG), a retail food and protein service provider that claims to be the nation's fifth-largest supplier of beef, has diversified its portfolio with the acquisition of Peoria, Illinois-based Calihan Pork Processors Inc. For three generations in the Landon family, Calihan Pork has been known for processing primary cuts and pork offal using the pre-rigor method, also known as "hot boning". Pre-rigor pork is known for its water-holding ability, superior color, and long shelf life, and was often used in the premium sausages made by Calihan during its early years.
• Pilgrim's Pride acquires Tulip, a UK supplier of meat products for the retail and food service industries, from the Danish Crown group. This is supposed to be expanding the geographic footprint of Pilgrim Pride, enhancing its value-added portfolio, and reducing volatility in its business with a more stable margin profile.

Market Drivers and Restraints:

The growth of the global pork market can be attributed to changes in the food consumption pattern of people around the world. The expansion of the retail market and the easy availability of the product through various sales channels allow consumers to buy prepackaged pork, which is driving sales figures. However, the increasing adoption of veganism and the strict legislation implemented against cruelty to animals are the main limitations in the world market for pork. 

In addition, several advantages associated with pork, such as its rich source of protein and vitamins and its succulent flavor, are driving the growth of the pork market. Also, the demand for pork for domestic consumption has increased, due to the implementation of a strict closure, which in turn has increased food consumption at home. The growth of the commercial application of pork may directly contribute to the growth and trend of the eating out workforce. In contrast, the coronavirus pandemic has reduced the demand for pork in commercial establishments and, as a consequence, the consumption of pork through these establishments has been negatively affected. Nonetheless, the increasing popularity of organic pork and clean label products is likely to provide lucrative opportunities for the expansion and growth of the global pork market.

Market Segmentation:

The global pork meat market is segregated based on the type, packaging, application, and region. 

Depending on the type, the market forks into chilled and frozen. On the basis of packaging, it is classified into store packaging, modified atmosphere packaging, vacuum packaging, shrink bags and others. By application, it is fragmented into domestic and commercial. 

According to the analysis of the global pork meat market by type, the frozen segment accounted for the largest share in 2019. The frozen segment is experiencing multiple growth due to the rapid increase in the consumption of meat and poultry. However, it is expected that the refrigerated segment experiences a moderate growth rate during the forecast period. The growth of this segment can be attributed to the fact that consumers often prefer chilled pork to frozen meat. 
By packaging, the shrink bag segment recorded the substantial share in the global pork market in 2019 and is touted to continue the same trend over the projection period. This is attributed to the fact that shrink bags are mainly used in the catering industry, as they are best suited for keeping perishable goods fresh during transport. Furthermore, the number of food establishments around the world is increasing due to the popularity of shrink bags for packing pork. However, the in-store packaging segment is predicted to experience a robust CAGR of 4.6% over the conjecture period. 

According to the global pork market forecast by application, the commercial segment accounted for the highest share in 2019. The household segment is determined to experience a remarkable growth rate throughout the envisioned period. This is credited to the surge in household consumption of pork in the Asia-Pacific nations like China as a staple food.

Impact of COVID-19 on Pork Meat Market:

The coronavirus outbreak and negative associations with animal-based foods are impacting demand for pork meat in North America and Europe, as many countries in both regions have experienced the worst COVID-19 outcomes. The pandemic is redefining the market for plant-based meat from global economies to product categories, prices, and stock availability to consumer behavior. This has also stressed meat supply and food security around the world. Fears of a growing number of animal-borne diseases such as COVID-19, growing health concerns, and demand for clean-labeled and natural products are some of the main factors estimated to badly affect the pork meat market and drive the growth of the plant-based meat industry in the coming years. There is an unprecedented demand from manufacturers and consumers for certain products such as meat analogs, affecting the pork meat industry.

Regional Analysis:

The global Pork Meat market has been divided based on geography as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. 
Among these, Asia-Pacific was the most important market for pork meat in 2019 and is supposed to show a high growth rate during the outlook period. Europe and North America are estimated to experience a steady growth rate in the same timeframe, due to the presence of a large number of local players.

Leading Company:

WH Group had the largest share of the Pork Meat Market in terms of sales and revenue in 2020.

Key Players Covered in the market report are:

Major players in the Global Pork Meat Market include Shuanghui Development, WH Group, Vion Food Group Ltd., Yurun Group, Tönnies, Tyson Foods Inc., Danish Crown, Triumph Foods, Smithfield Foods, and JBS S.A.