The Bacon Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Consumer Preference
Bacon is a type of salt-cured pork made from various cuts of meat taken from the sides, belly or back of pigs. It is prepared by curing pork with large amounts of salt, traditionally sodium chloride. Bacon is high in protein and fat and adds flavors such as smoky or sweet flavors in dishes. The growing demand for convenience food items with protein-rich ingredients is driving the growth of the bacon market.
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 Opportunity:
Consumers favor bacon for its various perceived health benefits such as high protein content and rich flavor profile. According to a survey, about 90% of Americans eat bacon occasionally or frequently. The growing consumption of bacon as an ingredient in sandwiches, burgers and appetizers is projected to drive the demand over the forecast period. bacon producers are introducing various product innovation such as turkey bacon and vegan bacon to cater to the increasing health consciousness among population. They are also focusing on launching different flavors such as maple and hickory smoked to expand their consumer base. The rising demand for convenient protein snacking options will continue to accelerate the growth of bacon market during the forecast period.
Porter’s Analysis
Threat of new entrants: The bacon market has moderate threat of new entrants as sizable capital investment and resources are required to establish manufacturing facilities and distribution networks. Additionally, existing players have strong brand loyalty and economies of scale which pose barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several varieties and private label options. However, packaged bacon being a necessity product provides stable demand.
Bargaining power of suppliers: Suppliers of raw materials such as pork have moderate bargaining power due to consolidated nature of pork industry. However, requirements are standardized limiting individual supplier influence.
Threat of new substitutes: Threat of substitutes is low as bacon offers a unique flavor and is indispensable in several cuisines and recipes. While other meat variants exist, none can replicate bacon’s taste.
Competitive rivalry: The market is highly competitive due to presence of several private label and branded manufacturers competing on pricing and product innovation.
SWOT Analysis
Strength: High demand for convenience foods, robust distribution infrastructure. Bacon’s unique flavor universally appreciated.
Weakness: Raw material price fluctuations, environmental impact of industrial pork farming.
Opportunity: Growth in foodservice, customized gluten-free options. Emerging markets offer scope for awareness.
Threats: Stringent regulations, health consciousness leading to negative perception.
Key Takeaways
The Global Bacon Market Size is expected to witness high growth over the forecast period. 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 holds the largest share currently due to high pork consumption in countries like the US. Changing dietary habits and rising disposable incomes in Asia Pacific are expected to drive fastest growth in the region. The US contributes over 80% of regional revenue. Asia Pacific is poised to expand rapidly led by China, Japan and India where westernization is influencing diets. Rising affluence is driving experimentation with global cuisines using bacon.
Key players operating in the bacon market are BBI-Biotech GmbH Bioengineering AGDanaher CorporationEppendorf AGGetingeInfors HTMerck KGAASartorius AGSolaris Biotech SolutionsThermo Fisher Scientific, Inc. They focus on product innovation and automation to gain share. For example, Getinge launched automated isolators and sterilizers for bulk production to help lower costs.
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