Asia: Pork Market 2023

Pork Market Size in Asia

The Asian pork market fell modestly to $X in 2022, reducing by -1.9% against the previous year. Overall, consumption, however, saw modest growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Pork Production in Asia

In value terms, pork production amounted to $X in 2022 estimated in export price. The total production indicated a moderate expansion 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, production decreased by -7.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 80%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

China (X tons) constituted the country with the largest volume of pork production, comprising approx. 82% of total volume. Moreover, pork production in China exceeded the figures recorded by the second-largest producer, Vietnam (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total production with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled -1.3%. In the other countries, the average annual rates were as follows: Vietnam (+0.9% per year) and South Korea (+2.6% per year).

In 2022, the average pork yield in Asia fell modestly to X kg per head, approximately equating the previous year. The yield figure increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2020 with an increase of 11% against the previous year. The level of yield peaked at X kg per head in 2021, and then fell modestly in the following year.

In 2022, the number of animals slaughtered for pork production in Asia fell to X heads, waning by -9.1% against the previous year. In general, the number of producing animals recorded a perceptible curtailment. The growth pace was the most rapid in 2021 when the number of producing animals increased by 22% against the previous year. The level of producing animals peaked at X heads in 2014; however, from 2015 to 2022, producing animals failed to regain momentum.

Pork Exports

Exports in Asia

In 2022, overseas shipments of pork increased by 11% to X tons, rising for the second consecutive year after four years of decline. Overall, exports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 33%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, pork exports rose notably to $X in 2022. Over the period under review, exports, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2014 with an increase of 30%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) and Hong Kong SAR (X tons) were the largest exporters of pork in Asia, together recording near 47% of total exports. Thailand (X tons) took the next position in the ranking, followed by Vietnam (X tons) and Singapore (X tons). All these countries together held approx. 37% share of total exports. The following exporters - Georgia (X tons) and Cyprus (X tons) - each reached an 8.3% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Georgia (with a CAGR of +49.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest pork supplier in Asia, comprising 39% of total exports. The second position in the ranking was held by Thailand ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at -6.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+30.3% per year) and Hong Kong SAR (-7.8% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, falling by -3.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2017 an increase of 23% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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 China ($X per ton), while Georgia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.7%), while the other leaders experienced more modest paces of growth.

Pork Imports

Imports in Asia

In 2022, purchases abroad of pork decreased by -27.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 53% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, pork imports dropped dramatically to $X in 2022. In general, imports, however, recorded a measured increase. The most prominent rate of growth was recorded in 2020 with an increase of 60% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the major importer of pork, mixing up 41% of total imports. Japan (X tons) ranks second in terms of the total imports with a 23% share, followed by South Korea (13%) and the Philippines (9.1%). Hong Kong SAR (X tons), Vietnam (X tons) and Singapore (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +24.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pork importing markets in Asia were Japan ($X), China ($X) and South Korea ($X), together comprising 80% of total imports. The Philippines, Hong Kong SAR, Vietnam and Singapore lagged somewhat behind, together comprising a further 15%.

In terms of the main importing countries, Vietnam, with a CAGR of +26.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, which is down by -7.1% against the previous year. Overall, the import price continues to indicate a perceptible slump. The growth pace was the most rapid in 2020 an increase of 4.1% against the previous year. Over the period under review, import prices hit record highs at $X 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 ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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