The new report by Expert Market Research titled, ‘Global Bacon Market Price, Share, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global bacon market, assessing the market based on its segments like product types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.3%
The demand for bacon has greatly surged with the commencement of the COVID-19 pandemic, consequently, fueling the market growth. Furthermore, hoarding of food supplies due to stay-at-home orders has resulted in an increase in demand for bacon, boosting the industry’s growth. The demand for ready-to-eat bacon is increasing as people’s preferences for nutritious and healthful foods expand, further boosting the industry’s growth.
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Furthermore, the rising demand for comfort food as a result of increased mental strain is driving up demand for bacon, which is a traditional cuisine in places like the United States, Canada, and the United Kingdom. Dietary fads like the Whole 30, keto, and Paleo diets are driving demand for meat-based products, especially among the millennial and Gen-Z generations.
As a result, the demand for bacon for nutritional purposes is increasing, boosting the industry’s growth. The growing popularity of home-cooked meals, especially in the wake of the pandemic, is driving up demand for traditional bacon, which is propelling the industry forward.
Industry Definition and Major Segments
Bacon is a form of pork that is usually prepared from a pig’s belly or side. For eating, it is cured, dried, pickled, and smoked. It’s used in a variety of dishes, including soups, salads, and sandwiches, among others.
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The market can be broadly categorised on the basis of its product types into:
• Standard Bacon
• Ready-to-Eat Bacon
The major distribution channels of bacon are:
• Foodservice Channel
• Full-Service Restaurants
• Quick Service Restaurants
• Cafes and Bars
• Retail Channel
• Speciality Stores
• Online Stores
The EMR report looks into the regional markets of bacon like:
• North America
• the Asia Pacific
• Latin America
• the Middle East and Africa
The introduction of smaller bacon products by top firms, such as stripes, pieces, and bits, among others, is helping to drive market growth. The market is predicted to rise due to the development of numerous bacon-containing food products with a variety of flavours and textures. Furthermore, the market is expected to rise due to the creative and sustainable packaging options for bacon supplied by prominent companies to increase its popularity among the ecologically concerned population.
In addition, market growth is expected to be fueled by the development of gluten-free and low-calorie bacon throughout the forecast period. The increased demand for cruelty-free products, however, may stifle industry growth. Various research and development (R&D) operations aimed at developing cultured bacon by collecting pig cells and stimulating them to grow into certain muscles are expected to increase bacon industry growth.
Furthermore, increased demand for fully cooked bacon types, which can provide faster and more convenient ways to obtain higher quality bacon with enhanced flavour, is likely to drive market expansion. Bacon’s expanding use in basic foods like sandwiches, salads, and burgers, among other snacks, is driving up demand, boosting the market’s expected to rise in the future years.
Key Market Players
The major players in the market are Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, Fresh Mark Inc., and Maple Leaf Food. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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