by Market Overview:
Bacon is a type of salt-cured pork made from various cuts of meat. It is usually lean which is derived from pork belly or pork loin. Bacon is rich in protein, vitamins and minerals and is a rich source of zinc and selenium. Its savory taste has made it a popular addition to sandwiches, salads and pasta dishes.
Market key trends:
Growth in convenient snacking is one of the key trends driving the bacon market. Increasing focus on convenience coupled with changing lifestyles have increased the demand for convenient snack food options. Bacon is increasingly being used as a convenient snack and is available in snack pack sizes. Bacon bits, bacon jerky and other ready-to-eat bacon products have gained popularity among time-strapped consumers. Large food companies are innovating in product formats such as pre-cooked bacon slices to further increase convenience.
The bacon market has been witnessing a high demand for pre-cooked and ready-to-eat bacon. The rising demand for convenience food and changing lifestyles of people have been fueling the growth of the pre-cooked bacon market. Moreover, the increasing health and wellness trend has also been boosting the demand for preservative-free and sugar-free bacon options. Companies are investing heavily in new product launches with innovative flavors and packaging to cater to dynamic consumer preferences.
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
Strengths:
– Highly adaptable product that can be eaten as a snack or used in various dishes
– Widely accepted taste and flavor that attract consumers
Weaknesses:
– High fat and sodium content which limits its consumption
– Vulnerable to price fluctuations of pork meat
Opportunities:
– Growing demand for gluten-free, sugar-free, and keto-friendly bacon options
– Rising popularity of e-commerce which helps expand the reach
Threats:
– Stringent regulatory environment regarding meat processing and packaging
– Threat from plant-based meat alternatives promoting healthier options
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 foods. The U.S. represents the largest as well as the fastest growing regional market.
Regional analysis:
The U.S. dominates the global bacon market with over 30% value share. The country witnesses high consumption of bacon due to its widespread use in burgers, sandwiches and other popular dishes. Moreover, ongoing innovation in terms of flavors and convenient packaging formats further aids market growth in the region. Canada and UK also offer lucrative prospects and exhibit growing demand for bacon and related products.
Key players:
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
