Hog Production and Pork Market Size, Share, Growth, and Industry Analysis, By Type (Raw and Processed), By Application (Hypermarkets/Supermarkets, Grocery Stores, Specialty Stores, Butcher Shop/Wet Markets, Online Retailing, and B2B/Direct) and Regional Insights and Forecast to 2031

Updated On: 15 April 2024

HOG PRODUCTION AND PORK MARKET REPORT OVERVIEW

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The global hog production and pork market size was USD 268970 million in 2022 and will touch USD 288856.83 million by 2031, exhibiting a CAGR of 0.8 % during the forecast period. 

The global hog production and pork market is estimated to witness substantial growth over this forecast owing to various factors such as increasing global population and economic development, particularly in developing markets which drive higher demand for protein sources similar to pork. Also, urbanization and changes in lifestyle contribute to shifts in dietary habits as urban populations get better access to a variety of foods, including meat products. Furthermore, technological advancements in genetics, feed efficiency, and disease management improve the overall efficiency of hog farming also enhance productivity. Additionally, global consumption of pork is characterized by its widespread popularity as one of the most consumed meats worldwide. Across diverse cultures and regions, pork serves as a staple protein source in many diets.

COVID-19 Impact : Transportation Disruptions Impacted the International Trade of Pork

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels. Several pork processing plants faced temporary closures or reduced capacity due to the coronavirus outbreak. This led to a backlog of hogs on farms, as they couldn't be processed and brought to market in a timely manner. Also, the international trade of pork was affected by disruptions in logistics and transportation impeded the market demand. Consequently, the market experienced a reduction in demand and revenue during the pandemic. While the industry may eventually recover as the situation improves, the immediate impact of COVID-19 was predominantly negative for the global market.

LATEST TRENDS

"Technology and Global Dynamics Evolving Pork Market"

The latest trends in hog production and the pork market reflect changing consumer preferences, advancements in technology, and evolving global trade dynamics. From a consumer standpoint, there has been an increasing demand for sustainably sourced pork products, as well as a growing interest in organic and antibiotic-free options. These trends have prompted producers to adapt their practices to meet these changing demands. In addition, another trend is the increasing focus on animal welfare and environmental sustainability. Consumers are becoming more conscious of how their food is produced, leading to a demand for ethically raised hogs that are raised with minimal impact on the environment. Therefore, producers are prioritizing these factors and are expected to benefit from consumer preferences.

HOG PRODUCTION AND PORK MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Raw and Processed.

Raw and processed pork type of segment is essential for market participants, including producers, processors, and retailers, as it helps shape product offerings, marketing strategies, and distribution channels.

• By Application

Based on application the global market can be categorized into Hypermarkets/Supermarkets, Grocery Stores, Specialty Stores, Butcher Shop/Wet Markets, Online Retailing, and B2B/Direct.

Hypermarkets and supermarkets provide a comprehensive selection of both raw and processed pork products and offer a convenient one-stop shopping experience. Grocery stores, though smaller, also feature pork sections for everyday essentials. Specialty stores and butcher shops cater to consumers seeking premium and unique pork cuts, while wet markets offer a traditional, open-air setting for fresh meat purchases. While, B2B or direct sales play a crucial role in supplying pork to restaurants and foodservice establishments.

DRIVING FACTORS

"Rising Demand for Leaner Proteins to Drive the Market "

In recent years, there has been a significant shift in consumer preferences towards leaner proteins that make pork an appealing choice for health-conscious individuals. This trend has contributed to the hog production and pork market growth. Additionally, innovative technology in farming practices has led to increased efficiency in hog production that allows for higher yields and improved profitability.

"Technological Advancements to Uplift Market Growth"

Along with this, rising technological advancements are also expected to play a significant role in shaping the industry. Automated systems for feeding and monitoring hogs have improved efficiency and reduced costs for producers. Additionally, innovations such as genetic selection for disease resistance and feed conversion efficiency have resulted in higher productivity levels which will likely aid the demand for pork globally.

RESTRAINING FACTOR

"Risk of Disease Outbreaks to Obstruct Market Progress"

On the other hand, there are also restraining factors that can affect the hog production and pork market. One such factor is disease outbreaks, which can significantly impact production levels and disrupt supply chains. Outbreaks such as African swine fever have caused significant losses in certain regions, highlighting the vulnerability of the industry to such risks.

HOG PRODUCTION AND PORK MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market due to China’s Largest Hog Production Rate"

Asia Pacific is an eminent region in the pork market and is anticipated to occupy the highest hog production and pork market shares. China plays a major role in the dominance of this region primarily, due to its status as the largest producer and consumer of pork worldwide. The significance of pork in Chinese cuisine and culture is deeply rooted in traditions which lead to a sustained and substantial demand for pork products. China's highest population amplifies this demand and makes it the biggest consumer of pork.

KEY INDUSTRY PLAYERS

"Key Players Leverage Extensive Hog Farming and Processing Operations for Market Leadership"

Major companies operating in the market and managing extensive hog farming operations and processing facilities. The ability to produce and process a high volume of pork products is contributing to their substantial market share. Moreover, leading companies have integrated supply chains that cover various stages of pork production, from breeding and farming to processing and distribution. This integration is enhancing efficiency and control over the production process.

List of Market Players Profiled

• Muyuan Food (China)
• WH Group (China)
• Wens Group (China)
• New Hope Group (China)
• Seaboard Foods (U.S.)
• Twins Group (Singapore)
• Sichuan Dekon Group (China)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.