BACON MARKET ANALYSIS

Market Challenges And Opportunities

Global Bacon Market Drivers:

Growing Preferences for Bacon in Breakfast is Propelling Market Growth

Growing preferences for bacon in breakfast is expected to drive growth of the bacon market. There is a high demand for meat-based breakfast such as bacon, over other breakfast options, such as pancakes, owing to the changing eating habits among consumers. Moreover, due to the hectic lifestyle consumers are demanding breakfast options, such as on-the-go food products.

Increasing Consumption of Pork Is Fuelling Market Growth

According to the US Department of Agriculture’s (USDA) Foreign Agricultural Service, the global exports were 8% higher in 2018, compared to earlier year, fueled by the rising demand from China and steady economic growth in most of the major pork markets.

Global Bacon Market Opportunities:

Increasing scope for clean-labeled bacon is projected to provide significant growth opportunities over the forecast period. According to a survey conducted by Golden Hill Foods, 87% of the American consumers read the labels while purchasing food products and about 70% of the US consumers want meat and poultry products with no artificial ingredients. Moreover, North Country Smokehouse’s organic applewood smoked sugar-free bacon and all-natural sugar-free fruitwood smoked bacon were introduced in 2018, to cater to the growing demand for organic bacon for targeting the health-conscious consumers.

The increasing demand for meat protein and convenience food is projected to serve major growth opportunities. Bacon has become a popular meat product in supermarkets and hypermarkets. A growing number of foodservice outlets are enhancing the menu of their outlets by providing low-calorie variants of bacon. Similarly, various fast-food organizations are undertaking expansion plans to expand their markets.

Global Bacon Market Restraints:

Rise In Vegan Population Is Expected To Hamper Market Growth

Increasing vegan population due to various health concerns is reducing the meat intake among consumers. For instance, the new dietary guidelines released by the Chinese government encourage the country’s 1.3 billion people to reduce their meat consumption by 50%.

Covid-19 impact to Pose Challenge for Market Growth

One of the major challenges affecting the industry is the outbreak of the COVID-19 pandemic in December 2019. Several countries across the globe have been affected by this pandemic and have enacted travel bans or implemented extension plans. Moreover, the industry has been impacted by supply chain disruptions. Companies in the food & beverage industry have been experiencing supply chain disruptions, including cancellations of technology events due to office shutdowns. Nevertheless, the government is taking initiatives to help the bacon industry develop new products and become more competitive in the international market.