Global Bacon Market - Growth, Trends, and Forecasts (2023-2028)

Over the next five years, the global bacon market is expected to register a CAGR of 4.24 percent.

The key factor driving market expansion is the increasing demand for ready-to-eat (RTE) and ready-to-cook (RTC) foods due to an increased working population, hectic lifestyles, and changing dietary patterns. Aside from that, rising consumer awareness and acceptance of convenience meat products with improved flavor, quality, and shelf life is driving up demand for bacon. In addition, increased consumption of meat products such as bacon as part of paleo and keto diet regimens among health- and fitness-conscious customers is fueling market expansion. Also, many market leaders are making new versions of their products, like low-calorie and gluten-free bacon, so they can offer more products and stay ahead of the competition.

Foodservice outlets have increased their menu options by offering a wide range of products containing bacon, thereby boosting market growth. The demand for bacon has increased as the demand for meat protein has surged, in addition to the development and growth of meat processing technology. Furthermore, rising demand for foods containing bacon, such as pizza, breakfast sandwiches, appetizers, and hamburgers, has raised market demand for bacon. However, bacon contains a substantial quantity of sodium and fat, which raises the risk of heart disease and high blood pressure, and growing consumer awareness about these factors has been limiting the growth of the bacon market. However, the emergence of new goods such as turkey bacon has opened up new avenues for market expansion.

Bacon Market Trends

Rapid Growth of the Foodservice Industry

The food service market is primarily driven by the increasing frequency of dining out, amidst time-pressed schedules and the growing influence of cross-cultural dietary patterns, due to the strong presence of international companies. Quick-service restaurants are considered fast-food outlets, and they are popular in the United States and Canada, owing to the busy schedules and hectic lifestyles of consumers in those countries. Companies, such as McDonald’s and Starbucks Corporation, are also undertaking expansion plans, rolling out innovative menus, and enhancing their portfolios by including more products, such as bacon burgers. This, in turn, increases the demand for bacon. Bacon is also commonly served as a side dish, added as a flavoring agent or accent, and used in a variety of cuisines, including salads, sandwiches, soups, and desserts such as maple bacon ice cream. It comes in a variety of forms, including slabs, standard sliced, thin sliced, thick sliced, ends, and pieces. As a result of its unique, smoky flavor and longer shelf life, bacon is popular among people of all ages.

To cater to the growing demand in the market, the players in the market have been focused on product launches. For instance, in June 2022, Umaro Foods' novel seaweed bacon was launched in several renowned United States restaurants. Umaro Foods is introducing seaweed-based bacon into three US restaurants for the first time, allowing customers to try the brand's novel protein. UMARO bacon will be featured in various specialty dishes at San Francisco's Michelin-starred Sorrel Restaurant, New York City's Egg Shop, and Nashville's D'Andrews Bakery and Cafe. The company intends to expand into more restaurants in the Bay Area, Los Angeles, and elsewhere.

North America Witnessed Largest Market Share

North America accounts for the lion's share of the global bacon market. Consumers from North America, especially the United States and Canada, have started opting for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes, due to their changing palates and willingness to try new products. Fast-food chains, such as Burger King, Carl's Jr., and McDonald’s, have introduced more bacon options in different flavor profiles to their menus in order to improve consumer satisfaction, thereby boosting market sales in the region. Moreover, as the meat sector is a great source of pride and prosperity for many Canadians, the government is taking initiatives to help the producers and processors of bacon become more innovative and competitive in the domestic and international markets, thereby enabling rapid growth of the market in the region.

In recent years, the region has seen a surge in interest in barbecue and port-centric worldwide dishes, which has fueled the emergence of various pork varieties and recipes. Among the pork types are bold, quality bacon such as applewood-smoked bacon, thick-cut bacon, and candied bacon. Bacon manufacturers were able to design new products with a blend of distinct flavors to fulfill the expanding consumer demand due to increased consumption and preference for a range of bacon. For instance, in March 2022, Seaboard Foods, which is based in Merriam, Kan., launched its 'top tier' of bacon under its Prairie Fresh USA Prime brand. The bacon brand extension began after the corporation introduced the pork brand.

Bacon Market Competitor Analysis

The global bacon market is highly fragmented and comprises regional and international competitors. The market is dominated by players like Hormel Foods Corporation, Tyson Foods, Inc., the Kraft Heinz Company, and WH Group Limited, among others. The leading players in the bacon market enjoy a dominant presence worldwide. These players focus on leveraging the opportunities posed by emerging markets to expand their product portfolios so that they can cater to the requirements of various segments, such as soup, burgers, sandwiches, etc. In order to gain a competitive advantage, the key players try to differentiate their offerings and compete on different factors, including product offerings, ingredients, price, quality, and marketing activities.

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