Bacon Market Size, Trends and Growth Analysis by 2027

The global bacon market was valued at approximately US$ 27,419.94 million in 2018 and is anticipated to reach around US$ 40,004.62 million by 2027, reflecting a compound annual growth rate (CAGR) of 4.3% from 2019 to 2027.

Bacon is derived from the sides and belly of pigs, which undergo curing and smoking processes. Its culinary versatility enhances the flavor profile of various dishes. When used to wrap lean meats, bacon adds moisture during cooking, making it a popular ingredient. The bacon market has seen significant growth in recent years, driven by advancements in meat processing technologies and a rising demand for meat protein. The increasing popularity of foods such as pizza, sandwiches, and hamburgers has further fueled this growth. However, the presence of fats and sodium in bacon raises concerns regarding heart disease and hypertension, which can limit its demand. The introduction of alternative products like turkey bacon is expected to create promising opportunities for the bacon market in the near future.

The bacon market is categorized by source into several segments: pork, beef, turkey, and chicken. In 2018, the pork segment held the largest market share, but the turkey segment is projected to exhibit the highest CAGR during the forecast period. Pork bacon has been a significant contributor to the global bacon market's expansion, with increasing demand noted in North and South America, Europe, and select Asia Pacific countries. The United States, Canada, Mexico, Italy, France, Germany, and the United Kingdom have all reported a growing appetite for pork bacon, which is expected to continue as the bacon market expands globally. The rich fat content and robust smoky flavor of pork have further enhanced its appeal in the market.

Geographically, the bacon market is divided into regions including North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America dominated the global market in 2018, followed closely by Europe. The growth in North America can be attributed to a rising demand for meat protein and advancements in meat processing technologies. Additionally, the increasing popularity of convenience foods such as breakfast sandwiches, pizzas, hamburgers, and appetizers, where bacon is a key ingredient, has significantly boosted the demand for bacon in this region. The emergence of new products like turkey and chicken bacon is expected to open new avenues for market players during the forecast period.

Key players in the global bacon market include 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.

Impact of the COVID-19 Pandemic on the Bacon Market

The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide, significantly impacting various countries, including China, Italy, Iran, Spain, South Korea, France, Germany, and the United States, as of March 2020. The pandemic has disrupted economies and industries globally due to lockdowns, travel restrictions, and business closures. The food and beverage sector, in particular, has faced severe challenges, including supply chain disruptions, cancellations of technology events, and office shutdowns. As China is a major manufacturing hub and a key supplier of raw materials, the overall market downturn caused by COVID-19 has adversely affected the bacon market, leading to factory closures, supply chain obstacles, and a general economic decline.

The size of the global bacon market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the bacon market.