Asia: Fresh Pork Cut Market 2024

Fresh Pork Cut Market Size in Asia

The Asian fresh pork cut market contracted sharply to $X in 2022, waning by -48.2% against the previous year. Overall, consumption saw a deep reduction. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Fresh Pork Cut Production in Asia

In value terms, fresh pork cut production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 25% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

China (X tons) remains the largest fresh pork cut producing country in Asia, accounting for 78% of total volume. Moreover, fresh pork cut production in China exceeded the figures recorded by the second-largest producer, Malaysia (X tons), fourfold.

In China, fresh pork cut production remained relatively stable over the period from 2012-2022.

Fresh Pork Cut Exports

Exports in Asia

Fresh pork cut exports surged to X tons in 2022, picking up by 159% against the previous year. Over the period under review, exports showed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 226% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

In value terms, fresh pork cut exports surged to $X in 2022. In general, exports saw significant growth. The pace of growth was the most pronounced in 2016 when exports increased by 218% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

China dominates exports structure, amounting to X tons, which was near 93% of total exports in 2022. It was distantly followed by Malaysia (X tons), making up a 6.3% share of total exports.

China was also the fastest-growing in terms of the fresh or chilled hams, shoulders and cuts of pig meat exports, with a CAGR of +64.2% from 2012 to 2022. Malaysia (-10.7%) illustrated a downward trend over the same period. China (+93 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -92.7% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest fresh pork cut supplier in Asia, comprising 95% of total exports. The second position in the ranking was held by Malaysia ($X), with a 4.7% share of total exports.

In China, fresh pork cut exports expanded at an average annual rate of +67.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, surging by 12% against the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh pork cut export price decreased by -11.5% against 2019 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 44% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.3%).

Fresh Pork Cut Imports

Imports in Asia

In 2022, overseas purchases of fresh or chilled hams, shoulders and cuts of pig meat increased by 12% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, saw a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 35%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, fresh pork cut imports dropped modestly to $X in 2022. Over the period under review, imports, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2015 with an increase of 27%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Korea was the main importer of fresh or chilled hams, shoulders and cuts of pig meat in Asia, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2022. Japan (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (9.4%), Brunei Darussalam (8.3%) and Hong Kong SAR (6%). The following importers - Qatar (X tons), Taiwan (Chinese) (X tons) and Cyprus (X tons) - together made up 8.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to fresh pork cut imports into South Korea stood at +1.5%. At the same time, Vietnam (+39.9%), Hong Kong SAR (+18.2%) and Japan (+9.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +39.9% from 2012-2022. By contrast, Cyprus (-3.9%), Qatar (-4.8%), Brunei Darussalam (-10.5%) and Taiwan (Chinese) (-19.5%) illustrated a downward trend over the same period. South Korea (+26 p.p.), Japan (+11 p.p.), Vietnam (+9.2 p.p.), Hong Kong SAR (+5.4 p.p.) and Qatar (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Brunei Darussalam and Taiwan (Chinese) saw its share reduced by -5% and -10.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X), Japan ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 66% share of total imports. These countries were followed by Brunei Darussalam, Qatar, Vietnam, Cyprus and Taiwan (Chinese), which together accounted for a further 27%.

Among the main importing countries, Vietnam, with a CAGR of +36.7%, saw the highest rates of growth with regard to 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

In 2022, the import price in Asia amounted to $X per ton, with a decrease of -14.7% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh pork cut import price increased by +28.8% against 2014 indices. The growth pace was the most rapid in 2021 an increase of 25%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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