Industry Notes

Industry Notes / Hogs and Muyuan / Chapter 3 of 4 · Bar

Why slaughter share keeps rising

From capital races to efficiency contests

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National slaughter share
2021 share
6%
2025 share
10.83%

Muyuan’s national slaughter share rose from ~6% to ~10.8%. 2026 planned slaughter is roughly flat with 2025—growth slows on purpose. Exiting backyard farms gift share to cost leaders.

Source：牧原股份公开出栏与全国占比披露（2021→2025）

Research notes, not investment advice.