Bacon is a popular meat that adds flavor and richness to many dishes. Bacon is made from pork and contains high amounts of protein along with savory vitamins and minerals. However, regular consumption of bacon is also associated with risks of heart diseases due to its high saturated fat content. In recent years, there has been a growing demand for healthier bacon options made with lower saturated fats and preservatives.
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.
Market key trends:
The demand for plant-based and meat-alternative bacon products has been rising in the bacon market size. Companies are developing bacon made from seaweed, coconut, mushrooms and other plant-based ingredients that offer similar taste and texture as conventional pork bacon but with lower fat and cholesterol. For example, newly launched bacon alternatives contain up to 30% less fat and sodium compared to regular bacon. The plant-based bacon variants are appealing to health-conscious consumers as well as vegans and vegetarians. Along with healthy attributes, innovation in production methods and flavors is expected to drive the growth of plant-based bacon products segment during the forecast period.
SWOT Analysis
Strength: Bacon has a rich taste flavor that is highly preferred by many consumers. It is a versatile ingredient that can be used in many dishes.
Weakness: High fat and salt content of bacon can pose health risks such as high cholesterol if consumed in large amounts regularly. Some vegetarian and religious groups do not consume pork-based products.
Opportunity: Manufacturers can focus on developing healthier bacon options with lower fat and salt content by using alternative ingredients or modified processing techniques. The growing popularity of protein-rich diets provides an opportunity to market bacon as a snack.
Threats: Stringent regulations regarding the use of antibiotics and animal welfare in pork farming can increase production costs. Substitute meat products are gaining traction due to health and sustainability benefits.
Key Takeaways
The global bacon market is expected to witness high growth over the forecast period of 2024 to 2031. 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 backed by greater consumption in countries like the US. Changing consumer preferences towards protein-rich convenient foods and rising fast food culture supports market growth in the region. The European bacon market is driven by widespread popularity of bacon sandwiches and high bacon consumption in countries such as Germany, France and UK. However, growing health concerns associated with processed meats and substitution by vegetarian alternatives are restraining market growth.
Key players operating in the bacon market are Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. These companies are investing in advanced processing technologies to offer various bacon flavors and formats. Innovation in packaging types to extend shelf life and suit on-the-go consumption patterns is gaining traction. Collaborations with food chains and QSRs are helping market players strengthen distribution channels.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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