China 2024 pork output falls for first time in four years

BEIJING, Jan 17 — China’s pork production in 2024 fell for the first time after rising for three years straight, official data showed today, as livestock companies reduced slaughter rates due to ample supply of hogs and weak meat demand.

The world’s biggest pork-producer generated 57.06 million metric tons of pork in 2024, down 1.5 per cent from 57.94 million tons in 2023, which was the second-highest on record.

Farmers slaughtered 702.56 million hogs in 2024, down 3.3 per cent from a year earlier, the data showed.

China accounts for about half of the world’s pork consumption. The winter season during the fourth quarter is typically a high season for pork and cured meat consumption.

In the fourth quarter, production fell by 1.8 per cent year-on-year to 14.66 million metric tons, falling from a year earlier for the fourth consecutive quarter, according to Reuters calculations of the data from the National Bureau of Statistics.

Despite tepid demand, some companies ramped up production in the fourth quarter after inventory and cost cuts helped them return to profitability.

Many of China’s large hog companies are now expecting to raise slaughter rates in 2025 after slowing down production in 2024.

Wen’s Foodstuff Group 300498.SZ said it aims to slaughter 34 million hogs this year, a year-on-year increase of 12.65 per cent compared with 2024, while New Hope 000876.SZ plans to slaughter one million to two million more hogs.

China’s pig herd stood at 427.43 million at the end of December, a decrease of 1.6 per cent, the data showed.

The sow herd was down 1.9 per cent at 40.80 million at the end of November, according to separate data from China’s agriculture ministry.

Despite a smaller herd size, analysts expect China’s hog supply in 2025 to remain in excess of demand and pressure prices due to improved productivity of sows.

China’s beef output rose last year by 3.5 per cent to 7.79 million tons. Poultry output increased 3.8 per cent to 26.6 million tons and lamb and mutton decreased 2.5 per cent to 5.18 million tons. — Reuters