Published on November 6, 2023, 12:39 am
October 30, 2023
The global bacon market is on the rise, according to a report recently added to ResearchAndMarkets.com’s offering. The market, which was valued at US$68.5 billion in 2022, is projected to reach a value of US$86.6 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 3.6% during the period from 2023 to 2028.
One of the major factors driving this growth is the increasing demand for ready-to-eat (RTE) and ready-to-cook (RTC) foods. As more people join the workforce and adapt to hectic lifestyles, convenience becomes a top priority. Consumers are looking for quick and easy meal options that require minimal preparation time. Bacon fits well into this category, making it a popular choice.
Another contributing factor to the growing bacon market is the rising awareness and acceptance of convenience meat products with improved taste, quality, and longer shelf life. Consumers are becoming more conscious about their food choices and are seeking meat products that align with their dietary preferences.
Foodservice outlets are also playing a role in expanding the bacon market by introducing a variety of bacon offerings. By diversifying their menus and catering to different tastes, these establishments aim to attract a wider consumer base.
Furthermore, health-conscious individuals who follow specific diet plans like paleo and keto are contributing to the increased consumption of meat products like bacon. Manufacturers have taken note of this trend and are responding with innovative variants such as low-calorie and gluten-free options.
In addition to product innovation, packaging solutions have also become an area of focus for bacon manufacturers. They are investing heavily in attractive and sustainable packaging solutions in response to rising consumer concerns about environmental issues.
The report highlights key market segments within the bacon industry. It analyzes various categories such as type, product type, source (including pork, beef, turkey, and chicken), nature (organic or conventional), and distribution channel. This meticulous analysis provides valuable insights into market trends on a global, regional, and country level from 2023 to 2028.
The competitive landscape section of the report profiles key players in the bacon market, including Foster Farms, Fresh Mark Inc., Great British Meat Company, Hormel Foods Corporation, Karro Foods Group Limited, Maple Leaf Foods Inc., OSI Group, Seaboard Corporation, Smithfield Foods Inc. (WH Group Limited), The Kraft Heinz Company, True Story Foods, and Tyson Foods Inc. These companies are consistently implementing strategies to maintain a competitive edge in the market.
Overall, the bacon market is poised for significant growth in the coming years. Factors such as increasing demand for convenience foods, evolving dietary habits, and a focus on healthier options are driving this upward trend. As consumers continue to prioritize convenience and quality in their food choices, bacon is expected to remain a popular choice among meat lovers worldwide.
For more insights into the global bacon market and its future prospects, refer to the comprehensive report available at https://www.researchandmarkets.com/r/xy9f8i