In the report “Livestock and Poultry: World Markets and Trade” published mid-October, USDA analysts state that world pork production in 2024 is expected to “remain virtually unchanged at 115.5 million tonnes.” Lower production in the EU and China will be offset by a little higher production in Brazil, Vietnam and the US.
Specifically, US production is forecast to be 2% higher in 2024 compared to 2023. This is due to a strong increase in pigs produced per litter. Falling feed costs also play a role, which makes pork prices more competitive compared to other meats.
US pork exports are forecast to increase 3% in 2024 “on strong demand from Canada, the Philippines and South Korea as well as gaining market share from the EU in China and Australia.”
Looking at total global pork exports, shipments are forecast to increase 2% to 10.4 million tonnes in 2024 as Brazil exports continue to gain market share from EU and US pork products, particularly in the markets of Japan and Mexico.
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