Have a look at Pig Vs Hive Comparison in a nut shell from a "dezyre" article
Hive is better than PIG in: Partitions, Server, Web interface & JDBC/ODBC support.
Some differences:
Hive is best for structured Data & PIG is best for semi structured data
Hive is used for reporting & PIG for programming
Hive is used as a declarative SQL & PIG as a procedural language
Hive supports partitions & PIG does not
Hive can start an optional thrift based server & PIG cannot
Hive defines tables beforehand (schema) + stores schema information in a database & PIG doesn't have a dedicated metadata of database
Hive does not support Avro but PIG does. EDIT: Hive supports Avro, specify the serde as org.apache.hadoop.hive.serde2.avro
Pig also supports additional COGROUP feature for performing outer joins but hive does not. But both Hive & PIG can join, order & sort dynamically.