Portugal: Pork Market 2024

Pork Market Size in Portugal

In 2022, the Portuguese pork market increased by 3.1% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a pronounced decline. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Pork Production in Portugal

In value terms, pork production declined slightly to $X in 2022 estimated in export price. Overall, production saw a mild setback. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

In 2022, the average pork yield in Portugal rose to X kg per head, growing by 1.7% on the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the yield increased by 2.6% against the previous year. Over the period under review, the average pork yield attained the maximum level at X kg per head in 2015; however, from 2016 to 2022, the yield failed to regain momentum.

In 2022, the number of animals slaughtered for pork production in Portugal dropped modestly to X heads, with a decrease of -1.7% on the previous year. In general, the number of producing animals, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 7.5%. Over the period under review, this number hit record highs at X heads in 2019; however, from 2020 to 2022, producing animals remained at a lower figure.

Pork Exports

Exports from Portugal

In 2022, shipments abroad of pork decreased by -28.1% to X tons, falling for the second year in a row after two years of growth. Over the period under review, total exports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -34.2% against 2020 indices. The growth pace was the most rapid in 2020 when exports increased by 43%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, pork exports shrank rapidly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 43%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for pork exports from Portugal, accounting for a 37% share of total exports. Moreover, pork exports to Spain exceeded the volume sent to the second major destination, Angola (X tons), threefold. China (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-1.5% per year) and China (+43.7% per year).

In value terms, Spain ($X) emerged as the key foreign market for pork exports from Portugal, comprising 37% of total exports. The second position in the ranking was taken by Angola ($X), with an 11% share of total exports. It was followed by France, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value to Spain stood at -1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-7.2% per year) and France (+10.3% per year).

Export Prices by Country

In 2022, the average pork export price amounted to $X per ton, which is down by -3.6% against the previous year. In general, the export price showed a perceptible descent. The pace of growth was the most pronounced in 2014 an increase of 11%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+28.4%), while the prices for the other major destinations experienced more modest paces of growth.

Pork Imports

Imports into Portugal

In 2022, overseas purchases of pork increased by 3.3% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 11% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, pork imports rose notably to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 17%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) was the main supplier of pork to Portugal, accounting for a approx. 96% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled -2.0%.

In value terms, Spain ($X) constituted the largest supplier of pork to Portugal.

From 2012 to 2022, the average annual growth rate of value from Spain was relatively modest.

Import Prices by Country

The average pork import price stood at $X per ton in 2022, with an increase of 1.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2017 an increase of 15%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2012 to 2022, the rate of growth in terms of prices for Spain amounted to +2.2% per year.

Source: IndexBox Platform

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