The Bacon Market Growth impelled by rise in consumption of animal-derived products and rising preference for convenience food products; while North America held the largest share of the market, followed by Europe and Asia Pacific.
Pune, India., April 20, 2021 (GLOBE NEWSWIRE) -- Bacon Market: Key Insights
According to our new research study on “Bacon Market to 2027 – Global Analysis and Forecast – by Nature, Source, Type, and Distribution Channel,” the Bacon Market Size was valued at US$ 27,419.94 million in 2018, and it is expected to grow at a CAGR of 4.3% during 2019–2027 to reach US$ 40,004.62 million by 2027. Developments in meat processing technologies and increase in the demand for meat protein are among the major factors boosting the growth of bacon market. However, fat and sodium content of bacon that increases the risk of heart diseases and blood pressure restricts the demand for bacon.
Bacon Market: Competition Landscape and Key Developments
A few of the key companies operating in the global bacon market include Applegate Farms, LLC.; Farmland Industries, Inc.; Foster Farms; Hormel Foods Corporation; JBS S.A.; Karro Food Group; Organic Prairie; Osi Group.; Smithfield Foods, Inc.; and True Story Foods.
The key market players are focused on strategies such as mergers and acquisitions, and research and development to expand their geographic presence and consumer base. JBS USA made an announcement regarding the investment of ~US$ 20 million in the expansion of its Plumrose USA prepared foods business; this would help them extend their reach by addressing increasing food service and retail customer demands for high-quality bacon products.
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In 2018, North America held the largest share of the global bacon market. Consumers in North America, especially in the US and Canada, have started including meat-based preparations in their breakfast due to the urge to try new products. Also, fast food chains such as McDonald's and Burger King have introduced more bacon-based options in their menu. These factors have increased the demand for bacon in North America, which boosts the market growth.
Inclusion of Bacon in Paleo and Keto Diet Plans:
A paleo diet is dense with nutrients, including high-fat and low-carbohydrate content, and it stresses on maximum meat intake (eat more bacon). According to a research study of the Department of Anthropology and Radiology from Emory University, the consumption of fats, carbohydrates, and proteins contributed to ~35%, 35%, and 30%, respectively, to the dietary energy among human’s older generations. Hence, consumers can adopt the paleo lifestyle by chowing down on fruits, vegetables, meats, seafood, and nuts. This diet, when combined with shorter, more intense workout sessions, can also help increase muscle mass because of high protein intake. Thus, the growing trend of consuming meat products and bacon as a part of keto and paleo diet plans among health-conscious and fitness-oriented consumers is bolstering the bacon market growth.
Bacon Market: Segmental Overview
Based on nature, the bacon market is segmented into organic and conventional. In 2018, the conventional segment dominated the market. The demand for organic bacon gradually increasing with the growing awareness regarding its nutritional benefits. Pigs that are used for organic bacon are fed organic vegetarian diet consisting of corn and alfalfa. This type of bacon is uncured and fee from nitrites as well as nitrates.
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The bacon market, by source, is segmented into pork, beef, turkey, and chicken; in 2018, the pork segment dominated the market. In North and South America and Europe, and in a few countries in the Asia Pacific, there has been an increasing demand for pork bacon. The US, Canada, Mexico, Italy, France, Germany, and the UK are among the key consumers of pork bacon.
By type, the global bacon market is segmented into dry cured, immersion cured, and pumped bacon. In 2018, the pumped bacon segment accounted for the largest share of the market. The pumped bacon is produced by injecting curing ingredients in bacon, followed by massaging or tumbling it. It has been advised that the use of sodium nitrite should not exceed ~120 parts per million (ppm), while the equivalent amount of potassium nitrite used should be below 148 ppm. Sodium ascorbate or sodium erythorbate is be used at 550 ppm. The USDA regulation records that sodium ascorbate or sodium erythorbate has a molecular weight of ~198. Hydrated forms of these substances should be altered to attain the equivalent of 550 ppm of sodium ascorbate or sodium erythorbate.
Based on distribution channel, the global bacon market is segmented into supermarkets and hypermarkets, independent retailers, food services, and others. In 2018, the supermarket and hypermarket segment led the bacon market. Bacon has a dedicated section in the supermarkets and hypermarkets; thus, the customers are provided with a wide variety of options to choose from. On the other hand, factors such as the quality of packaged bacon, quality of meat used in production, and specification of curing and smoking processes involved play a vital role in the sales of bacon in supermarkets and hypermarkets. Consumers prefer purchasing bacon from supermarkets and hypermarkets owing to the trust of high-quality products.
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Impact of COVID-19 Pandemic on Bacon Market
As of March 2021, India, Brazil, Russia, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries by the COVID-19 pandemic, in terms confirmed cases and reported deaths. The outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns. China is the global hub of manufacturing and largest raw material supplier for various industries, and it was one of the early affected countries. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales. These factors have been limiting the growth of the food and beverage industry, thus impacting various markets related to this industry.
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