The Bacon market in APAC is expected to grow from US$ 6,468.6 Mn in 2019 to US$ 9,281.1 Mn by 2027; it is estimated to grow at a CAGR of 4.6% from 2020 to 2027.
Increase in consumption of animal-derived products is also bolstering the growth of the food industry. The rapid rise in population expansion, along with increased urbanization and focus towards improved quality of life in has led to increased demand for food products at an unprecedented pace in the last few decades. The livestock industry plays the most crucial role in meeting out the growing demand. There is a strong correlation between the level of income and the demand for animal protein. With the rise in disposable income, the demand for animal protein is set to increase, which would lead to an increase in the consumption of animal-based products such as meat, bacon, and others. Further, with the decline in the prices of meat products, the emerging economies are embarking upon the rising consumption of meat and meat products. With the growing focus towards health, consumers are looking forward to dieting rich in animal proteins and, therefore, would demand more if meat, poultry, pork, and other meat products. The demand for animal products has been steadily on the rise owing to the progression in the quality of life coupled with positive changes in international trade. This has led to an expansion in bacon demand. Bacon is used as a convenient food product by most consumers. Bacon is a rich source of animal protein and amino acids such as lysine, and, thus, provides an advantage over other plant-based protein substitutes which have comparatively of low lysine content. The development of new products by the market players is among the other factors expected to positively influence the demand for bacon.
The pumped bacon segment led the bacon market based on type in 2019. The pumped bacon is the method in which the bacon is injected with curing ingredients and massaged or tumbled. It has been advised that the use of sodium nitrite should be approximately 120 parts per million (ppm) and an equivalent amount of potassium nitrite used at 148 ppm ingoing. Sodium ascorbate or sodium erythorbate is be used at 550 ppm. The USDA regulation records that sodium ascorbate or sodium erythorbate has a molecular weight of approximately 198. Hydrated forms of such substances should be altered to attain the equivalent of 550 ppm of sodium ascorbate or sodium erythorbate. Since under certain circumstances, nitrite in cured meat product subsidizes to the formation of nitrosamines, a known carcinogenic, the USDA in-plant inspection system calls for pulling samples of pumped bacon. Such samples are examined to determine the level of nitrosamines with the help of a Thermal Energy Analyzer (TEA). If TEA indicates a certain level of nitrosamines, additional samples are collected and subjected to examination using gas chromatography. The presumptive positive must be confirmed by mass spectrometry. If anyone of the original samples collected by USDA for confirmation is found to contain confirmable levels of nitrosamines, all pumped bacon in the production establishment and all future production will be retained.
Various emerging economies backed by the massive industrial presence, huge population, and increasing disposal income are the major factors driving the growth of APAC's linear accelerator market. With the outbreak of COVID-19, the APAC region is likely to get affected concerning economic development. Although China is the global manufacturing hub and leading raw material supplier for various industries, it is one the worst affected countries due to the COVID-19 outbreak followed by India, where all business operations are halted due to 10 week nationwide lockdown. Other leading manufacturing hubs such as South Korea and Japan face a significant impact of the COVID-19 outbreak. The governments imposed various initiatives such as travel bans, business shutdowns, and lockdowns across APAC, which is anticipated to affect the expected revenue generation and overall growth opportunities in APAC.
The overall APAC Bacon market size has been derived using both 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. The process also serves the purpose of obtaining overview and forecast for the APAC Bacon market with respects to all the segments pertaining to the region. 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 typically 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 APAC Bacon market are OSI Group, JBS S.A, Hormel Foods Corporation, Farmland Industries, Inc., and Applegate Farms, LLC.