U.S.: Pork Market 2023

Pork Market Size in the U.S.

The U.S. pork market rose modestly to $X in 2022, increasing by 3.9% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Pork Production in the U.S.

In value terms, pork production amounted to $X in 2022. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 7.6% against the previous year. Over the period under review, production reached the peak level in 2022 and is expected to retain growth in years to come.

The average yield of pork in the United States fell to X kg per head in 2022, flattening at 2021. Overall, the yield, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the yield increased by 3.3%. The pork yield peaked at X kg per head in 2020; however, from 2021 to 2022, the yield failed to regain momentum.

In 2022, the number of animals slaughtered for pork production in the United States contracted modestly to X heads, declining by -2% on the previous year's figure. This number increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the number of producing animals increased by 8%. Over the period under review, this number attained the peak level at X heads in 2020; however, from 2021 to 2022, producing animals remained at a lower figure.

Pork Exports

Exports from the U.S.

In 2022, overseas shipments of pork decreased by -11.8% to X tons, falling for the second year in a row after six years of growth. In general, total exports indicated slight growth from 2012 to 2022: its volume 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, exports decreased by -17.9% against 2020 indices. The pace of growth was the most pronounced in 2020 when exports increased by 17%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, pork exports reduced to $X in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 15% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for pork exports from the United States, with a 43% share of total exports. Moreover, pork exports to Mexico exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico totaled +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-4.0% per year) and China (-0.1% per year).

In value terms, the largest markets for pork exported from the United States were Mexico ($X), Japan ($X) and South Korea ($X), with a combined 65% share of total exports. China, Canada, Colombia and the Dominican Republic lagged somewhat behind, together comprising a further 25%.

Among the main countries of destination, the Dominican Republic, with a CAGR of +21.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pork export price amounted to $X per ton, increasing by 3.7% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 11% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pork Imports

Imports into the U.S.

In 2022, overseas purchases of pork increased by 17% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +5.2% over the period 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 2021 when imports increased by 34%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, pork imports soared to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 50% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of pork to the United States, with a 68% share of total imports. Moreover, pork imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), eightfold. The third position in this ranking was taken by Denmark (X tons), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+21.4% per year) and Denmark (+2.1% per year).

In value terms, Canada ($X) constituted the largest supplier of pork to the United States, comprising 62% of total imports. The second position in the ranking was held by Denmark ($X), with a 9.7% share of total imports. It was followed by Mexico, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+1.8% per year) and Mexico (+21.7% per year).

Import Prices by Country

In 2022, the average pork import price amounted to $X per ton, approximately equating the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 12% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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