In September 2024, Hormel, a leading global branded food company, announced the launch of its Open Ready Thick-Cut Bacon. This innovative new product is set to revolutionize the bacon category with its unique combination of flavor, thickness, and convenience.
Hormel’s Open Ready Thick-Cut Bacon is designed to cater to the growing demand for premium and high-quality bacon products. The new bacon is cut thicker than traditional bacon, making it prefect for those who crave a heartier, more satisfying bacon experience. Additionally, the Open Ready Packaging allows for easy storage and refrigeration, making it a convenient option for busy household.
The launch of Hormel’s Open Ready Thick-Cut bacon is a significant development in the food industry, as it addresses the evolving taste and preference of the consumers. With its unique thickness and flavor profile, this new product is poised to capture significant share in the bacon industry. As Hormel continues to innovate and expand its product portfolio, consumer can expect even more exciting developments from this leading food company.
As per the Coherent Market Insights report, the global bacon industry is set to expand at a CAGR of 3.13% from 2022 to 2030. In 2030, profit generated from the sales of bacon is reach at a sum of US$ 29,581.9 million from US$ 23,446.3 million in 2021. Growth is driven by the growing demand for ready to eat food products and increasing awareness of accommodation food.
Another factor that lead to growth is growing demand for pork food products and increased consumer spending capabilities. In addition, changing lifestyle and eating habits of consumer will further lead to growth in the industry.
Major companies are now investing in providing attractive packaging solution and innovative product variants. These player are also introducing low calorie bacon and gluten-free bacon. This enables the companies to compete with meat substitutes.
North America is expected to hold the largest share in the global industry during the forecast period. This is owing to high consumption of meat-based food items in the region. Additionally, presence of key players in the region will also lead to growth of regional industry.
Increasing preference of bacon in the breakfast is lead to drive growth in the regional industry. High demand of meat based breakfast among the consumer including bacon over other breakfast option such as pancakes. This is owing to change the eating habits of the consumers. Due to busy schedule and hectic lifestyle consumer are now shifting towards on-the-go food products.
Growing demand for clean label food products is also provide an opportunity for growth in the global industry. Moreover, rising demand for meat protein and convenience food is poised to serve growth opportunities in the global industry. Bacon is now becoming a popular meat food product in the hypermarket and supermarkets.
