April 14, 2024
Bacon Market

The Global Bacon Market Growth is projected to Driven towards Plant-based Alternatives

The global bacon market is majorly driven by rising demand for plant-based alternatives. Bacon is a type of salt-cured pork made from various cuts, typically from the pork belly or pork loin. It is high in saturated fats and has high cholesterol content. Rising health consciousness among consumers has increased the demand for plant-based and healthy meat alternatives. Plant-based bacon is made from soy, wheat, or pea protein and is cholesterol-free. It offers the smoky and savory taste of real bacon but is a healthier option.

The global Bacon Market is estimated to be valued at US$ 28727.44 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The need for bacon and related products arises mainly due to its functional properties and wide usage in several food applications such as pizza toppings, hamburgers, sandwiches, and appetizers. Bacon adds flavor and taste to various dishes and its availability in different flavors has further increased its demand globally. However, the presence of high saturated fat and sodium content in bacon raises health concerns.

Market key trends:
The key trend gaining traction in the global bacon market size is the rising demand for plant-based bacon alternatives. Various manufacturers are innovating and developing plant-based vegan bacon made from soy, wheat, or pea protein. For instance, Upton’s Naturals offers plant-based vegan bacon made using aquafaba, a liquid extracted from chickpeas. Consumers preferring a vegan or vegetarian diet opt for plant-based bacon alternatives as they are cholesterol-free and are a healthier option compared to pork bacon. Investments by companies into plant-based meat technologies are supporting the development of innovative plant-based bacon products. Rising health-consciousness and focus on sustainability are propelling the demand for plant-based bacon worldwide.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as substantial capital is required to build facilities and gain brand recognition in the bacon industry. However, new goods with innovative nutrition profiles present opportunities.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute products. Buyers can switch to alternative protein sources like chicken, fish, eggs if bacon prices increase significantly.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many pork suppliers and switching costs are relatively low for buyers. However, suppliers still possess some pricing power over differentiated products.

Threat of new substitutes: The threat of new substitutes is high as other meat products, plant-based meat alternatives, and lab-grown meat could replace bacon in the future.

Competitive rivalry: Competition in the bacon industry is high among existing players. Companies compete on factors like product variety, pricing, distribution and branding.

Key Takeaways

The global bacon market is expected to witness high growth over the forecast period supported by rising demand for convenient breakfast foods. The global Bacon Market is estimated to be valued at US$ 28727.44 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2031.

North America currently dominates the bacon market with the highest per capita consumption. Changing lifestyles and busier schedules are fueling retail sales of bacon in the region. Europe is also a major regional market for bacon supported by traditional cuisines incorporating bacon across countries. However, Asia Pacific is expected to emerge as the fastest growing regional bacon market in the coming years. Growing meat consumption and western influence on diets in developing nations are driving bacon demand.

Key players operating in the bacon market are Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. Companies are investing in innovations to offer different flavor profiles and healthier bacon options to attract health-conscious consumers. Marketing activities promoting bacon as a source of protein are also aiding sales. However, competitors from the plant-based industry present a looming challenge.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it