Frozen Pig Meat Other Than Cuts Or Carcases Market

The article discusses the projected growth of the global market for frozen pig meat other than cuts or carcases from 2022 to 2030, with expected increases in consumption, production, and market value. Key insights include data on consumption volumes, market values, production figures, and import and export trends. The analysis covers major consuming and producing countries, as well as fluctuations in trade volumes and prices over the past decade. Overall, the article provides a comprehensive overview of the current state and future outlook of the frozen pig meat market.

Market Forecast

Driven by increasing demand for frozen pig meat other than cuts or carcases worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 13M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $42.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Pig Meat Other Than Cuts Or Carcases

In 2022, consumption of frozen pig meat other than cuts or carcases decreased by -6.7% to 10M tons, falling for the fourth year in a row after two years of growth. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 12M tons. From 2019 to 2022, the growth of the global consumption of remained at a lower figure.

The size of the market for frozen pig meat other than cuts or carcases worldwide dropped to $28.5B in 2022, falling by -8.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the peak level at $33.6B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.3M tons), India (871K tons) and Japan (577K tons), with a combined 27% share of global consumption. South Korea, the United States, Russia, Nigeria, Mexico, Bangladesh, the Philippines, Brazil, Canada and Turkey lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of carcases, amongst the main consuming countries, was attained by the Philippines (with a CAGR of +19.8%), while carcases for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen pig meat other than cuts or carcases markets worldwide were China ($2.7B), Japan ($2.5B) and India ($2.1B), together comprising 25% of the global market. Nigeria, South Korea, the United States, Mexico, Russia, Brazil, Turkey, Canada, Bangladesh and the Philippines lagged somewhat behind, together comprising a further 37%.

The Philippines, with a CAGR of +22.3%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while carcases for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of frozen pig meat other than cuts or carcases per capita consumption in 2022 were South Korea (9.9 kg per person), Canada (6.9 kg per person) and Japan (4.6 kg per person).

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +18.0%), while carcases for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen Pig Meat Other Than Cuts Or Carcases

In 2022, production of frozen pig meat other than cuts or carcases decreased by -5.8% to 10M tons, falling for the fourth consecutive year after seven years of growth. The total output volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 16% against the previous year. As a result, production attained the peak volume of 13M tons. From 2019 to 2022, global production of growth remained at a lower figure. The general positive trend in terms output was largely conditioned by mild growth of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, production of frozen pig meat other than cuts or carcases dropped modestly to $28B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 27% against the previous year. Global production peaked at $35B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Brazil (1.3M tons), Spain (1.2M tons) and the United States (1.1M tons), together comprising 34% of global production. India, Canada, Denmark, Russia, Mexico, the Netherlands, Nigeria, Bangladesh, Germany and Turkey lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +22.0%), while carcases for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Pig Meat Other Than Cuts Or Carcases

In 2022, overseas purchases of frozen pig meat other than cuts or carcases decreased by -12.6% to 5.3M tons, falling for the second consecutive year after six years of growth. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -15.7% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by 25% against the previous year. As a result, imports reached the peak of 6.3M tons. From 2021 to 2022, the growth of global imports of remained at a lower figure.

In value terms, imports of frozen pig meat other than cuts or carcases dropped dramatically to $14.9B in 2022. In general, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -22.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 36%. As a result, imports attained the peak of $19.1B. From 2021 to 2022, the growth of global imports of remained at a somewhat lower figure.

Imports By Country

In 2022, China (1.3M tons), distantly followed by Japan (571K tons), South Korea (515K tons) and the Philippines (302K tons) represented the key importers of frozen pig meat other than cuts or carcases, together generating 50% of total imports. The following importers - the United States (195K tons), Australia (176K tons), Hong Kong SAR (140K tons), Romania (121K tons), Colombia (115K tons), Mexico (98K tons), Chile (94K tons), Taiwan (Chinese) (88K tons) and Vietnam (87K tons) - together made up 21% of total imports.

Imports into China increased at an average annual rate of +13.1% from 2012 to 2022. At the same time, the Philippines (+19.8%), Chile (+18.4%), Colombia (+16.3%), Taiwan (Chinese) (+14.0%), Vietnam (+13.9%), the United States (+8.7%), Romania (+5.3%), South Korea (+3.6%), Mexico (+2.3%), Australia (+2.2%) and Japan (+1.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +19.8% from 2012-2022. By contrast, Hong Kong SAR (-3.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, the Philippines, the United States and Colombia increased by +14, +4.4, +1.5 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen pig meat other than cuts or carcases importing markets worldwide were China ($2.9B), Japan ($2.4B) and South Korea ($1.9B), together accounting for 48% of global imports. The United States, Australia, the Philippines, Hong Kong SAR, Colombia, Mexico, Taiwan (Chinese), Romania, Vietnam and Chile lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, the Philippines, with a CAGR of +23.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for frozen pig meat other than cuts or carcases amounted to $2,797 per ton, waning by -7.7% against the previous year. Over the period under review, the import price continues to indicate a mild slump. The growth pace was the most rapid in 2020 an increase of 8.6%. Global import price peaked at $3,184 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($4,139 per ton), while the Philippines ($1,637 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Pig Meat Other Than Cuts Or Carcases

In 2022, shipments abroad of frozen pig meat other than cuts or carcases decreased by -10.9% to 5.6M tons, falling for the second year in a row after three years of growth. Overall, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -14.1% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 22%. As a result, the exports attained the peak of 6.6M tons. From 2021 to 2022, the growth of the global exports of failed to regain momentum.

In value terms, exports of frozen pig meat other than cuts or carcases contracted to $15.7B in 2022. In general, total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -14.2% against 2020 indices. The pace of growth was the most pronounced in 2020 when exports increased by 26% against the previous year. As a result, the exports attained the peak of $18.3B. From 2021 to 2022, the growth of the global exports of remained at a somewhat lower figure.

Exports By Country

The biggest shipments were from Spain (1,045K tons), Brazil (982K tons) and the United States (794K tons), together accounting for 50% of total export. It was distantly followed by Denmark (451K tons), Canada (418K tons), the Netherlands (405K tons) and Germany (358K tons), together generating a 29% share of total exports. The following exporters - Poland (170K tons), France (167K tons), Mexico (149K tons), Chile (142K tons) and Ireland (92K tons) - together made up 13% of total exports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +10.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen pig meat other than cuts or carcases supplying countries worldwide were Spain ($3.2B), Brazil ($2.4B) and the United States ($2.3B), together comprising 50% of global exports.

Among the main exporting countries, Spain, with a CAGR of +11.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for frozen pig meat other than cuts or carcases amounted to $2,784 per ton, which is down by -2.7% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 12%. Over the period under review, the average export prices hit record highs at $3,101 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($4,138 per ton), while Canada ($2,117 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+1.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform