Bacon is one of the most popular meat products in hypermarkets. It is easy to store without refrigeration and comes with a long shelf life. Moreover, bacon is available in a wide range of varieties.
Market Statistics:
The global Bacon Market is estimated to account for US$ 23446.3 Mn in terms of value by the end of 2021.
Global Bacon Market: Drivers
Quick-service restaurants are popular across developed countries. They have introduced many innovative options, such as low-calorie bacon, to attract more customers. Other fast-food outlets are upgrading their menus to meet the changing needs of consumers. Thus, rapid growth of foodservice industry is propelling growth of the market. According to the Starbucks Corporation, the number of stores in Canada increased and reached 1,518 (licensed and company-owned stores) in 2018, whereas there were 1,174 stores in 2012. Moreover, the number of Subway stores in Canada was 3,240 in 2017, whereas in 2012, the number was 2,815. Similarly, according to Yum China, in 2018, there were 157 newly opened Pizza Hut stores in China, due to the growing demand in the country.
Global Bacon Market: Opportunities
Emergence of maple bacon is expected to provide lucrative growth opportunities for key players. For instance, in September 2019, Wellshire Farms, a natural and organic meat industry, launched Maple bourbon dry rubbed uncured bacon, which is a thick-cut bacon featuring rich, seasonal flavors, like maple sugar and salted bourbon.
Global Bacon Market: Restraints
Factor such as cultural belief in Islamic countries is expected to hinder the market growth. According to the OECD, the per capita consumption of pork in these countries, including Indonesia accounting for 1.020 kg/capita and India accounting for 0.173 kg/capita, were very less, as compared to that of other countries, in 2018. Meanwhile countries referred as complete Islamic countries, like Turkey, did not record any consumption.
Global Bacon Market - Impact of Coronavirus (Covid-19) Pandemic:
The industry has been impacted by supply chain disruptions due to the outbreak of Covid -19. Companies in the food & beverage sector have been witnessing supply chain disruptions, including cancellations of technology events due to office shutdowns. Thus, the bacon market was severely affected during pandemic.
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Key Takeaways:
The global bacon market was valued at US$ 23446.3 Mn in 2021 and is forecast to reach a value of US$ 29581.9 Mn by 2030 at a CAGR of 3.13 % between 2022 and 2030.
Regular bacon segment held dominant position in the global bacon market in 2021, accounting for 78.52% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Bacon Market Trends:
The increase in consumer expenditure capacity is a growing trend for the global bacon market. Moreover, the demand for convenience foods is further boosting growth of the market. Furthermore, growing influence of cross-culture dietary patterns is also creating a positive outlook for the bacon market.
The organic bacon is becoming increasingly popular, which is free from nitrates and other harmful elements. On the other hand, the turkey bacon is also expected to uplift the market growth. Additionally, the global bacon market is undergoing a rapid transformation and it is being driven by the government initiatives in various countries to promote innovation. Furthermore, the leading players in the industry are investing heavily in sustainable packaging solutions, which will aid in the development of new products.
Global Bacon Market: Competitive Landscape
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
Global Bacon Market: Recent Developments
- In October 2018, JBS SA announced approximately USD 20 million expansion of its Plumrose USA prepared foods business in Ottumwa, Iowa, to meet the growing foodservice and retail customer demand for high quality bacon products. The expansion included additional bacon processing and slicing capacities, bacon equipment upgrades, and new state-of-the-art slicing equipment.
- In September 2017, Smithfield Foods Inc. (subsidiary of WH Group) acquired three pork processing plants and five distribution centers in Romania, with the acquisition of Elit SRL and Vericom SRL.
- In October 2017, Smithfield Foods Inc. Jointly launched a Tripartite Strategic Partnership Agreement with JD.com, China’s largest retailer, Henan Shuanghui Investment, and Development Co. Ltd. According to this agreement, the fresh food division of JD.com, JD Fresh, was to become the online sales platform for Smithfield’s pork products in China.
