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, consumers 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. By 2030, the profit generated from bacon sales is expected to reach 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 leads to growth is the growing demand for pork food products and increased consumer spending capabilities. In addition, changing lifestyles and eating habits of consumers will further contribute to the industry’s growth.
Major companies are now investing in attractive packaging solutions and innovative product variants. These players are also introducing low-calorie bacon and gluten-free bacon. This enables the companies to compete with meat substitutes.
North America is expected to be the dominant region. This is owing to high consumption of meat-based food items in the region. Additionally, the presence of key players in the region will also lead to growth of regional industry.
High demand for meat-based breakfast options, including bacon, over other alternatives such as pancakes is driving growth in the regional industry. This is owing to changing eating habits of the consumers. Due to busy schedule and hectic lifestyles, consumers are now shifting towards on-the-go food products.
Growing demand for clean label food products also presents an opportunity for growth in the global industry. Moreover, the rising demand for meat protein and convenience foods is expected to create further growth opportunities. Bacon is increasingly becoming a popular meat food product in the hypermarket and supermarkets.
