World pork production to remain essentially flat in 2024 – USDA

Analysts at the U.S. Department of Agriculture (USDA) say global pork production in 2024 is expected to “remain essentially flat at 115.5 million tons.” Production declines in the EU and China will be offset by small increases in Brazil, Vietnam and the US.

In particular, US pork production in 2024 is forecast to increase by 2% in 2024 compared to 2023. This is due to a significant increase in the number of pigs produced per litter. Lower feed costs also play a role, making pork prices more competitive with other meats.

U.S. pork exports are projected to increase 3% in 2024 “due to strong demand from Canada, the Philippines and South Korea, as well as increasing EU market share in China and Australia.”

As for total global pork exports, shipments are projected to increase 2% to 10.4 million tons in 2024.

Pork production in Brazil and Vietnam will increase

USDA expects Brazil’s pork production to increase 5% in 2024. In Vietnam, pork production is also likely to increase by 5% due to increased domestic demand resulting from the post-pandemic economic recovery.

China’s pork production will decline slightly

China’s pork production will decline by 1% due to weak domestic demand through most of 2023. This can be attributed to China’s recent economic downturn, which has made pork a product that some families can afford less often than before. However, on October 18, Reuters reported that “China’s economy grew faster than expected in the third quarter. Consumption and industrial activity also surprised to the upside in September, suggesting that a recent flurry of policy measures is helping support a tentative recovery.”

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