by The global bacon market is primarily driven by increasing demand for processed and convenience meat products across the globe. Bacon is widely used in various culinary preparations such as sandwiches, pizza toppings, salads, and appetizers owing to its distinctive taste and flavor. It is a rich source of proteins, vitamins such as B3, B6, B12, minerals such as selenium, phosphorus and contains heart-healthy omega-3 fatty acids. Bacon is readily available in various flavors and slices catering to the evolving tastes and preferences of consumers. The rising meat consumption coupled with growing prevalence of western cuisine has boosted the demand for bacon globally. The adoption of western food habits in developing countries of Asia Pacific and Latin America has increased the demand over the years.
The global bacon Market is estimated to be valued at US$ 24937.01 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed across various Global Bacon Market Size is the launch of plant-based and vegan bacon products by key players. For example, in 2021, vegan bacon brand Very Good Butchers introduced new vegan bacon flavors – hickory and applewood smoked. The company developed its vegan bacon using pea and mushroom protein that mimics the taste and texture of pork bacon. Such innovations are being driven by increasing instances of lacto-vegetarianism and veganism globally. Moreover, growing health consciousness among consumers and risks associated with red meat consumption have propelled the demand for plant-based bacon alternatives. This is expected to open new avenues of growth for bacon market players over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the bacon market is well established with high initial costs for production facilities, equipment and stringent quality certifications.
Bargaining power of buyers: The bargaining power of buyers in the bacon market is moderate as buyers have several options to choose from various suppliers and retail channels selling bacon products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the suppliers of raw materials like pork are concentrated and suppliers of packaging materials have established supply chains.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for bacon in the food market that can provide the unique smoky flavor profile.
Competitive rivalry: The competitive rivalry is high among the top players in the bacon market competing based on product quality, pricing and innovation.
Key Takeaways
The global bacon market is expected to witness high growth over the forecast period driven by increased consumption of convenience snacks and savory foods. The global bacon Market is estimated to be valued at US$ 24937.01 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America dominates the bacon market currently due to high per capita consumption of pork in countries like the US. Europe is also a major consumer of bacon boosted by traditional cuisines incorporating bacon especially in the UK. Asia Pacific is expected to be the fastest growing regional market for bacon with developing countries like China witnessing rising pork consumption.
Key players operating in the bacon market are BBI-Biotech GmbH Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGAA, Sartorius AG, Solaris Biotech Solutions, Thermo Fisher Scientific, Inc. The top players are focused on expanding their production facilities and capacities to cater to the growing demand. New product launches with varying thickness and flavors through research and development is another growth strategy being adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
