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Pork Meat Market Size Is Likely To Reach a Valuation of Around $257.87 Billion by 2027

02-22-2024 12:55 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Pork Meat Market

Pork Meat Market

The global pork meat industry accounted for $236.11 billion in 2019, and is projected to reach $257.87 billion by 2027, growing at a CAGR of 3.9% from 2021 to 2027. The frozen segment was the highest contributor to the market in 2019, and is estimated to grow at a CAGR of 3.9% during the forecast period. Asia-Pacific was the highest revenue contributor, accounting for more than half of the global market share 2019, and is estimated to grow at a CAGR of 4.5% through the forecast period.

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The growth of the pork meat market can be attributed to increase in affinity of people toward fast food and packaged food. Moreover, the expansion retail market and easy availability of the product through various sales channel makes it convenient for consumers to purchase packaged pork meat. This helps drive the sales figures and makes way for the market growth. However, rise in the adoption of veganism and implementation of stringent regulations toward animal cruelty act as the major restraints of the global pork meat market. On the contrary, rise in popularity for organic pork meat and clean label products is expect to open avenue for the global pork meat market growth.

Key market players

Tyson Foods, Inc.
Danish Crown Group
Tonnies Food GmbH & Co.
Vion Food Group
Food GmbH & Co.
JBS S.A.
WH Group Limited
Smithfiled Foods, Inc.
Halperns

COVID-19 scenario:

Since the outbreak of COVID-19, the sales of pork meat have significantly decreased, owing to disruption in the supply chain and reduction in demand from restaurants.
However, as governments have announced relaxation in lockdown measures and hotels & restaurants have resumed dining services, the demand for pork meat is anticipated to increase.

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The store wrap segment to manifest the highest CAGR through 2027

By packaging, the store wrap segment is expected to register the highest CAGR of 4.6% during the forecast period. This is attributed to it being the most popular form of wrapping used in retail outlets. However, the shrink bags segment held the largest share in 2019, accounting for more than half of the global pork meat market, as shrink bags are most suited in keeping perishable items fresh while being transported.

The commercial segment dominated the market

By application, the commercial segment held the lion's share in 2019, contributing to more than half of the global pork meat market. In addition, the segment is expected to portray the highest CAGR of 3.9% from 2021 to 2027, owing to growing working population and the trend of consuming meals outside homes.

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Asia-Pacific, followed by LAMEA and North America, to witness the highest CAGR by 2027

By region, the market across Asia-Pacific is expected to manifest the highest CAGR of 4.5% during the forecast period. In addition, the region held the largest share in 2019, accounting for nearly two-thirds of the market, owing to growing adoption of meat-based diet because of factors including changes in lifestyle and increase in marketing of meat products. The global pork meat market across North America is expected to register a CAGR of 2.6% from 2021 to 2027.

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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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