Bacon Market is Estimated To Witness High Growth
Market Overview:
The bacon market consists of pork belly meat cured and or smoked to add flavor. It is popular as a breakfast meat and used in salads and sandwiches. Bacon adds a smoky and savory flavor to dishes. Changing consumer preference towards convenient ready to eat and protein rich food drives the demand for bacon as a snack and ingredient in other food products.
Market Dynamics:
Rising health consciousness and focus on protein-rich diets has boosted the consumption of bacon globally. Bacon is high in protein and offers nutritional benefits when consumed in moderation. Growing demand for convenience food also supports the bacon market. Bacon is available in various formats including slices, lardons, and sticks which makes it easy to add protein to salads and meals with minimal preparation. However, health risks associated with processed meat may negatively impact the bacon market growth over the forecast period. Changing perception about links between processed meat and cancer may shift consumer preference. Stringent regulatory policies regarding antibiotics and growth hormones used in animal farming is another challenge for the bacon industry.
The global Bacon Market Size is estimated to be valued at US$ 24937.01 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The bacon market has strong demand from various end use industries like food service providers and households. Bacon is a convenient and tasty source of protein. Production of bacon requires less time and resources compared to other meat products.
Weakness: Significant health concerns are associated with high consumption of bacon due to presence of sodium and saturated fat. Stringent food safety regulations increase production costs for bacon manufacturers.
Opportunity: Growing health-conscious population offers opportunities to develop healthier bacon alternatives made with lower fat content. Rising disposable income in developing nations increases the demand for premium food products like bacon.
Threats: Volatility in pork meat prices impacts the raw material costs for bacon producers. Growing veganism and vegetarianism trends reduce the overall demand for meat and meat-based products.
Key Takeaways
The global bacon market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing demand for convenience food products. Fast-paced lifestyle has driven the consumption of ready-to-cook and ready-to-eat foods including bacon. Growing out-of-home meat consumption also supports the market growth.
North America dominates the global bacon market, accounting for around 35% of the global bacon supply. The US is the largest consumer and producer of bacon owing to widespread consumption of bacon-based sandwiches and burgers. Europe is the second largest regional market for bacon driven by increasing demand from countries like Germany, UK, Italy and Spain.
Key players operating in the bacon market are Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm. Leading companies are focusing on product innovation, marketing activities and mergers & acquisitions to strengthen their market position.
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