The global bacon market was valued at US$ 27,419. 94 million in 2018 and is projected to reach US$ 40,004. 62 million by 2027; it is expected to grow at a CAGR of 4. 3% from 2019 to 2027. Bacon refers to the sides and belly portion of the pig’s body that is cured and smoked.
New York, July 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bacon Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Nature ; Source ; Type ; Distribution Channel ; and Geography" - https://www.reportlinker.com/p05932656/?utm_source=GNW
Bacon is versatile in terms of cooking and helps in increasing the flavor of dishes.
When wrapped around lean meats, it proffers moisture while it is cooked.With the development in meat processing technologies and an increase in the demand for meat protein, the bacon market has experienced tremendous growth during the past years.
The upsurge in demand for pizza, sandwiches, and hamburgers has also bolstered the bacon market growth.However, bacon contains some amount of fats and sodium that increases the risk of heart diseases and blood pressure, which restricts the demand for bacon.
Development in new products like turkey bacon is expected to provide lucrative opportunities to the bacon market in the upcoming years.
Based on source, the bacon market is segmented into pork, beef, turkey, and chicken.The pork segment accounted for the largest share of the market in 2018; however, the turkey segment is expected to register the highest CAGR in the market during the forecast period.
Pork bacon has been one of the major contributing sources for the global expansion of the bacon market.North and South America, Europe and some countries in the Asia Pacific region, have experienced an increasing demand for the pork bacon.
The US, Canada, Mexico, Italy, France, Germany, and UK have experienced a rising demand for the pork market and is estimated to be growing in the coming years owing to the over expansion of bacon market worldwide. Moreover, bacon has a higher fat content and intense smoky flavor, the increasing demand and flavor for pork meat has favored the market globally.
Geographically, the bacon market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.North America held the largest share of the global market in 2018, followed by Europe.
The growth of the market in North America is primarily attributed to an increasing demand for meat protein coupled with the rapid development and growth in meat processing technology.Additionally, surging demand for convenience food such as breakfast sandwiches, pizza, hamburgers, and appetizers, where bacon is used as a key ingredient has surged the demand for bacon market in the region.
The development of new products such as turkey and chicken bacon is projected to create new opportunities for the key players operating in the market during the forecast period.
Applegate Farms, Llc, Farmland Industries, Inc., Foster Farms, Hormel Foods Corporation, JBS S.A., Karro Food Group, Organic Prairie, Osi Group., Smithfield Foods, Inc. and True Story Foods are among the major players in the global bacon market.
Impact of COVID-19 Pandemic on Bacon Market
The recent COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread around the globe at a fast pace.China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-affected countries in terms of positive cases and reported deaths, as of March 2020.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.The global food and beverage industry is one of the major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.
China is the global manufacturing hub, with the presence of and the largest raw material suppliers. The overall market break down due to COVID-19 is also affecting the growth of the bacon market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The global bacon market size has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the bacon market.
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