Covina, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Bacon is obtained by pieces of smoked or salted meat from back or sides of pig and often consumed in breakfast and is served with pancakes, eggs, or waffles. They are widely used in hamburgers and sandwiches to enhance their flavor.
Growing demand for convenient meat products with high quality and shelf life has contributed in target market growth. Novelty bacon dishes and other bacon related items have become popular due to its high protein content in developed countries. Further, supply chain management and advancements in food processing have helped in procurement of bacon across food units which is expected to boost the demand for Bacon Market growth.
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Key highlights:
- In June 2023, the Hormel Foods launched four new bacon toppings products which includes, real chopped bacon, pecanwood real bacon crumbles, cherrywood real bacon crumbles and single serve real bacon bits. The new launched product are made from 100% bacon.
Scope:
| Report Attribute | Report Details |
| Market Size in 2020 | US$ 62.9 Billion |
| Market Forecast in 2030 | US$ 92.32 Billion |
| Growth Rate | CAGR of 3.9% |
| Base Year | 2020 |
| Forecast Years | 2030 |
| Key Companies Covered | Tyson Foods, Inc., Hormel Foods Corporation, WH Group Limited, The Kraft Heinz Company, JBS SA, Fresh Mark, Inc., Maple Leaf Foods, Great British Meat Co., Seaboard Corporation, and Maple Leaf Foods. |
Bacon Market Trends:
- Healthier Options: Growing demand for lower-sodium, lower-fat, and nitrate-free bacon.
- Alternative Proteins: Increased popularity of alternative bacon products like turkey, chicken, and plant-based options.
- Flavor Innovation: Bacon with unique flavors, such as maple, sriracha, and smoked varieties.
- Sustainable Sourcing: A focus on sustainable and ethically sourced bacon products.
- Convenience: Ready-to-eat and pre-cooked bacon products for on-the-go consumers.
- Global Fusion: Bacon incorporated into diverse international cuisines and fusion dishes.
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Analyst View:
Changing consumer preference for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes has become a leading factor in target market growth. Fast-food chains, such as McDonald’s, Burger King, and Carl's Jr. have introduced more bacon options to their food menus in different flavor profiles, in order to improve consumer satisfaction, thereby propelling Bacon market growth.
Market Segmentation:
By type:
- Standard Bacon
- Ready-to-Eat Bacon
By Distribution Channel
- Foodservice Channel
- Full-service Restaurants
- Quick-service Restaurants
- Cafes & Bars
- Other Foodservice Channels
- Retail Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Stores, and Other Retail Channels)
By Region
- North America
- North America Bacon Market, By Product Type
- North America Bacon Market, By Distribution Channel
- North America Bacon Market, By Country
- U.S.
- Canada
- Europe
- Europe Bacon Market, By Product Type
- Europe Bacon Market, By Distribution Channel
- Europe Bacon Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Asia Pacific Bacon Market, By Product Type
- Asia Pacific Bacon Market, By Distribution Channel
- Asia Pacific Bacon Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Latin America Bacon Market, By Product Type
- Latin America Bacon Market, By Distribution Channel
- Latin America Bacon Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East & Africa Bacon Market, By Product Type
- Middle East & Africa Bacon Market, By Distribution Channel
- Middle East & Africa Bacon Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Bacon Market: Growth Factors and Dynamics
Growth Factors:
- Steady Consumer Demand
- Versatile Usage
- Continuous Innovation
Market Dynamics:
- Price Volatility
- Shifting Consumer Preferences
- Regulatory Compliance
Prominent Players in Bacon Market:
- Tyson Foods, Inc.,
- Hormel Foods Corporation,
- WH Group Limited,
- The Kraft Heinz Company,
- JBS SA,
- Fresh Mark, Inc.,
- Maple Leaf Foods,
- Great British Meat Co.,
- Seaboard Corporation,
- Maple Leaf Foods.
Conclusion
In conclusion, the bacon market continues to thrive due to steady consumer demand, its versatility in various culinary applications, and a culture of continuous innovation. However, market dynamics like price volatility, changing consumer preferences, and the need for regulatory compliance pose challenges that players in the industry must navigate to maintain and expand their market presence. Adaptation to health-conscious and sustainable trends, along with effective marketing strategies, will likely play a crucial role in the future growth and sustainability of the bacon market.
Related Reports:
- Meat Market- Trends, Analysis and Forecast till 2030
- Meat Ingredients Market- Trends, Analysis and Forecast till 2030
- Clean Meat Market- Market Trends, Analysis, and Forecast till 2030
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