Pork Boom Predicted: Brazil’s Swine Industry Set to Surge with 5% Production Growth in 2024

The USDA’s Foreign Agricultural Service (FAS) anticipates a robust 7% increase in Brazil’s pork production for 2023, followed by a steady 5% rise in 2024, according to the latest report from the USDA Global Agricultural Information Network (GAIN).

This surge in production is poised to drive up pork consumption as availability increases. FAS projects a substantial 8% growth in exports for 2023, with a continued 7% uptick expected in 2024.

Factors contributing to this optimistic forecast include high external demand, expanded market access, improved local economic conditions, and a favorable environment fostered by record corn and soybean crops. The resultant increase in feed availability is also seen as a key driver for the uptick in swine production.

The USDA post in Brazil outlines a positive outlook, predicting a 6% surge in pork consumption for 2023, reaching 3.22 MMT CWE, and a further 4% increase in 2024 to 3.35 MMT CWE. This is attributed to enhanced domestic availability and more budget-friendly prices for consumers.

Anticipated exports are forecasted to constitute 31% of total production, driven by increased availability, strong external demand, potential expansions into new markets, and heightened exports to existing consumers.

Furthermore, the report suggests a steady import volume of 2 MMT CWE for both 2023 and 2024, maintaining stability from 2022 figures. The overall outlook paints a promising picture for Brazil’s pork industry, poised for sustained growth and global market presence.