Asia-Pacific: Processed Meat Market 2024

Processed Meat Market Size in Asia-Pacific

The Asia-Pacific processed meat market contracted slightly to $X.6B in 2022, approximately equating the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market hit record highs at $X.2B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Processed Meat Production in Asia-Pacific

In value terms, processed meat production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Processed Meat Exports

Exports in Asia-Pacific

Processed meat exports rose notably to X tons in 2022, growing by X% against the year before. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed meat exports surged to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand (X tons) and China (X tons) dominates exports structure, together achieving X% of total exports. The following exporters - Malaysia (X tons), South Korea (X tons) and Vietnam (X tons) - together made up X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest processed meat supplying countries in Asia-Pacific were Thailand ($X), China ($X) and Malaysia ($X), together comprising X% of total exports. South Korea and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Vietnam ($X per ton) and Malaysia ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Processed Meat Imports

Imports in Asia-Pacific

After three years of decline, supplies from abroad of processed meat increased by X% to X tons in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, processed meat imports rose significantly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

In 2022, Japan (X tons) represented the major importer of processed meat, committing X% of total imports. Hong Kong SAR (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%). Singapore (X tons), the Philippines (X tons) and Australia (X tons) took a relatively small share of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of processed meat. At the same time, South Korea (X%), the Philippines (X%), Singapore (X%) and Australia (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. Japan (X p.p.) and South Korea (X p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported processed meat in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: Hong Kong SAR (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 when the import price increased by X%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in years to come.

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 Australia ($X per ton), while the Philippines ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform