The Bacon market in SAM is expected to grow from US$ 2656.5 Mn in 2019 to US$ 3560.4 Mn by 2027; it is estimated to grow at a CAGR of 3.7% from 2020 to 2027.
Developing preference for convenience food products. Convenient foods are food products that need less time and effort for preparation. The demand for convenience foods such as tinned or packaged meat products, kinds of bacon, and others is increasing at a faster pace due to changes in social and economic patterns, and rapid urbanization. Additionally, the increasing buying power of the consumers, rising awareness about health foods, and changes in food habits and meal patterns further bolster the demand for convenience food. Convenience food is rapidly gaining popularity among children, teenage, working-class people, and people living in hostels and bachelors. The significant shift of the people towards convenience foods in developed countries such as the Brazil, Argentina, and Rest of SAM among others, is driving the demand for bacon market in SAM. Bacon is extensively used by individual consumers and by foodservice providers. Bacon offers food service providers, restaurants, and other consumers a simple and easy way to offer a great variety of food options. Therefore, the increasing demand for bacon for the preparation of various recipe is projected to drive market growth. The usage of bacon in paleo and keto diets is among the other factors expected to positively influence the demand for bacon.
The supermarkets and hypermarkets bacon segment led the bacon market based on distribution channel in 2019. Supermarkets and hypermarkets are self-help shops giving a wide variety of meat products available for sale. Bacon has a dedicated section in the supermarkets and hypermarkets. Thus the customers are provided with a wide variety of options to choose from. Bacon is sold in supermarkets and hypermarkets, but there are many factors that play a vital role in selling bacon in supermarkets and hypermarkets such as quality of packaged bacon, quality of meat used in production, and curing & smoking processes involved. Consumers prefer purchasing bacon from supermarkets and hypermarkets owing to the trust of high-quality products.
The standard one-pound package of show bacon slices fanned put with their leading edges being exposed. The reason behind this is that the front edges tend to be feature more lean muscle as compared to the fattier back edges. Besides, the face of the top size is invariably covered with a paperboard flap containing the logo and other branding information of the manufacturer that helps the consumers see a relatively unbroken field of red protein that often creates an allusion that bacon is leaner than what it actually is. This, in turn, increases the sale of bacon in supermarkets and hypermarkets. Thus, all these factors are expected to drive the bacon market.
Various emerging economies backed by the massive industrial presence, huge population, and increasing disposal income are the major factors driving the growth of SAM's bacon market. With the outbreak of COVID-19, the SAM region is likely to get affected concerning economic development. Other leading manufacturing hubs such as Brazil and Argentina face a significant impact of the COVID-19 outbreak. The governments imposed various initiatives such as travel bans, business shutdowns, and lockdowns across SAM, which is anticipated to affect the expected revenue generation and overall growth opportunities in SAM.
The overall SAM 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 SAM 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 SAM Bacon market are OSI Group, JBS S.A, Hormel Foods Corporation, Foster Farms Inc, Smithfieldfoods Inc, Farmland Industries, Inc., and Applegate Farms, LLC.