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  • Published On : Jan 2023
  • Code : CMI5500
  • Industry : Food and Beverages
  • Pages : 140
  • Formats :

The global bacon market size was valued at USD 23,446.30 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.13% from 2022 to 2030. Growth is primarily driven by escalating demand for ready-to-eat foods and rising awareness of accommodation food. Other factors are the growing demand for pork products and increased consumer spending capacities. Leading producers are investing heavily in attractive packaging solutions and innovative product variants. They are also launching low-calorie bacon and gluten-free bacon. This enables them to compete with meat substitutes. Moreover, the industry is further anticipated to witness growth on the account of changing lifestyle and eating habits.

Global Bacon Market: Regional Insights

Regionally, North America is expected to dominate the global bacon market over the forecast period owing to the high consumption of meat-based food products in the region. Also, strong presence of key players in the region is again fostering regional market growth. The market is dominated by players, like Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, etc. The US bacon market was valued at USD 7680.6 million in 2019, and it is projected to reach USD 9502.5 million by 2025, registering a CAGR of 3.61%, during the forecast period (2020-2025).        

At the same time, Europe is expected to experience fastest growth in the global market over the forecast period. Bacon is a repository of childhood memories and not just a food for UK residents; it is a totem of home to many consumers. Moreover, Danish pork is also among the favorites of the locals. The UK bacon market recorded a revenue of USD 1046.65 million in 2019 and is forecasted to reach USD 1240.49 million by 2025, at an estimated CAGR of 2.88%, over the forecast period (2020-2025).

Figure.1: Global Bacon Market Share (%), By region,2021

Bacon  | Coherent Market Insights

Global Bacon Market Drivers:

Growing Preferences for Bacon in Breakfast is Propelling Market Growth

Growing preferences for bacon in breakfast is expected to drive growth of the bacon market. There is a high demand for meat-based breakfast such as bacon, over other breakfast options, such as pancakes, owing to the changing eating habits among consumers. Moreover, due to the hectic lifestyle consumers are demanding breakfast options, such as on-the-go food products.

Increasing Consumption of Pork Is Fuelling Market Growth

According to the US Department of Agriculture’s (USDA) Foreign Agricultural Service, the global exports were 8% higher in 2018, compared to earlier year, fueled by the rising demand from China and steady economic growth in most of the major pork markets.

Global Bacon Market Opportunities:

Increasing scope for clean-labeled bacon is projected to provide significant growth opportunities over the forecast period. According to a survey conducted by Golden Hill Foods, 87% of the American consumers read the labels while purchasing food products and about 70% of the US consumers want meat and poultry products with no artificial ingredients. Moreover, North Country Smokehouse’s organic applewood smoked sugar-free bacon and all-natural sugar-free fruitwood smoked bacon were introduced in 2018, to cater to the growing demand for organic bacon for targeting the health-conscious consumers.

The increasing demand for meat protein and convenience food is projected to serve major growth opportunities. Bacon has become a popular meat product in supermarkets and hypermarkets. A growing number of foodservice outlets are enhancing the menu of their outlets by providing low-calorie variants of bacon. Similarly, various fast-food organizations are undertaking expansion plans to expand their markets.

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Bacon Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 23446.3 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 3.13% 2030 Value Projection: US$ 29,581.9 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: Regular, Cooked
  • By Distribution Channel: Food Service Channel, Supermarket/Hypermarket, Specialty Stores, Online Stores, Other Distribution Channels
Companies covered:

Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm

Growth Drivers:
  • Growing Preferences for Bacon in Breakfast 
  • Increasing Consumption of Pork
Restraints & Challenges:
  • Rise In Vegan Population 
  • Covid-19 impact

Global Bacon Market Trends:

Growing Number Of Merger And Acquisition

Key players are adopting merger and acquisition for market expansion and this could be a major trend for the global market. For instance, in November 2018, Tyson foods Inc. acquired Keystone Foods, an American supplier of meat products, to provide the growing foodservice business, primarily in North Europe and Australia, with a broad product portfolio, by maintaining the same brand loyalty.        

Fast Food Organizations Are Upgrading Their Menus

Increase in the number of dining out venues and the expansion of the convenience food sector is another major trend. Moreover, a number of fast food organizations are also upgrading their menus to include newer and more innovative food items.

Global Bacon Market Restraints:

Rise In Vegan Population Is Expected To Hamper Market Growth

Increasing vegan population due to various health concerns is reducing the meat intake among consumers. For instance, the new dietary guidelines released by the Chinese government encourage the country’s 1.3 billion people to reduce their meat consumption by 50%.

 Covid-19 impact to Pose Challenge for Market Growth

One of the major challenges affecting the industry is the outbreak of the COVID-19 pandemic in December 2019. Several countries across the globe have been affected by this pandemic and have enacted travel bans or implemented extension plans. Moreover, the industry has been impacted by supply chain disruptions. Companies in the food & beverage industry have been experiencing supply chain disruptions, including cancellations of technology events due to office shutdowns. Nevertheless, the government is taking initiatives to help the bacon industry develop new products and become more competitive in the international market.

Figure.2: Global Bacon Market Share (%), By segments, 2021

Bacon  | Coherent Market Insights

Global Bacon Market Segmentation:

The global bacon market report is segmented into type, distribution channel, and geography

Based on type, the market is segmented into regular and cooked. Out of which, regular is expected to dominate the global market over the forecast period and this is attributed to the growing innovation in bacon due to increasing consumption and preference for variety in bacon. For instance, in 2018, Tender Belly introduced two new bacon flavors java blend and sugar-free. The java blend features heritage breed natural pork that is dry-cured. The java blend includes a bit of coffee to enhance the flavor. All these bacons are smoked with cherrywood to seal in the taste.

Cooked segment is also expected to witness significant growth in the near future and this is owing to the growing demand for ready-to-eat food and growing focus on reducing cooking time.

Based on distribution channel, the market is segmented into Food Service Channel, Supermarket/Hypermarket, Specialty Stores, Online Stores, and Other Distribution Channels. Out of which, Food Service Channel is expected to dominate the global market over the forecast period and this is attributed to the growing number of food retail outlet and increasing consumer spending on eating outside.

Supermarket/Hypermarket segment is also expected to witness significant growth in the near future and this is owing to the fact that these stores offer attractive schemes and discounts.

Global Bacon Market: Key Developments

In August 2019, Hormel’s bacon roots extend into multiple retail in the foodservice area as the foodservice portfolio consists of both raw and fully cooked bacon items. Each of these categories are made up for three quality tiers in order to meet the needs of a wide array of customers.

In June 2019, Hormel Foods Corporation added two new all-natural deli meat and cheese snacks to its Natural Choice brand portfolio. The two new flavors are inspired by bold global flavors and offer consumers a delicious and convenient way to snack, naturally.

In June2018, Hormel Black Label introduced four new bacon   topping   products,   including cherrywood real bacon crumbles, pecanwood real bacon crumbles, real chopped bacon, and single-serve real bacon bits.

In August 2017, The Applegate brand of Hormel Foods Corporation introduced the Applegate Naturals No Sugar Bacon, to satisfy sugar- conscious consumers. It does not contain sugar but maintains a hickory smoke flavor.

In August 2019, Tyson Foods Inc. started a new facility to help itself in developing more automation and robotics for its food production plants. The center provides space for development of new    manufacturing   solutions    and collaborates with its information technology team and equipment suppliers.

In November 2018, Tyson Foods Inc. completed the acquisition of Keystone Foods, one of the leading suppliers of chicken, beef, fish, and pork to the growing global foodservice industry, from Marfrig Global Foods.  The acquisition supports Tyson’s domestic and international growth strategy.

Global Bacon Market: Key Companies Insights

The global bacon market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global bacon market are Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm

*Definition: Bacon is an easy-to-store food that can be stored without refrigeration. It is available in range of varieties

Bacon is a delicious and versatile meat. It has a crisp texture and rich, salty flavor. It can be consumed with eggs in a breakfast sandwich. The origins of bacon are complex. Traditionally, it was produced on local farms. Today, it is manufactured in large-scale factories. Bacon is processed and cured meat that is traditionally sliced from the belly of a pig. However, there are many varieties of bacon, and the taste can vary depending on the breed, the cutting method, and the curing process. Bacon can be baked, grilled, or fried. It is also used in soups and salads.

Market Dynamics:

The global bacon market is poised for healthy growth in the coming years. Increased demand for ready-to-cook food products, dietary trends, and rising consumer awareness about convenience meat products are the key factors driving growth of the market. Additionally, increasing research and development activities are expected to boost the industry expansion. Furthermore, increasing consumption of meat-based breakfast items is also driving market growth.

However, market growth is expected to hamper by increasing demand for cruelty-free products.

Key features of the study:

  • This report provides in-depth analysis of the global bacon market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global bacon market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global bacon market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global bacon market

Detailed Segmentation:

  • Global Bacon Market, By Type
    • Regular
    • Cooked
  • Global Bacon Market, By Distribution Channel
    • Food Service Channel
    • Supermarket/Hypermarket
    • Specialty Stores
    • Online Stores
    • Other Distribution Channels
  • Global Bacon Market, By Geography
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World
  • Company Profiles
    • Hormel Foods Corporation
    • Tyson Foods Inc.
    • The Kraft Heinz Company
    • WH Group Limited
    • JBS SA
    • Fresh Mark Inc.
    • Seaboard Corporation
    • Maple Leaf Foods
    • Hill Meat Company
    • Peer Foods Group Inc.
    • Kunzler & Company Inc.
    • Jones Dairy Farm

Frequently Asked Questions

The global bacon market size is estimated to be valued at US$ 23,446.30 million in 2021 and is expected to exhibit a CAGR of 3.13% between 2022 and 2030.
Growing preferences for bacon in breakfast and increasing consumption of pork are fuelling market.
The regular bacon segment is the leading component segment in the market
Rise in vegan population and Covid-19 impact are the major factors restraining market.
Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm

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