Asia: Frozen Pork Cut Market 2024

Frozen Pork Cut Market Size in Asia

In 2022, the Asian frozen pork cut market decreased by -36.2% to $X for the first time since 2011, thus ending a ten-year rising trend. Overall, consumption, however, posted a buoyant increase. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced remarkably in the following year.

Frozen Pork Cut Production in Asia

In value terms, frozen pork cut production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 42% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), Bangladesh (X tons) and Turkey (X tons), together accounting for 59% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +11.6%), while production for the other leaders experienced more modest paces of growth.

Frozen Pork Cut Exports

Exports in Asia

For the third year in a row, Asia recorded decline in overseas shipments of frozen hams, shoulders and cuts of pig meat, which decreased by -22.8% to X tons in 2022. Over the period under review, exports recorded a deep reduction. The growth pace was the most rapid in 2015 with an increase of 61%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen pork cut exports fell significantly to $X in 2022. In general, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 41%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Hong Kong SAR (X tons) was the largest exporter of frozen hams, shoulders and cuts of pig meat, achieving 53% of total exports. Georgia (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (9.7%), Thailand (7.5%) and the United Arab Emirates (6.4%). Cyprus (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen pork cut exports from Hong Kong SAR stood at -11.0%. At the same time, Georgia (+63.3%), Singapore (+34.6%), the United Arab Emirates (+29.4%) and Turkey (+21.0%) displayed positive paces of growth. Moreover, Georgia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +63.3% from 2012-2022. By contrast, Thailand (-6.7%) and Cyprus (-15.9%) illustrated a downward trend over the same period. Georgia (+11 p.p.), Singapore (+9.4 p.p.), the United Arab Emirates (+6.2 p.p.) and Turkey (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Cyprus and Hong Kong SAR saw its share reduced by -4.7% and -25.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) remains the largest frozen pork cut supplier in Asia, comprising 45% of total exports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total exports. It was followed by Singapore, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in Hong Kong SAR amounted to -11.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-2.9% per year) and Singapore (+29.7% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, shrinking by -6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 when the export price increased by 19% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Georgia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.1%), while the other leaders experienced more modest paces of growth.

Frozen Pork Cut Imports

Imports in Asia

In 2022, overseas purchases of frozen hams, shoulders and cuts of pig meat decreased by -50% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of 111% against the previous year. The volume of import peaked at X tons in 2021, and then fell markedly in the following year.

In value terms, frozen pork cut imports reduced sharply to $X in 2022. Overall, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 163% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then reduced sharply in the following year.

Imports by Country

China represented the major importer of frozen hams, shoulders and cuts of pig meat in Asia, with the volume of imports finishing at X tons, which was near 80% of total imports in 2022. It was distantly followed by the Philippines (X tons), comprising a 12% share of total imports. Vietnam (X tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +12.0% from 2012 to 2022. At the same time, Vietnam (+40.0%) and the Philippines (+26.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +40.0% from 2012-2022. The Philippines (+8.6 p.p.), China (+4.4 p.p.) and Vietnam (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported frozen hams, shoulders and cuts of pig meat in Asia, comprising 81% of total imports. The second position in the ranking was held by the Philippines ($X), with a 9.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +11.0%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+27.2% per year) and Vietnam (+38.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, dropping by -17.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 25%. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then dropped sharply in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the Philippines ($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 (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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