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.
— Allied Market Research
PORTLAND, OREGON, UNITED STATES, September 12, 2023/EINPresswire.com/ — 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 Pork Meat 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.
WH Group Limited
Smithfiled Foods, Inc.
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.
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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.
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.