Hog Production and Pork Market: Introduction
A recent study published by Transparency Market Research on the hog
production and pork market includes global industry analysis and opportunity assessment
for 2019-2027. The global hog production and pork market is expected to be valued at
~US$ ~398 Bn in 2019, which is projected to rise at a CAGR of ~2%,
to reach a value of US$ 464 Bn by 2027.
Pork Industry Growth Favored By Strong Demand Due
to Low Cost of Feed
Decade-low cost of feed is one of the key factors, which is driving the
hog production and pork market. As the importance of ‘health’ is significant in
meat-consuming countries, the demand for hog production is high. In emerging
countries, such as India and China, population is rising, especially of the
middle class consumers due to which, the demand for pork is increasing. Besides
decade-low feed price, rise in demand for nutritional benefits of pork meat is
fueling the hog production and pork market. Pork products in packaged form are
considered to be more hygienic and of 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 healthy processed pork products, these
manufacturers are increasingly shifting their focus from shelf-stable processed
pork to chilled processed pork.
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Rise in Demand for Frozen Meat Creates Lucrative
Opportunities
The demand for frozen food is increasing rapidly across the globe, due
to changes in lifestyle and food habits of consumers. Customers across the
globe are anticipated to demand frozen foods, owing to the convenience factor
associated with them. Moreover, the demand for frozen foods is predominantly
driven by the trend of food traceability by millennial and health conscious
consumers. Furthermore, availability of new technologies, such as swift
advancements in freezing techniques to extend the lifespan of pork products,
along with quality products are driving the sales of frozen pork. Moreover,
changing consumer preferences are likely to provide significant growth
opportunities to manufacturers in the hog production and pork market to launch
products with better appearance, taste, packaging, and flavors. This is
expected to fuel the adoption of frozen meat products in the near future.
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Consumer Inclination toward Organic Products to
Support Market Growth
Consumer preference toward organic products has been increasing. The
market sales of certified organic products hit US$ 6.2 Bn in
2015, up by 14% from 2014 in North America.
Rising demand for organic food products is anticipated to be a major
contributor to the growth of the hog production and pork market. Organic food
products are derived from organically grown ingredients and processed naturally
without the addition of any chemical. Organic food products are considered
essential and are a popular trend, especially in Europe, Oceania, and North
America. The demand for products produced with known ingredients is increasing
and thus, the demand for organic products is also rising. Furthermore, consumer
awareness regarding health benefits of organic products as well as strong
support from local companies for the development of such products are key
factors driving the demand for organic pork products.
·
According to the U.S. Department of Agriculture’s National Agricultural
Statistics Service (NASS), 2014 Organic Survey released in 2015 shows that
around 14,000 certified organic farms in the U.S. sold organic
products worth US$ 5.5 Bn in 2014, which is a rise of 72% since
2008
·
According to FiBL & IFOAM - Organic International’s 2017
report, the global organic food market is estimated to be valued at US$
80 Bn, and the U.S. accounts for a share of 47%
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