Packaged Bacon Market Forecast
Market Research Future (MRFR) studied the global Packaged Bacon Market 2020 through the review period till 2020 to 2027. By 2027, the Packaged Bacon Market size is likely to touch USD 8,868.39 Mn. Across the assessment tenure, the Packaged Bacon Market can rise at 5.2% CAGR.
The gradual increase in the demand for convenience snacks favoring rise in sales of processed meat products is expected to underpin the market rise in the study period. Changes in consumer preferences and tastes and alterations of lifestyle are creating high dependency on convenience snacks, such as bacon, salami, and sausage. Thus, the easy availability of these products in retail shops, along with the increasing number of well-organized retail stores in the developing countries, can prompt the market rise in the study period.
Key Players
Hormel Foods Corporation (US), Tyson Foods Inc. (US), JBS S.A. (Brazil), Fresh Mark, Inc. (US), WH Group Limited (China), Conagra Brands, Inc. (US), Maple Leaf Foods (Canada), Great British Meat Co. (UK), Seaboard Corporation (US), and Cremonini S.p.A. (Italy) are some top-notch companies that are listed by MRFR to gain insights into the competitive dynamics of the Packaged Bacon Market.
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Market Segmentation
The segment study of the global Packaged Bacon Market is based on type of meat, product type, distribution channel, and category.
The product type-based segments of the Packaged Bacon Market are salami and sausage. The sausage segment is expected to secure the largest share of the global share by 2027. The rise of the salami segment is at moderate pace in the review period. Prominent players are coming up with numerous products to improve their global foothold. The Packaged Bacon Market is expected to thrive owing to the rise in demand for packaged sausage among consumers.
The meat type-based segments of the global packaged food industry are pork, beef, and chicken among others. The pork segment is expected to garner considerable revenue owing to the high preference for pork meat. The beef market is expected to account for witness moderate rise in certain regions across the globe due to certain cultural disputes. The increasing sales of chicken-based products and the availability of many such products from various manufacturers is anticipated to promote the packaged salami, sausage & bacon made from chicken among consumers.
The category-based segments of the Packaged Bacon Market are ready-to-eaten and standard. The ready-to-eat segment is expected to significantly contribute to the market rise soon. The surge in demand for cured sausages, bacon, and salami is expected to benefit the market. The growing consumption of processed meat products due to its large consumers base can support the market rise. Hectic lifestyles of people and inclination towards savory cuisines are creating scope for players to several new products, which, in turn, is expected to support the rise of the Packaged Bacon Market. The availability of varieties of processed meat and poultry products and the surge in their demand are causes that are expected to promote the market in the years to come.
The distribution channel-based segments of the Packaged Bacon Market are Store-Based and the non-store-based. The store-based segment of the Packaged Bacon Market are hypermarkets, supermarkets, and convenience stores among others. The supermarkets and hypermarkets sub-segment are likely to thrive due their easy availability in these stores and the adoption of advanced preservation technologies. The increasing sales of packaged salami, bacon, and sausage from convenience stores is anticipated to play a significant role in the expansion of the packaged bacon, salami, and sausage market.
Regional Study Analysis
The Packaged Bacon Market in North America is expected to thrive and spearheaded by the US, soon. The high consumer base of processed meat products and the availability of variety of such products during the forecast period can contribute significantly to the expansion of North America salami, sausage, and bacon market. The inclination of consumer towards intermediate snacking favoring increasing sales of packaged salami, sausage, and bacon is expected to promote the market in the years to come. In Europe, the rise of the food industry and the presence of eminent packaged salami, sausage, and bacon producers can prompt the market in the years to come. Hectic schedule and rising popularity of convenient food products are other causes that can influence APAC market.
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