Bacon is a cured pork meat, which is consumed across all seasons, though summer months are considered to have slightly more demand. Consumers over the age of 30 years make up for most of the consumption. Bacon accounts for 19% of in-home pork eatings in the U.S. Oscar Mayer is the leading bacon brand in the U.S, with an estimated sale of around USD 820 million, in 2016. The world’s largest pork producer, WH Group, is planning to introduce American-style bacon in China, to increase the sales. The global bacon market is expected to grow at a CAGR of X.X% during the forecast period, to reach a value of USD XX million by 2022.
The increasing demand for animal protein, coupled with the innovations in meat processing technology and change in consumer preferences, are driving the growth of the bacon market. Bacon has a large amount of sodium that increases the risk of heart disease and high blood pressure. Therefore, health concerns restrain the growth of this market. Increasing vegan trends and the rising cost of feed raw materials are the other restraints of the market. New product launches, like the turkey bacon and rising demand in developing countries, are considered as opportunities for this market.
The bacon market has been segmented by meat type into traditional bacon, turkey bacon, Canadian bacon and pancetta; wherein, the traditional bacon segment dominates the global market.
Regarding cure type, the market has been segmented into immersion-cured, dry-cured and pumped bacon. Immersion-cured bacon is the most commonly used variety, around the world.
Based on price, the market is segmented into cheap, mid-range and expensive.
The global bacon market is further segmented on the basis of distribution channel into super markets/hyper markets, convenience stores, grocery stores and others. The super markets/hyper markets segment dominates the global market.
The bacon market has been geographically segmented into North America, Europe, South America, Africa and Asia-Pacific. North America dominates the market, followed by Europe. The United States is a major market in the North America region. About 62% of restaurants in the U.S have bacon on their menu, which accounts for nearly half of the breakfast meat servings’ volume. In the Asia-Pacific region, China is a major market, being the world’s largest consumer of pork, by volume. Major manufacturers are trying to expand their market in China, to increase sales.
The global market for bacon is fragmented, and the vendors compete for innovation, pricing and distribution. The introduction of new products, like turkey bacon and the Canadian bacon, is the main strategy adopted by major companies, to increase their market share. Market expansion in developing countries has created many opportunities for the manufacturers. Technological advancements have made the meat processing very easy and cheap.
Some of the major players in the market include -
Key Deliverables in the Study