X
XLinkedinWhatsAppTelegramTelegram
0
Read this article in:

Global pig meat market developments in 2023

FAO's market overview indicates that global pig meat production continued to grow in 2023 while trade fell sharply.

29 April 2024
X
XLinkedinWhatsAppTelegramTelegram
0

Global pig meat production reached 124.5 million tonnes in 2023, up 1.4% from 2022. This was principally driven by Asia’s continued expansion of production, which was only partially offset by Europe’s second consecutive year of output contraction. Pig meat production has also increased in the Americas and Oceania. Meanwhile, production remained largely stable in Africa.

Pig meat production in China expanded for the third consecutive year by 4.5% in 2023, or over 2.5 million tonnes, to 58.8 million tonnes, accounting for 47% of the world’s total pig meat output. Production also increased in Vietnam, the United States, and Brazil. In Vietnam, increased efficiency, resulting from industry investments and consolidation led to swine population growth, driving output expansion. In the United States, output rebounded, following declines for two consecutive years, mainly on rising slaughter. Meanwhile, in Brazil, reduced input costs and higher availability of feed, especially maize, lifted pig meat output by 2%; however, this reflects a significant slowdown in production expansion compared to growth performance during the last several years.

These increases were counterbalanced by a 6.6% drop in pig meat output, equivalent to 1.5 million tonnes of drop, to 20.8 million tonnes in the European Union. This is the second consecutive year of production decline, as the sector continued to suffer from widespread ASF outbreaks that lowered foreign demand, especially from Asia. Falling internal demand and lower profit margins also induced farmers to scale down operations, resulting in a drop in the region’s pig herd. Similarly, output in the United Kingdom declined by nearly 11% year-on-year, while in Canada, high input costs and labor shortages, coupled with lower demand, led to the closure of some plants, lowering pig meat production.

Global pig meat trade fell for the third consecutive year in 2023 by 7.9% to 9.8 million tonnes, reflecting declines in imports by all regions except for Central America and the Caribbean.

The most significant import contractions were reported in China, the Philippines, the United States, and Japan, broadly underpinned by higher supplies from national sources, including inventories. By contrast, pig meat imports rose in Mexico, Canada, and Chile, among others, on increasing internal demand, with those of Malaysia and the Dominican Republic surging due to ASF-related supply challenges.

The drop in global demand and lower national production led to a one-fourth drop in pig meat exports from the European Union. Pig meat exports also fell from Canada and the United Kingdom due to lower export availabilities.

Despite a drop in global demand for pig meat, several countries, notably the United States, Brazil, and the Russian Federation, reported higher shipments. Exports by the United States rebounded after two consecutive years of declines, mainly facilitated by trading agreements with its neighboring countries, Mexico, Canada, and the Dominican Republic. As for Brazil, despite a drop in volumes destined for China, pig meat exports increased due to rising shipments to the Philippines, Chile, Singapore, Uruguay, Vietnam, and Japan. Recently gained market access to Canada and Mexico also helped Brazil to sustain export expansion, despite Mexico suspending imports from Brazil in November 2023 amidst farmers’ protests. The Russian Federation also exported more, benefitting from expanding exportable supplies and competitive prices, coupled with a regionalization agreement signed with Vietnam that allowed exports to continue from parts of the Russian Federation free from the ASF virus.

April 24, 2024/ FAO. 2024. Meat Market Review: Overview of global market developments in 2023. Rome
https://openknowledge.fao.org

Article Comments

This area is not intended to be a place to consult authors about their articles, but rather a place for open discussion among pig333.com users.
Leave a new Comment

Access restricted to 333 users. In order to post a comment you must be logged in.

You are not subscribed to this list Swine News

Swine industry news in your email

Log in and sign up on the list

Related articles