Hog Production and Pork Market
Hog Production and Pork Market (Form: Fresh and Processed; Type: Leg/Ham, Loin of Pork, Belly/Side of Pork/Bacon, Ribs, Shoulder/Boston Butt, Picnic Shoulder/Hand, and Others; End Use: Food Processing Industry, Food Service Providers, and Household/Retail; and Distribution Channel: B2B/Direct, Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Butcher Shop/Wet Markets, and Online Retailing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Growing Adoption of Sustainable Production Techniques Provides Impetus for Market Growth
Pork is the most consumed meat across the world and the trend is set to continue in the near future due to the increase in its demand. According to estimates, at present, there are around one billion pigs in the world. Over the past few decades, the hog production and pork market has evolved in several ways, particularly in regions such as Latin America and Asia Pacific. Pork production systems have gradually transformed from forest-based to pasture-based, and most recently into specifically designed buildings. At present, the hog production and pork market is witnessing significant developments in its production, owing to the mounting pressure and demand for sustainable production techniques.
With exponential growth in global human population, the demand for hog production and pork meat has witnessed significant growth. Additionally, a significant increase in the disposable income of consumers, coupled with the economic development of various countries of Asia Pacific and Latin America, is expected to positively impact the consumption of pork worldwide. As per the current trends, existing industrialized pork production facilities could pave the way for enhanced and larger production facilities in the near future. The newer production facilities are heading toward a more sustainable production approach. Growing demand for hog and pork meat, adoption of sustainable production methods, and a substantial rise in disposable income are expected to drive the growth of the hog production and pork market during the forecast period (2019-2027). As a result of these factors, the hog production and pork market is projected to reach a market value of ~US$ 464 Bn by the end of 2027.
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Asia Pacific Adopting North American and European Production Model
For several years, North America and Europe have been the early adopters of advanced production and farming methods pertaining to hogs and pigs. While industrialized production systems are extensively being adopted in developed regions, production systems across the Asia Pacific are heading in a similar direction. Despite leading the way, in terms of technology and production capabilities, North America and Europe accounted for a combined share of ~27% of the hog production and pork market in 2018. However, with the Asia Pacific hog production and pork market valuing ~US$ 257 Bn in 2018, the region held a market share of ~66%. The region is likely to remain the most prominent consumer and producer of pork meat during the forecast period.
The Asia Pacific region is expected to be the largest regional market for hog production and pork, primarily due to high production output and consumption in China. The hog production and pork market in China was valued at ~US$ 213 Bn in 2018, and the trend is projected to continue during the forecast period. Focus on refurbishing breeding farms and epidemic prevention, and favorable government policies are some of the leading factors driving the expansion of the hog production and pork market in China. Due to rising investments and support from governments, several players operating in the hog production and pork market in Asia Pacific are focusing on enhancing their production capacity, increasing the size of their farms, and developing a stable production and supply chain.
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Rise in Number of Swine Flu Cases Globally to Hamper Market
The growing prevalence of African Swine Fever (ASF) across different regions of the world could hinder the growth of the hog production and pork market in the near future. Furthermore, reports suggest that the number of such cases has increased at a rapid pace in developing countries of Asia Pacific, including Cambodia, Vietnam, and Laos. Lack of vaccines and treatment to address ASF is compelling stakeholders in the hog production and pork market to improve their feed production techniques. Moreover, rise in the number of ASF cases could potentially affect the global hog and pork market, which could lead to significant financial losses of participants of the hog production and pork market landscape. Pig health diagnostics will continue to remain a major challenge for hog and pork meat producers, especially in Asia Pacific.
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The hog production and pork market is expected to expand at a CAGR of ~2% during the forecast period. China is a major producer and consumer, in terms of port meat consumption as well as production. This factor is anticipated to drive the hog production and pork market during the forecast period. Moreover, favorable government policies and efforts to improve the quality of the products are some of the major factors that will propel the hog production and pork market growth in Asia Pacific. Additionally, key players in the hog production and pork market landscape should focus on modernizing their production facilities and preventing epidemic diseases such as the ASF.
Hog Production and Pork Market: Overview
- The global hog production and pork market value is estimated to reach a value ~US$ 399 Bn in 2019, finds Transparency Market Research (TMR) in a recent study. According to the report, the hog production and pork market is anticipated to reach ~US$ 464 Bn by 2027, at a CAGR of ~2%.
- The rising protein consumption among consumers and progresses in the breeding technology is a leading factor, which has led to market sustainability in recent years. The hog production and pork market is witnessing favorable conditions for growth as well as rising consumption of pork products is anticipated to fuel the demand for hog production and pork.
Hog Production and Pork Market Frontrunners
- In terms of form, processed is anticipated to be the leading segment of the hog production and pork market in 2109, accounting for 59.5% market share. Furthermore, the fresh segment accounts for 40.5% of the hog production and pork market in terms of value.
- Based on product, loin of pork is a leading segment of the global hog production and pork market, followed by belly/side of pork/bacon, and ribs segments. These segments are estimated to account for ~25%, ~23%, and 23% of the market, respectively, in terms of value, in 2019.
- In terms of end use, the food processing industry segment and food service provider segment holds ~72% of the market share, while the household/retail segment holds the remaining share of the market.
- Asia Pacific leads the global hog production and pork market, followed by Europe and Latin America
Hog Production and Pork Market: Trends
- Growing importance of healthy meant in high meat consuming countries is a predominant trend. Natural and sustainability credentials form the basis of innovation and new product development in the food and beverages industry. Products made from healthier ingredients, labelled to demonstrate assurances of minimal processing or demonstrative health benefits from natural ingredients appeal to consumers, mainly to higher income and ageing consumers in developed countries. Thus, startups and established companies are increasingly investing in product innovations.
- Emerging countries, such as China and India, are expected to contribute to the growth of the global hog production and pork market. These countries boast rising incomes of consumers and healthy eating trends, which will support the growth of the market.
- Pork products in packaged form are considered to be hygienic and have high quality, as they are sold by well-established companies such as the WH Group in China. In response to the growing consumer demand for processed pork products, manufacturers have increasingly shifted their focus from shelf-stable processed pork to chilled processed pork. This is expected to witness significant growth during the forecast period.
- Local brands take lead in hog production and pork market
- Increasing awareness among consumers regarding consumption of healthy and safe food, such as organic food, is rapidly increasing. There is a marked concern over environmental impacts associated with the pork produced. In order to cater to the demand for pork and maintain its quality, hog farm holders are adopting organic certification to increase their product sales in mainstream local food market.
- Local brands are the most preferred choice among consumers for fresh foods. A majority of worldwide consumers prefer global brands to local ones for vegetables (11% vs. 68%), meat (13% vs. 66%), and seafood (18% vs. 57%). Thus, local brands are the most preferred choice of consumers for fresh foods.
- Local brands take lead in hog production and pork market
Hog Production and Pork Market: Strategies
- Key players operating in the global hog production and pork market are introducing new business-to-business websites, where customers are offered discounts on products listed
- Product Innovation and Launches: Key companies are increasing their investments in research and development activities to offer innovative products in order to satisfy the ever-rising demand from customers.
- Triumph Foods, LLC., in 2019, developed and constructed a new fresh pork processing plant as well as a new fresh pork plan site in Sioux City
Target Region for Hog Production and Pork Market
- In terms of value, countries in APEJ are likely to hold the largest share of the hog production and pork market by 2019, retaining the second position in the market during the forecast period, followed by Europe
Hog Production and Pork Market: Key Players
- Key players operating in the hog production and pork market, as profiled in the study include -
- JBS S.A
- Smithfield Foods, Inc.
- Triumph Foods, LLC
- Seaboard Corporation
- The Maschhoffs, LLC
- Wan Chau International Limited
- Iowa Select Farms
- China Yurun Food Group Limited
- Charoen Pokphand Group
- BRF S.A., and others
Hog Production and Pork Market - Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the hog production and pork market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities, and restraints, and detailed information about the hog production and pork market structure. The market study presents exclusive information about how the hog production and pork market will grow during the forecast period of 2019-2027.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain analysis, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the hog production and pork market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the hog production and pork manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the hog production and pork market, which include investors, industry experts, researchers, journalists, and business researchers can leverage the information and data presented in the TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the hog production and pork market. Furthermore, small businesses and new entrants in the hog production and pork market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Report on Hog Production and Pork Market
- Which region will continue to remain the most profitable market for hog production and pork market players?
- Which factors will induce a change in the demand for hog production and pork during the forecast period?
- How will the changing trends impact the hog production and pork market?
- How can market players capitalize on the low-hanging opportunities in the hog production and pork market in developed regions?
- Which companies are leading the hog production and pork market?
- What are the winning strategies of stakeholders in the hog production and pork market to catapult their position in the market?
Hog Production and Pork Market - Research Methodology
In the TMR’s study, a unique research methodology has been used to conduct extensive research on the growth of the hog production and pork market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary sources referred to by analysts for compiling the hog production and pork market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers who contributed to the development of this report as a primary source.
Information acquired from primary sources and secondary sources has been compiled in a comprehensive manner. This also acts as a validation from companies in the hog production and pork market, which makes TMR’s projections more accurate and reliable.
Hog Production and Pork Market - Segmentation
TMR’s studies the hog production and pork market, in terms of a few important segments. These are form, type, end use, distribution channel, and region. This report offers a comprehensive data and information about the important market dynamics and growth parameters associated with these categories..