How Did Qin Yinglin Became The World’s Richest Farmer?

According to Bloomberg’s Billionaires Index, he has an estimated net worth of US$ 20.7 billion as of January 2022. Also, according to Forbes, he earned his wealth as “the country’s largest pig breeder in the world’s biggest pork market.”

But who is Qin Yinglin? In a snapshot, this is who he is: He’s Chinese and still lives in China, and like most billionaires in the country, he belongs to the Chinese Communist Party. His company’s name is Muyuan Foodstuff which specializes in pork products.

Even though Forbes stated that he made his wealth in China because the country is the world’s largest consumer of pork, we need to take account that 50% of the world’s swine production is in China. It takes a lot just to stand out from the other pork suppliers in China.

One secret why he became very successful in the pork business was because he was born in the business. According to biographers of his early life, he became interested in pig breeding when his poor family raised pigs to earn a living.

Adding to his early story, it is said that he became really interested in pig raising when only one of the twenty pigs they raised survived. He reasoned that if he can improve the mortality rate of the pigs they raised, they would earn more money.

This is the reason why he studied veterinary science in college while other young people were studying more glamorous careers like medicine or law. Another thing which added to his success is the fact that he was able to apply in his work what he learned in school.

How many people today are working on jobs that they studied in school? There are nursing, engineering, law and other graduates that work as call center agents for example. While this is not essentially bad, we could consider the time and money wasted in degrees that are unused.

But not Qin, while most pig raisers don’t have the education to properly raise pigs, he has the proper knowledge to do so which gave him a distinct advantage from the others. He actually knows the science and business of pig raising.

We all know the saying: “Behind A Successful Man Is A Woman.” And in his case, this is all so true. His wife is also a graduate of animal husbandry. Her knowledge together with his knowledge has given the couple a distinct advantage over other pig raisers.

What’s more, she supported Qin when he decided to become a full-time pig raiser. She is in fact legally a co-founder of the Muyuan Foodstuff Co. which means that it is also through her management knowledge why the company thrived.

Another thing to consider is her loyalty to her husband. Normally, as a man becomes rich and becomes a billionaire or even just a millionaire, their wife usually leave their husband taking along a good chunk of his money.

But such is not the case with the couple. They had stayed together even through thick and thin while they’re still trying to grow their business.

Admittedly, one of the greatest reason for his success is because he lives in China which is the largest pork market in the world. China has one of the largest populations in the world which is approximately 1.402 billion as of 2020.

This means that Qin has more than a billion potential customers. This demand is so big that even though China produces 50% of the world’s pork, it still needs to import pork from other countries. This is how big the demand for pork is in China.

We can also consider that unlike the more developed countries like the USA, Canada and some European countries, pig raising regulations are generally a little more relaxed. For example in the US, there are regulations that monitor the feeding of pigs with leftover food.

This is not the same case with poorer and developing countries were leftover food is usually one of the biggest source of a pig’s daily diet. The same goes for worker wages, developed countries are more strict in implementing wage regulations as compared to poorer countries.

His company’s stock price rose significantly during the African Swine Fever outbreak in 2019 and the COVID pandemic which started in 2020. His company was able to not only thrive but grow because of good planning and management.

His company owns more of its own facilities than his competitors. This has allowed the company to better control the spread of the disease. He stated that: “the epidemic will force the weaker companies and farmer to completely withdraw.”

But it would be an opportunity for profit and development for the stronger enterprises. Amid the crisis, his company worked to continue increasing the number of pigs slaughtered while also increasing the automation in his pig houses.

If after reading this article you’ve become interested in the business of pig raising and the pork industry in general, do take note that according to Global News Wire, the global pork meat market size is estimated to be worth US$ 812.12 million in 2021.

The industry is expected to reach US$ 876.03 million in 2022. The industry is projected to grow at a CAGR of 8.12% reaching a total industry size of US$ 1.2977 trillion by 2027. This just means that the pork industry is a good business to be in for the coming years.

You can also consider that there is so much demand for pork especially in countries such as China whose own pork industry cannot satisfy the local demand. We also have to consider that China is already the biggest pork producer in the world to begin with.

A lot of forces combined together which resulted in the success of Qin. These forces are his early experiences, education, partner, market conditions and good management. Even lacking one of these force could have resulted in his failure.

But the pork industry in general is a good business to be in. There is just so much demand for pork meat that even China the world’s largest producer of pork meat, still has to import pork from other countries.

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