Frozen Pork Cut Market

The article delves into the global market for frozen hams, shoulders, and cuts of pig meat, highlighting the expected upward consumption trend over the next eight years. Market performance is forecasted to expand with a CAGR of +3.9% in volume and +5.9% in value from 2022 to 2030, reaching 4.6M tons and $11.3B respectively by the end of 2030. Consumption saw significant growth but declined in 2022, with China, India, and Germany leading in consumption volumes. Production and imports also displayed fluctuating trends, with notable growth rates in certain countries. Export prices show a slight decline, with Spain being the largest supplier. Overall, the article provides a detailed overview of the global frozen pork cut market, including key players, consumption patterns, production volumes, and trade dynamics.

Market Forecast

Driven by increasing demand for frozen hams, shoulders and cuts of pig meat worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 4.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $11.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Hams, Shoulders And Cuts Of Pig Meat

In 2022, after ten years of growth, there was significant decline in consumption of frozen hams, shoulders and cuts of pig meat, when its volume decreased by -8.5% to 3.4M tons. Overall, consumption, however, recorded a strong expansion. Over the period under review, global consumption reached the maximum volume at 3.7M tons in 2021, and then declined in the following year.

The global frozen pork cut market size declined to $7.2B in 2022, reducing by -12.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a remarkable increase. Global consumption peaked at $8.2B in 2021, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (480K tons), India (284K tons) and Germany (277K tons), with a combined 31% share of global consumption. Russia, the United States, Spain, Italy, Brazil, the UK, Mexico, Canada, Turkey and Bangladesh lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +29.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen pork cut markets worldwide were China ($966M), India ($682M) and Germany ($512M), together comprising 30% of the global market. Spain, Italy, the United States, Russia, Mexico, Brazil, Turkey, Canada, Bangladesh and the UK lagged somewhat behind, together comprising a further 38%.

Among the main consuming countries, Italy, with a CAGR of +26.6%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of frozen pork cut per capita consumption in 2022 were Germany (3.3 kg per person), Spain (3.2 kg per person) and Canada (2.6 kg per person).

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +29.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen Hams, Shoulders And Cuts Of Pig Meat

In 2022, after ten years of growth, there was decline in production of frozen hams, shoulders and cuts of pig meat, when its volume decreased by -4.4% to 3.3M tons. Over the period under review, production, however, posted a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 17% against the previous year. Over the period under review, global production attained the maximum volume at 3.4M tons in 2021, and then dropped slightly in the following year. The general positive trend in terms output was largely conditioned by a resilient expansion of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, frozen pork cut production shrank modestly to $6.6B in 2022 estimated in export price. Overall, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 17%. Global production peaked at $6.9B in 2021, and then dropped in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Spain (325K tons), Germany (313K tons) and India (284K tons), together accounting for 28% of global production. The United States, Canada, Russia, Brazil, the UK, Italy, Mexico, the Netherlands, Turkey and Bangladesh lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +43.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Hams, Shoulders And Cuts Of Pig Meat

In 2022, purchases abroad of frozen hams, shoulders and cuts of pig meat decreased by -42.6% to 815K tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 76%. Over the period under review, global imports hit record highs at 1.4M tons in 2021, and then reduced dramatically in the following year.

In value terms, frozen pork cut imports shrank notably to $1.7B in 2022. Overall, imports, however, saw buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 109% against the previous year. Global imports peaked at $3.4B in 2021, and then shrank notably in the following year.

Imports By Country

China prevails in imports structure, recording 480K tons, which was approx. 59% of total imports in 2022. It was distantly followed by the Philippines (72K tons), making up an 8.8% share of total imports. The Dominican Republic (28K tons), South Korea (23K tons) and Colombia (12K tons) held a little share of total imports.

Imports into China increased at an average annual rate of +12.0% from 2012 to 2022. At the same time, the Dominican Republic (+34.5%), Colombia (+26.7%), the Philippines (+26.3%) and South Korea (+1.1%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in the world, with a CAGR of +34.5% from 2012-2022. While the share of China (+25 p.p.), the Philippines (+7.3 p.p.) and the Dominican Republic (+3.1 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of South Korea (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($974M) constitutes the largest market for imported frozen hams, shoulders and cuts of pig meat worldwide, comprising 58% of global imports. The second position in the ranking was held by the Philippines ($112M), with a 6.7% share of global imports. It was followed by the Dominican Republic, with a 4.2% share.

In China, frozen pork cut imports expanded at an average annual rate of +11.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Philippines (+27.2% per year) and the Dominican Republic (+34.1% per year).

Import Prices By Country

The average frozen pork cut import price stood at $2,052 per ton in 2022, reducing by -14% against the previous year. Overall, the import price continues to indicate a mild decline. The most prominent rate of growth was recorded in 2020 an increase of 19%. Global import price peaked at $2,385 per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($2,570 per ton), while the Philippines ($1,558 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.0%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Frozen Hams, Shoulders And Cuts Of Pig Meat

In 2022, overseas shipments of frozen hams, shoulders and cuts of pig meat decreased by -40% to 655K tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2020 when exports increased by 63% against the previous year. As a result, the exports reached the peak of 1.2M tons. From 2021 to 2022, the growth of the global exports remained at a lower figure.

In value terms, frozen pork cut exports fell significantly to $1.4B in 2022. Overall, exports, however, showed a pronounced increase. The pace of growth was the most pronounced in 2020 when exports increased by 71%. As a result, the exports attained the peak of $2.6B. From 2021 to 2022, the growth of the global exports remained at a lower figure.

Exports By Country

In 2022, Spain (181K tons), distantly followed by Canada (94K tons), the United States (63K tons), Denmark (62K tons), the Netherlands (56K tons), Germany (38K tons), Ireland (36K tons) and Chile (35K tons) represented the key exporters of frozen hams, shoulders and cuts of pig meat, together achieving 86% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Denmark (with a CAGR of +18.8%), while the other global leaders experienced more modest paces of growth.

In value terms, Spain ($406M) remains the largest frozen pork cut supplier worldwide, comprising 30% of global exports. The second position in the ranking was taken by Canada ($164M), with a 12% share of global exports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Spain totaled +9.6%. In the other countries, the average annual rates were as follows: Canada (+0.7% per year) and the United States (-3.6% per year).

Export Prices By Country

The average frozen pork cut export price stood at $2,060 per ton in 2022, falling by -8.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 18%. Over the period under review, the average export prices attained the maximum at $2,354 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United States ($2,408 per ton) and Spain ($2,243 per ton), while Germany ($1,612 per ton) and Canada ($1,753 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform