The pork meat market has expanded from $372.78 billion in 2023 to $400.21 billion in 2024, at a CAGR of 7.4%. Growth drivers include population growth, urbanization, and global trade. The market is expected to reach $524.87 billion by 2028, with a CAGR of 7.0%. Trends in the forecast period include supply chain transparency, technology integration in pork processing, and innovations in packaging and labeling.
Major Driver In The Pork Meat Market
The growing food and beverage industry is expected to drive the growth of the pork meat market in the coming years. Embracing businesses involved in processing, packaging, and distributing raw food materials, the food and beverage sector encompasses both fresh and packaged foods, as well as alcoholic and non-alcoholic beverages. Pork, rich in high-quality protein and essential amino acids, is a significant nutrient source for human health. Notably, revenue from food and beverage sales surged to $29.85 billion (SEK 334 billion) in September 2022, as reported by Statistics Sweden, marking a 2.9 percent growth propelled by increased sales volume and slight price upticks. Thus, the expanding food and beverage sector drives growth in the pork meat market. Market assessments for 2023 demonstrate substantial growth opportunities in the pork meat sector, buoyed by rising demand in the food industry. Projections for 2024 and beyond anticipate continued market expansion, supported by evolving consumer preferences and dietary trends.
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Pork Meat Market Competitive Landscape
Cargill Incorporated, JBS S.A., Sysco Corporation, Danish Crown, Tyson Foods Inc., WH Group Limited, Smithfield Foods Inc., Hormel Foods Corporation, Conagra Brands Inc., BRF S.A., Tönnies Holding, Minerva Foods SA, Vion Food Group, Vion NV, Maple Leaf Foods, Cranswick plc, Cherkizovo, Triumph Foods, Johnsonville LLC, Clemens Food Group, Craig Mostyn & Co Pty Ltd., China Yurun Food Group Limited, Bridgford Foods Corporation, AJC International Inc., NH Foods Ltd., Globex International Inc., Grove Services Inc., Compart Family Farms, Boston Agrex Inc., Dawn Meats
Key Pork Meat Market Trend
Facility expansion is a key trend gaining popularity in the pork meat market. The manufacturers in this market are focusing on expanding their facilities to commercialize cultivated pork to meet market demand. For instance, in November 2023, Meatable, a Netherlands-based producer of cell-based meat, announced a 3,300 m2 facility expansion to facilitate a 900% increase in the production scale of cultivated pork. As a result of the expansion of its facilities, the new pilot plant in Leiden, the Netherlands, now boasts double the size of its previous lab and office space. This enhancement allows Meatable to elevate its bioreactor capacity from 50 liters to 200 liters, with the potential for further expansion to 500 liters.
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Pork Meat Market Segmentation
The pork meat market covered in this report is segmented –
1) By Meat Form: Chilled, Frozen, Canned/Preserved
2) By Packaging: Store Wrap, Modified Atmosphere Packaging, Vacuum Packaging, Shrink Bags
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
By Geography:The regions covered in the pork meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the pork meat market in 2023.
The Pork Meat Global Market Report 2024 furnishes information about the global pork meat market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
