This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as pork (on menus).
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F416 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character โpigโ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: animal, bacon, farm, pork, sow.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: ๐๏ธ See the Emojipedia for more details on this characterโs emoji properties.
The Wikipedia has the following information about this codepoint:
The pig (Sus domesticus), also called swine (pl.: swine) or hog, is an omnivorous, domesticated, even-toed, hoofed mammal. It is named the domestic pig when distinguishing it from other members of the genus Sus. It is considered a subspecies of Sus scrofa (the wild boar or Eurasian boar) by some authorities, but as a distinct species by others. Pigs were domesticated in the Neolithic, both in East Asia and in the Near East. When domesticated pigs arrived in Europe, they extensively interbred with wild boar but retained their domesticated features.
Pigs are farmed primarily for meat, called pork. The animal's skin or hide is used for leather. China is the world's largest pork producer, followed by the European Union and then the United States. Around 1.5 billion pigs are raised each year, producing some 120 million tonnes of meat, often cured as bacon. Some are kept as pets.
Pigs have featured in human culture since Neolithic times, appearing in art and literature for children and adults, and celebrated in cities such as Bologna for their meat products.