Pork Meat Market Expected To Reach $257,874.5 Million by 2027—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pork Meat Market by Type, Packaging, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global pork meat market size was valued at $236,112.7 million in 2019, and is projected to reach $257,874.5 million by 2027, registering 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.

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.

The global pork meat market is segmented into type, packaging, application, and region. On the basis of type, the market is bifurcated into chilled and frozen. By packaging, it is classified into store wrap, modified atmosphere packaging, vacuum packaging, shrink bags, and others. The applications covered in the study include household and commercial. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Taiwan, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).

Based on pork meat market forecast by type, the frozen segment accounted for the highest share in 2019. The frozen segment is growing manifold due to rapid increase in consumption of meat, poultry, and seafood. However, the chilled segment is expected to witness the modest growth rate through the forecast period.

On the basis of packaging, the shrink bags segment accounted for the largest portion of the global pork meat market share in 2019, and is estimated to dominate the market throughout the forecast period. Shrink bags are primarily used in food service industries owing to cost-effectiveness and ability of this form of packaging to keep perishable food fresh during transportation. This has increased its demand in food service sector. Moreover, the number of food service outlets around the world has been increasing as a result the popularity of shrink bags to package pork meat and many other forms of meat. However, the store wrap segment is expected to witness robust growth of 4.6% through the forecast period.

Depending on pork meat market analysis by application, the commercial segment accounted for the highest share in 2019. The growth in the commercial application of pork can be directly contributed to the growing working population and the trend of consuming meals outside homes. On the contrary, the outbreak of coronavirus has reduced the demand for pork in commercial establishments, and as a result, the consumption of pork meat in such establishments has reduced. However, the household segment is projected to witness a notable growth rate throughout the forecast period.

Region wise, Asia-Pacific was the fastest growing regional segment in 2019, followed by Europe and North America. China and the U.S. were the most prominent country accounting for a sizeable share in the global market.

Key Findings Of The Study

• On the basis of type, the frozen segment is projected to witness the highest CAGR of 3.9% in terms of revenue during the forecast period.
• Depending on packaging, the shrink bags segment is expected to dominate the market through 2021–2027. 
• By application, the commercial segment occupied the largest market with maximum value share in 2019, and is expected to grow at the significant CAGR during the forecast period.
• China is the largest country in terms of demand and production of pork meat in 2019.
• Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 4.5% from 2021 to 2027.

Key players in the pork meat market have relied on product launch as their key strategic move to stay relevant in the global market. The key players in the pork meat industry profiled in the report are WH Group, JBS S.A., Smithfield Foods, Triumph Foods, Danish Crown, Tyson Foods Inc., Tönnies, Yurun Group, Vion Food Group Ltd., and Shuanghui Development.