According to the most recent report by Renub Research, titled “Global Pork Market Forecast By Production, Consumption, Import, Export, Company” Pork is the most consumed meat within the world, and it accounts for 1/3 of the entire meat consumption globally. Asian region produces and consumes over half pig meat within the world. China is the biggest consumer of pig meat; Chinese living in a populated area with higher income prefer pig meat over other meat products. The outbreak of swine fever disrupted the availability of pig meat some years ago; currently, the world supply chain of pig meat is interrupted by COVID-19. consistent with Renub Research, Global Pork Market is expected to be US$ 191.2 Billion by 2026.
Pig meat is the most ordinarily consumed meat across the globe. About one-third of all meat consumed within the world is pork, before beef and chicken. the EU Union could be a significant pork producer. Around half the world’s pig meat is consumed in China, where urbanization and rising incomes still drive pork consumption upward.
Countries just like the ‘United States, Brazil, the European Union, and Chile are seeing boosts within the export of Pork. Currently, the United States’ pork production is growing at a rapid pace. Pork production in Asia is rapidly growing to become more self-sufficient just like the American and European continents. Growth in Pork consumption in Asia would lead to an increased demand for Pork. Most of the ECU and American countries are exporting Pork to China, like the USA, European Union, Brazil, and Chile. Currently, the USA is producing pig meat at a rapid pace.
Benefits of Pork: Pork meat has several health benefits thanks to the high quantity of protein present in it. it’s almost 26 percent of protein by weight. This protein is important for muscle growth and athletes recovering from injuries. Fat is additionally present in pork meat, and it contains 10-16 percent of fat. Pork also contains various vitamins and minerals like Thiamine; it’s beneficial for correct body functions. Selenium, Zinc, vitamin B12, vitamin B6, Niacin, Phosphorous, Iron, Creatine, Taurine, Glutathione also are present in high quantity in pork meat.
Impact of COVID-19 on Pig butcher shop
The pig butcher shop was suffering from African flu in previous years, now COVID-19 has broken the supply chain of pig meat. Most of the countries were in lockdown within the half of the year 2020, and other people are avoiding outdoors shopping.
The Philippines and Eastern Europe are currently seen because of the biggest hot spots when it involves ASF outbreaks. within the Philippines, ASF outbreaks are steady in Luzon backyard farms with a loss of around 98,000 pigs within the first four months of 2020. Rabobank forecasts a 12% decline in sow and total herds in 2020.
“While foodservice is now reopening in most parts of the planet, and lifting demand as a result, a return of 2019 demand levels is unlikely in 2020,” the report said. “The economic slowdown triggered by the COVID-19 pandemic has reduced consumer confidence, and that we expect prices will got to suits enable consumption to match availability.”
With the rapid decline in production capacity, pork prices still rise. To stabilize the local market, in March 2020, the Ministry of Agriculture and other governmental agencies released a group of policies to support the hog farming industry. Since many companies have announced aggressive new plans to extend production. consistent with the National Bureau of Statistics, the national pig inventory is 339.96 million head at the top of Q2, increasing by 5.8% over Q1. Among them, the sow inventory is now reported to be 36.29 million, which is a rise of 5.4% on a year-on-year basis, or up 7.3% over Q1.
The profitability of hog farming remains attractive and within the short term, there’s no sign of an easing up. Large amounts of capital have flown into the swine industry and since the second quarter, the quantity of newly registered swine companies has increased by 175% year on year.
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Market Summary:
By Producing Countries: This research report covers the following Pork producing countries: China, European Union, United States, Brazil, Russia, Vietnam, Canada, Mexico, Philippines, South Korea, and Other countries.
By Importing Countries: This research report covers the following Pork importing countries: Australia, South Korea, Canada, China, Mexico, Philippines, United States, Hong Kong, Japan, and Colombia.
By Exporting Countries: This research report covers the following Pork exporting countries: European Union, United States, Canada, Brazil, Chile, Mexico, China, Russia, Australia, and Serbia.
By Consuming Countries: This research report covers the following Pork consuming countries: China, the European Union, the United States, Brazil, Russia, Japan, Vietnam, Mexico, Philippines, and South Korea.
By Companies: This research report covers Overview, Initiatives & Recent Developments and Revenue analysis of Danish Crown, Tyson Foods Inc., Vion Food Group, and WH Group Limited.
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