Bacon Market Size is expected to reach a market value of US$ 40.3 Bn during the forecast period from a value of US$ 34 Bn in 2020. The CAGR during the forecast period is anticipated to be 4.3%.
Bacon is made from severing the meat of the belly and side of a pig and then cured with salt, smoked or freshly sold in the markets. It is severed as breakfast with eggs, waffles, sandwiches, hamburgers or pancakes in many of the western countries such as North America. Bacon is popular because of its flavor that is enhanced from its fat.
The major driver for the bacon market is the initiative the government is taking to help bacon producers and processors to develop new dishes to attract customers; this is creating a positive impact on the bacon market. The growth in the bacon market is due to the new and creative products made from bacon are available in the market, such as bacon-flavored ice cream, popcorn, cotton candy, soda, and chocolates. In addition to this, culinary dishes made using bacon is never-ending, more and more consumers are attracted to it each year.
The busy and hectic lifestyle of the people is helping the fast food restaurants grow during, which in return is helping the growth of the bacon market. Bacon is available to all as it is inexpensive due to the lavish amount of bacon being available in the markets which helps attract a wide range of consumers.
Bacon is known to have high amounts of fat, cholesterol and sodium which are a risk to health. Research says that people who consume a massive amount of bacon are prone to high blood pressure and heart diseases, which creates and hugely negative impact on the bacon market.
Many of the plant based companies are working on developing alternative food for bacon with ingredients such as soya beans, due to the increase in the demand for vegan products in the market. This is setting back the bacon market.
April 2020, United States President Donald Trump has passed as exclusive order that the meat shops, including bacon, are shielded from lawsuits that prevent waged workers who were affected by COVID 19, and all the meat producers to stay open.
Due to COVID 19, the bacon market has experienced a huge impact on growth. The world has been under lockdown for a few months and people are not allowed to leave their houses, which resulted in abundant amounts of bacon to store, and having a shortage of storage space. This is resulting in a serious decrease in the price of bacon. The bacon processors are worried about how to bring bacon back into people’s lifestyle, as many bacon consumers are not willing to purchase products from stores and are also not willing to visit food distribution channels.
By Product Type:
The bacon market by product type is segmented into dry cured bacon ; immersion cured bacon and pumped bacon. Pumped segment is expected to be the market leader during the forecast period. This is because of its high popularity among the commercial sellers as it could be used in many famous recipes such as briskets.
The immersion cured bacon is a type of sweet flavored bacon which is made with a mixture of flavors such as sugar, honey or maple syrup with salt. The market for this is still low and is not expected to account for much of the market share during the forecast period.
On the other hand, dry cured bacon is expected to have to steady growth during the forecast period.
The bacon market by nature is segmented into organic and conventional. Organic bacon is anticipated to lead the market during the forecast period due to increased interest in people to switch back to organic ways.
Bacon market by the source is segmented into pork, beef, turkey and chicken. Pork based bacon is projected to hold the highest share in the bacon market by the source as bacon was originally made from pork and majority of the consumers are not willing to adapt to alternative forms of bacon.
Next in line is turkey based bacon and it is expected to have a steady growth during the forecast period, as many people are trying to substituted pork based bacon to a less fat and sodium meat such as turkey. This product is likely to create immense opportunities for the bacon market during the calculated period.
By Distribution Channel:
The global bacon market is bifurcated into food service channel and retail channel by distribution channel.
The food service channel is further segmented into full service restaurants, cafes and bars, and quick service restaurants. During the forecast period, the quick service restaurants are expected to have a maximum share in the bacon market. Quick services restaurants are also called fast food restaurants in many parts of the world. The hike in this segment is mainly due to the lifestyle and hectic and busy schedule of people. These restaurants are majorly found in Canada and the United States. Due to the lifestyles of people living in these areas the restaurants are investing in expending their bacon menu, which will attract more customers, which in turn increases the bacon market. The increased influence of multinational cuisines due to the presence of international companies is also affecting the quick service restaurants. To add on to the list, the growing number of fast food restaurants in the areas is also increasing the growth of the bacon market by food service distribution channel.
The retail channel is divided into supermarkets and hypermarkets, independent retailers, specialist retailers and online stores. Before the forecast period, independent retailers were in high demand but eventually during the forecast period, the consumers are moving towards supermarkets and hypermarkets, this is due to increased trust and quality the providers are giving the consumers. In addition to this, the supermarkets and hypermarkets are providing the goods for a cheaper price. Therefore the supermarkets and hypermarkets segment is expected to have a steady growth during the forecast period. The independent retailers, on the other hand, are still expected to contribute to the market share during the outlook period, in rural areas.
North America is expected to hold the largest share of the bacon market by region. This is due to the lifestyle of the people living in the region. A lot of people from this region are adapted to eating meat for breakfast and bacon is a major part of it. Quick service restaurants in the United States and Canada are introducing new options of bacon in their menus trying to adapt to the area’s changing palates and peoples interest in trying new dishes.
Moreover, the governments in these areas are taking an initiative to help bacon produces and fast food restaurants to innovate and introduce new dishes to the market which is helping the growth of the market.
The Asia Pacific is next in line and holds the second highest share in the bacon market by region. This is because China is known to be the homeland of bacon, and is expected to be the market leader in the Asia Pacific region.
The Middle East and Africa are anticipated to set back the growth of the bacon market as most of the population in these regions is Jewish and Muslim, and due to the religious restriction, many restrict adding pork based products to their meals.
BRF S.A. (Brazil), Cargill Inc. (United States), Foster Farms (United States), Farmland Industries Inc. (United States), Hormel Foods Corporation (United States), Karro Food Group (United Kingdom), OSI Group (United States), Smithfield Foods Inc. (United States), Tnnies Lebensmittel GmbH & Co. KG. (Germany), Organic Prairie (United States), Applegate Farms LLC (United States), True Story Foods (United States), JBS S.A. (Brazil), Oscar Mayer Company (United States), B. & C. Tönnies Fleischwerk GmbH & Co. KG (Germany), WH Group Ltd. (Hong Kong), Tyson Foods Inc. (United States), The Kraft Heinz Company (United States), And Fresh Mark Inc. (United States).
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Bacon Market, By Product Type
6.1.1 Dry Cured Bacon
6.1.2 Immersion Cured Bacon
6.1.3 Pumped Bacon
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Bacon Market, By Nature
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Bacon Market, By Source
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
6.4 Bacon Market, By Distribution Channel
6.4.1 Food Service Channel
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Nature
7.2.4 By Source
7.2.5 By Distribution Channel
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Product Type
7.3.3 By Nature
7.3.4 By Source
7.3.5 By Distribution Channel
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Nature
7.4.4 By Source
7.4.5 By Distribution Channel
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Nature
7.5.4 By Source
7.5.5 By Distribution Channel
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Product Type
7.6.3 By Nature
7.6.4 By Source
7.6.5 By Distribution Channel
8. Key Player Analysis
8.1 BRF S.A
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Cargill Inc
8.3 Foster Farms
8.4 Hormel Foods Corporation
8.5 OSI Group
8.6 Smithfield Foods Inc
8.7 Applegate Farms LLC
8.8 True Story Foods
8.9 Tyson Foods Inc.
8.10 The Kraft Heinz Company
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures