USDA: Global pork production will remain virtually unchanged in 2024

Analysts at the United States Department of Agriculture (USDA) say global pork production in 2024 is expected to “remain essentially flat at 115.5 million tons.” Declines in production in the EU and China will be offset by slight increases in production in Brazil, Vietnam and the US. Specifically, U.S. pork production is projected to increase 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 forecast to increase 3% in 2024, “driven by strong demand from Canada, the Philippines and South Korea, as well as increasing EU market share in China and Australia.” In terms of total global pork exports, shipments are forecast to increase 2% to 10.4 million tonnes in 2024. The USDA expects pork production in Brazil to increase 5% in 2024. In Vietnam, pork production is also likely to increase by 5% due to increased domestic ...