The global bacon market is slated to expand at a stellar pace in the years to follow. The need for bacon in traditional European recipes is behind the aforementioned projection. Bacon is sold in large quantities across departmental stores, and this is a key perspective from market growth. Use of bacon to prepare various dishes, especially during festivities such as Christmas and Chinese New Year, has generated voluminous revenues within the global market. Sale of bacon is regulated by predefined standards within the food beverages industry. The market vendors are making efforts to heed to these standards in order to generate sales.
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Bacon sandwiches are extremely popular amongst youngsters, and
this trend offers new opportunities for market growth. Sale of bacon sandwiches
via retail stores and food outlets has opened new avenues for growth and
revenue-generation. School and college canteens in the US and Europe have bacon
products as common sellable items. This factor, coupled with increased
investment in production of bacon, has played an integral role in the growth of
the global market. Advancements in food processing and supply chain management
have helped in procurement of bacon across food units. It is safe to predict
that the global bacon market would emerge into a lucrative industry in the
coming years.
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The manufacturers of bacon are focusing on improving their
farmlands for breeding pigs. The abundant availability of bacon supplies in the
western regions has created fresh avenues for market growth. The market for
bacon in Europe is growing at a stellar pace. The unprecedented demand for
bacon across Spain, Germany, and Italy is behind this projection. New
manufacturers and suppliers of bacon have lately emerged on the market canvas.
Market Outlook
Bacon is
pork belly that is sliced into thin strips, and is usually cured with salt.
Although, bacon is not prepared only from pork belly but from back cuts too,
which have a lesser amount of fat content as compared to the belly. The use of
bacon dates back to around 1000-1500 B.C., when ancient Romans used to call it
'petaso'. Muslim and Jewish dominated countries also make bacon from other
animals, such as turkey, goat, and beef, as they prohibit the consumption of
pork. Bacon is known for its flavor, and it’s the fat which provides most of
the flavor. The flavor of bacon available in the market can vary widely,
depending on the processing and curing method, breed of the pig, how it is cut,
and its feed. Development and growth in the meat processing industry coupled,
with an increase in the demand for red meat, is resulting in an upsurge in the
demand for bacon and bacon-based products in the food industry.
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Increasing Demand for Bacon Based
On-the-Go Food Products
As the
demand for fast food such as hamburgers, bacon sandwiches, bacon pizza, and
appetizers has increased, the demand for bacon has also witnessed a surge in
the market. As bacon can be molded into a variety of textures and flavors such
Irish bacon, Canadian bacon, and American-style bacon, the demand for
bacon-based products has increased significantly, which is expected to boost
the bacon market over the forecast period. With the increasing demand for
bacon, many manufacturers in the food and beverage industry are incorporating
bacon in their food products. Such inclusion has enabled the local
manufacturers of bacon to expand and reach the global market, which is expected
to bolster the growth of the bacon market.
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The consumption of bacon has increased in the past few decades
in many developed as well as developing nations, due to the rising demand from
the food processing industry, as consumer interest for new products with improved
texture and savory aspects has increased significantly over the past few years.
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Global Bacon Market: Key Players
Some of
the key players operating in the global bacon market are Hormel Foods
Corporation, Smithfield Foods, Inc., Organic Prairie, Applegate Farms, LLC,
True Story Foods, BRF S.A., Foster Farms, Farmland Industries, Inc., JBS S.A.,
OSI Group, Cargill, Inc., The Oscar Mayer Company, B. & C. Tönnies
Fleischwerk GmbH & Co. KG, WH Group, and Karro Food Group, among others.
The global
bacon market has progressed over time, due to the upsurge in the demand for
bacon in the food and beverage industry, and it is expected to continue its
growth in the same mode over the forecast period.
Opportunities for Market
Participants
According
to the latest data revealed by USDA, the storage of pork bellies is presently
8.8 million tons. The figure might look quite big, but unexpectedly, it is the
lowest inventory level since 1957. The bacon market is highly active in nature,
as the supply and demand situation keeps on shifting from one hand to another.
In 2017, pork bellies were instantly converted into bacon as soon as they were
produced, due to the high demand for bacon, leaving less meat available to be
stored. Due to the shortage in storage, pork belly prices have also increased
by 20%. Although various industry experts believe that, the price increase is
temporary, and manufacturers operating in the bacon market could seek this
increase in the demand for bacon as an opportunity to capitalize on and
increase their market share in the North American market. Moreover,
collaborating with big quick serving restaurants and finding new methods of
marketing could also help bacon manufacturers flourish in the bacon market over
the forecast period.
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