DUBLIN--(BUSINESS WIRE)--The "Bacon Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Nature; Source; Type; Distribution Channel; and Geography" report has been added to ResearchAndMarkets.com's offering.
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. 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.
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.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global bacon market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Rise in consumption of animal-derived products
- Rising preference for convenience food products
Restraints
- Growing health awareness among consumers due to increasing number of lifestyle and chronic diseases
Opportunities
- Development of new products by the market players
Future Trends
- Usage of bacon in paleo and keto diet
Companies Mentioned
- Applegate Farms, LLC
- Farmland Industries, Inc.
- Foster Farms
- Hormel Foods Corporation
- JBS S.A.
- Karro Food Group
- Organic Prairie
- OSI Group
- Smithfield Foods, Inc.
- True Story Foods
For more information about this report visit https://www.researchandmarkets.com/r/mrwv0n
