Salted, Dried or Smoked Meat, and Offal Market

The global market for salted, dried, or smoked meat, and offal is forecasted to continue its upward consumption trend, with a projected CAGR of +1.4% in volume and +3.7% in value from 2022 to 2030. China leads in both consumption and production, with significant growth rates observed in countries like Spain. Import and export statistics show stable trends, with the Netherlands and Brazil being major players. Average prices have seen modest growth over the past decade, with Italy having the highest export price. Overall, the market is expected to see gradual growth in the coming years.

Market Forecast

Driven by increasing demand for salted, dried or smoked meat, and offal worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 25M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $152.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Salted, Dried or Smoked Meat, and Offal

In 2022, consumption of salted, dried or smoked meat, and offal was finally on the rise to reach 23M tons for the first time since 2018, thus ending a three-year declining trend. Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at 23M tons in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

The size of the market for salted, dried or smoked meat, and offal worldwide stood at $114.1B in 2022, remaining constant 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). In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the global market hit record highs at $122.3B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

China (5.5M tons) remains the largest salted, dried or smoked meat, and offal consuming country worldwide, comprising approx. 24% of total volume. Moreover, consumption of salted, dried or smoked meat, and offal in China exceeded the figures recorded by the second-largest consumer, India (2M tons), threefold. The third position in this ranking was taken by the United States (1.9M tons), with an 8.2% share.

In China, consumption of salted, dried or smoked meat, and offal increased at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.7% per year) and the United States (-1.2% per year).

In value terms, China ($30.7B), India ($15.4B) and the United States ($7.1B) appeared to be the countries with the highest levels of market value in 2022, with a combined 47% share of the global market. Italy, Indonesia, Spain, Russia, Germany, the UK, Bangladesh, Pakistan, Brazil and Ethiopia lagged somewhat behind, together accounting for a further 26%.

In terms of the main consuming countries, Spain, with a CAGR of +7.0%, saw the highest growth rate of market size over the period under review, while offal for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of salted, dried or smoked meat, and offal per capita consumption in 2022 were Italy (16 kg per person), Spain (15 kg per person) and the UK (9.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of offal, amongst the key consuming countries, was attained by Spain (with a CAGR of +9.4%), while offal for the other global leaders experienced more modest paces of growth.

Production

World Production of Salted, Dried or Smoked Meat, and Offal

In 2022, production of salted, dried or smoked meat, and offal was finally on the rise to reach 23M tons after three years of decline. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 7.1%. Over the period under review, global production of reached the maximum volume at 23M tons in 2018; however, from 2019 to 2022, production failed to regain momentum.

In value terms, production of salted, dried or smoked meat, and offal dropped modestly to $114.8B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 18%. Over the period under review, global production of attained the peak level at $120.7B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

China (5.5M tons) remains the largest salted, dried or smoked meat, and offal producing country worldwide, comprising approx. 24% of total volume. Moreover, production of salted, dried or smoked meat, and offal in China exceeded the figures recorded by the second-largest producer, India (2M tons), threefold. The third position in this ranking was taken by the United States (1.9M tons), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.3%. In the other countries, the average annual rates were as follows: India (+4.7% per year) and the United States (-1.4% per year).

Imports

World Imports of Salted, Dried or Smoked Meat, and Offal

In 2022, global imports of salted, dried or smoked meat, and offal stood at 938K tons, increasing by 3.8% on the year before. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 8.3%. Over the period under review, global imports of hit record highs at 999K tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of salted, dried or smoked meat, and offal expanded significantly to $5B in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 11%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the UK (248K tons), distantly followed by the Netherlands (161K tons), France (66K tons), Germany (65K tons) and the United States (42K tons) represented the key importers of salted, dried or smoked meat, and offal, together committing 62% of total imports. Spain (32K tons), Belgium (31K tons), Ireland (29K tons), Italy (25K tons), Denmark (23K tons), Canada (22K tons), Portugal (19K tons) and Hong Kong SAR (17K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Hong Kong SAR (with a CAGR of +10.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the UK ($897M), the Netherlands ($541M) and France ($523M) were the countries with the highest levels of imports in 2022, with a combined 39% share of global imports. Germany, the United States, Belgium, Canada, Italy, Denmark, Spain, Hong Kong SAR, Ireland and Portugal lagged somewhat behind, together accounting for a further 37%.

Hong Kong SAR, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average import price for salted, dried or smoked meat, and offal stood at $5,308 per ton in 2022, increasing by 4.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2018 when the average import price increased by 11%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($8,995 per ton), while the Netherlands ($3,356 per ton) was amongst the lowest.

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

Exports

World Exports of Salted, Dried or Smoked Meat, and Offal

In 2022, global exports of salted, dried or smoked meat, and offal was estimated at 984K tons, therefore, remained relatively stable against 2021 figures. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 7.8%. As a result, the exports reached the peak of 1.1M tons. From 2015 to 2022, the growth of the global exports of failed to regain momentum.

In value terms, exports of salted, dried or smoked meat, and offal stood at $5.2B in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when exports increased by 12%. The global exports peaked at $5.5B in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

The Netherlands (244K tons) and Brazil (173K tons) represented roughly 42% of total exports in 2022. Italy (88K tons) held an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Spain (8%), Denmark (6.7%), the United States (6.2%), Thailand (5.9%) and Germany (4.7%).

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +7.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($1.2B), the Netherlands ($901M) and Spain ($759M) constituted the countries with the highest levels of exports in 2022, with a combined 54% share of global exports. Brazil, Germany, the United States, Denmark and Thailand lagged somewhat behind, together comprising a further 27%.

Thailand, with a CAGR of +7.3%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 salted, dried or smoked meat, and offal amounted to $5,308 per ton, increasing by 2.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2018 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($13,210 per ton), while Brazil ($2,669 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform