ASEAN: Market for Frozen Pig Meat Other Than Cuts Or Carcases 2024

Market Size for Frozen Pig Meat Other Than Cuts Or Carcases in ASEAN

In 2022, the ASEAN market for frozen pig meat other than cuts or carcases increased by 3.7% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +41.2% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Production of Frozen Pig Meat Other Than Cuts Or Carcases in ASEAN

In value terms, production of frozen pig meat other than cuts or carcases shrank markedly to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced contraction. The growth pace was the most rapid in 2021 when the production volume increased by 44% against the previous year. Over the period under review, production of reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Thailand (X tons) constituted the country with the largest volume of production of frozen pig meat other than cuts or carcases, comprising approx. 81% of total volume. Moreover, production of frozen pig meat other than cuts or carcases in Thailand exceeded the figures recorded by the second-largest producer, Vietnam (X tons), sevenfold.

In Thailand, production of frozen pig meat other than cuts or carcases increased at an average annual rate of +1.6% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Vietnam (-17.6% per year) and Lao People's Democratic Republic (+0.2% per year).

Exports of Frozen Pig Meat Other Than Cuts Or Carcases

Exports in ASEAN

In 2022, shipments abroad of frozen pig meat other than cuts or carcases increased by 24% to X tons, rising for the fourth consecutive year after four years of decline. Over the period under review, exports saw buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 128% against the previous year. The volume of export peaked in 2022 and is likely to continue growth in the near future.

In value terms, exports of frozen pig meat other than cuts or carcases totaled $X in 2022. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 81%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

The shipments of the one major exporters of frozen pig meat other than cuts or carcases, namely Singapore, represented more than two-thirds of total export.

Singapore was also the fastest-growing in terms of the frozen pig meat other than cuts or carcases exports, with a CAGR of +33.3% from 2012 to 2022. Singapore (+73 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) also remains the largest frozen pig meat other than cuts or carcases supplier in ASEAN.

In Singapore, exports of frozen pig meat other than cuts or carcases increased at an average annual rate of +28.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, waning by -16.4% against the previous year. Overall, the export price showed a pronounced descent. The growth pace was the most rapid in 2020 an increase of 23%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2022, the rate of growth in terms of prices for Singapore amounted to -3.8% per year.

Imports of Frozen Pig Meat Other Than Cuts Or Carcases

Imports in ASEAN

For the third year in a row, ASEAN recorded growth in supplies from abroad of frozen pig meat other than cuts or carcases, which increased by 29% to X tons in 2022. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 60%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, imports of frozen pig meat other than cuts or carcases rose notably to $X in 2022. Over the period under review, imports saw prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 68%. Over the period under review, imports of attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

The Philippines represented the key importing country with an import of around X tons, which amounted to 58% of total imports. Vietnam (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (15%). Malaysia (X tons) followed a long way behind the leaders.

Imports into the Philippines increased at an average annual rate of +19.8% from 2012 to 2022. At the same time, Vietnam (+23.9%), Malaysia (+8.7%) and Singapore (+2.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +23.9% from 2012-2022. While the share of the Philippines (+21 p.p.) and Vietnam (+12 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-1.9 p.p.) and Singapore (-31.3 p.p.) displayed negative dynamics.

In value terms, the largest frozen pig meat other than cuts or carcases importing markets in ASEAN were the Philippines ($X), Vietnam ($X) and Singapore ($X), with a combined 94% share of total imports.

Among the main importing countries, Vietnam, with a CAGR of +25.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, which is down by -11.1% against the previous year. In general, the import price continues to indicate a slight descent. The growth pace was the most rapid in 2020 an increase of 19%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform