The global bacon market is projected to grow at a CAGR of 4. 24% during the forecast period 2020 - 2025. - Consumers are increasingly demanding ready-to-eat and ready-to-cook meat products with better taste and quality.
New York, March 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Bacon Market - Growth, Trends and Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05826183/?utm_source=GNW
The increase in consumer awareness and acceptance, regarding the convenience of meat products, is an important factor driving the growth of the market studied.
- Foodservice outlets have increased their menu options, by offering a wide range of products containing bacon, thereby boosting the market growth.
Key Market Trends
Rapid Growth of the Foodservice Industry
The foodservice market is primarily driven by the increasing frequency of dining out, amidst time-pressed schedules and the growing influence of cross-culture dietary patterns, due to the strong presence of international companies. Quick-service restaurants are considered as fast-food outlets, and they are popular in the United States and Canada, owing to the busy schedule and hectic lifestyle of consumers in the country. Companies, such as McDonald’s and Starbucks Corporation, are also undertaking expansion plans, rolling out innovative menus, and enhancing their portfolios by including more products, such as bacon burgers. This, in turn, increases the demand for bacon.
North America Witnessed Largest Market Share
North America holds the major share of the global bacon market. Consumers in North America, especially in the United States and Canada, have started opting for meat-based breakfast options, including bacon, over other breakfast options, such as pancakes, due to the changing palates and willingness to try new products. Fast-food chains, such as Burger King, Carl’s Jr., and McDonald’s, have introduced more bacon options in different flavor profiles to their food menus, in order to improve consumer satisfaction, thereby boosting market sales in the region. Moreover, ss the meat sector is a great source of pride and prosperity to many Canadians, the government is taking initiatives to help the producers and processors of bacon to become more innovative and competitive in domestic and world markets, thereby enabling rapid growth of the market in the region.
The global bacon market is highly fragmented and comprises of regional and international competitors. The market is dominated by players, like Hormel Foods Corporation, Tyson Foods, Inc., The Kraft Heinz Company, WH Group Limited, etc. The leading players in the bacon market enjoy a dominant presence worldwide. These players focus to leverage opportunities posed by emerging markets to expand their product portfolio, so that they can cater to the requirements for various segments, such as soup, burger, sandwich, etc. In order to gain competitive advantage, key players try to differentiate their offerings and compete on different factors, including product offerings, ingredient, price, quality, and marketing activities.
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