Global pork market to add $6.5B this year
The global pork market is to grow at a CAGR of 2.8% this year, according to a market report released by Research And Markets. Analysts are expecting an increase in the global pork market, although China will limit its imports due to a growing rate of self-sufficiency in the domestic market. However, Asia-Pacific will remain a lucrative market for most of the pork producers around the world, encouraging trade to the countries in Southeast Asia.
Last year, the global pig meat market was $235.48 billion. It is expected to reach a value of $242.04 billion in 2022 and it will grow further to reach $258.39 billion in 2026 but at a slower CAGR rate, of only 1.6%.
Pork is a good source of high-quality protein, which is an important nutrient for human health. Once consumed, it includes large levels of amino acids. For example, according to the Federal Communications Commission, Food and beverage production sales climbed 3.5% year over year (YoY) in 2020, from $118.7 billion in 2019 to $122.9 billion in 2020. As a result, China's worldwide meat imports increased by 59.6% in 2020 compared to the previous year. Therefore, the growing food and beverage sector propels the growth of the pork meat market.
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