Pork Meat Market to Garner $257.87 Bn, Globally, by 2027 at 3.9% CAGR, Says Allied Market Research
- Expanding F&B industry and retail market and changes in lifestyle and growing demand for protein-rich diet drive the growth of the global pork meat market.
Portland, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Pork Meat Market by Type (Chilled and Frozen), Packaging (Store Wrap, Modified Atmosphere Packaging, Vacuum Packaging, Shrink Bags, and Others), and Application (Household and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2027".As per the report, the global pork meat industry accounted for $236.11 billion in 2019, and is projected to reach $257.87 billion by 2027, growing at a CAGR of 3.9% from 2021 to 2027.
Drivers, restraints, and opportunities
Expanding the F&B industry and retail market, changes in lifestyle and rise in demand for protein-rich diet drive the growth of the global pork meat market. However, adoption of veganism and awareness regarding animal cruelty in animal farms and slaughterhouse hamper the market growth. On the contrary, growing popularity of organic meat is expected to open lucrative opportunities for the market players in the future.
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- Since the outbreak of COVID-19, the sales of pork meat have significantly decreased, owing to disruption in the supply chain and reduction in demand from restaurants.
- However, as governments have announced relaxation in lockdown measures and hotels & restaurants have resumed dining services, the demand for pork meat is anticipated to increase.
The store wrap segment to manifest the highest CAGR through 2027
By packaging, the store wrap segment is expected to register the highest CAGR of 4.6% during the forecast period. This is attributed to it being the most popular form of wrapping used in retail outlets. However, the shrink bags segment held the largest share in 2019, accounting for more than half of the global pork meat market, as shrink bags are most suited in keeping perishable items fresh while being transported.
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The commercial segment dominated the market
By application, the commercial segment held the lion's share in 2019, contributing to more than half of the global pork meat market. In addition, the segment is expected to portray the highest CAGR of 3.9% from 2021 to 2027, owing to growing working population and the trend of consuming meals outside homes.