Preserved Belly Cut Market Overview in Ireland

In 2019, the Irish preserved belly cut market increased by % to $, rising for the sixth year in a row after two years of decline. Overall, the total consumption indicated a buoyant expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The pace of growth appeared the most rapid in 2008 when the market value increased by % year-to-year. Preserved belly cut consumption peaked in 2019 and is expected to retain growth in the immediate term.

In value terms, preserved belly cut production rose significantly to $ in 2019 estimated in export prices. Overall, production recorded a prominent expansion. The pace of growth appeared the most rapid in 2011 when the production volume increased by % year-to-year. Preserved belly cut production peaked in 2019 and is expected to retain growth in the immediate term.

In 2019, approx. tonnes of hams, shoulders and cuts of swine (salted, in brine, dried or smoked) were consumed in Ireland; growing by % on the year before. Over the period under review, the total consumption indicated a prominent increase from 2007 to 2019: its volume increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2007 indices. The most prominent rate of growth was recorded in 2015 with an increase of % against the previous year. Preserved belly cut consumption peaked in 2019 and is expected to retain growth in the near future.

The revenue of the preserved belly cut market in Ireland amounted to $ in 2019, with an increase of % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated strong growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2013 indices. The growth pace was the most rapid in 2008 with an increase of % against the previous year. Over the period under review, the market reached the maximum level in 2019 and is expected to retain growth in years to come.

Driven by increasing demand for preserved belly cut in Ireland, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .

Over the period under review, imports of preserved belly cut in Ireland were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for preserved belly cut.

This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.