Pork market in South America

Earlier Report Observations

The Brazilian pork market volume grew from 5.7 million tonnes in 2018 to 6.9 million tonnes by 2023. This expansion was initially fueled by significant investments in production capacity and technology, supported by a vast network of slaughterhouses and favorable natural conditions. Peak pork prices in 2020 provided additional incentive for producers to increase output.

In the following years, falling pork prices made the meat more affordable, raising domestic per capita consumption. Export diversification to new markets compensated for reduced demand from China, maintaining production volumes. Innovations in packaging and the growth of e-commerce also stimulated demand for frozen and chilled pork segments. From mid-2023, lower costs for key inputs like corn and soybean meal further supported producer margins.

By 2023, market growth stabilized as production increases moderated after previous strong years. Record export volumes and price stability, sustained by conservative strategies from major processors, ensured the continued expansion of the domestic market volume.

Production pork in South America

In kind, 2017-2020, K t

Top producers of pork, 2017-2020

World map of production of pork, 2017-2020

South America's pork production has grown for the third year in a row. In 2020, the region produced 6 778 thousand tons of pork, marking a moderate 6.7% increase from the previous year. From 2017 to 2020, production rose by 16.2%, with an average annual growth rate of 5.1%.

Annual dynamics of production in South America in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of growth, South America's pork production value declined. In 2020, pork output was valued at 17 271 million US dollars, down 3.0% from 2019. Over the 2017-2020 period, production value increased by 15%, with a compound annual growth rate of 4.8%. The peak value was recorded in 2019 at 17 811 million US dollars, which also saw the largest annual increase of 13.4%.

Annual dynamics of production in South America in value, 2017-2020, M $ US

Exports pork from South America

Exports in kind, K t

Pork exports from South America have increased for the second consecutive year. In 2020, the region exported 1 141 thousand tons of pork, up 57.0% from 2019. Between 2017 and 2020, exports grew by 58%, with an average annual rate of 16.5%. The lowest volume was recorded in 2018 at 602 thousand tons, which also experienced the largest decline of 16.6%.

Annual dynamics of product's exports from South America in kind, 2017-2020, K t

From 2017 to 2020, three key markets—China, Hong Kong, and Russia—collectively accounted for 61.7% of South America's total pork exports by volume.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South America in kind, 2017-2020

Exports in value, M $ US

South America's pork export value has risen for the second year in a row. In 2020, exports reached 2 907 million US dollars, showing a sharp 42.6% year-over-year increase. Between 2017 and 2020, export value grew by 56.3%, equivalent to an annualized rate of 16.1%. The lowest value was recorded in 2018 at 1 548 million US dollars, which also saw the largest decline of 16.8%.

Annual dynamics of product's exports from South America in value, 2017-2020, M $ US

During 2017-2020, China (36.9% of export value), Russia (12.3%), and Hong Kong (10.7%) together absorbed 59.8% of South America's total pork export value, making them the primary destinations.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South America in value, 2017-2020

Imports pork to South America

Imports in kind, K t

Pork imports into South America have declined for the second consecutive year. In 2020, import volume reached 169 thousand tons, reflecting a modest 6.8% decrease from the previous year. Over the 2017-2020 period, imports increased by 19.3%, with an average annual growth rate of 6.1%. The highest volume was recorded in 2018 at 195 thousand tons, which also saw the largest annual increase of 37.6%. The largest decline occurred in 2019 at 6.9%.

Annual dynamics of product's imports to South America in kind, 2017-2020, K t

From 2017 to 2020, the United States (41.5% of import volume), Canada (4.6%), and Spain (1.5%) were significant suppliers of pork to South America. However, their combined share reached only 47.5% of total imports by volume, with the remaining 52.5% distributed among numerous other partners.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South America in kind, 2017-2020

Imports in value, M $ US

After two years of growth, South America's pork import value declined. In 2020, imports stood at 598 million US dollars, down 15.1% from 2019. The peak value was recorded in 2019 at 705 million US dollars, which also experienced the largest annual increase of 10.7%.

Annual dynamics of product's imports to South America in value, 2017-2020, M $ US

In 2017-2020, the United States (46.4% of import value), Canada (4.1%), and Spain (2.0%) together accounted for 52.5% of South America's total pork import value, remaining the main sources.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South America in value, 2017-2020