Smoked Bacon and Ham Market Anticipated to Expand at a CAGR of 4.47% during the Forecast Period 2030
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Smoked bacon and ham market was valued at $13.9 billion in 2020, and is estimated to reach $20.9 billion by 2030, growing at a CAGR of 4.47% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, February 18, 2023 /EINPresswire.com/ — Smoked bacon and ham are prepared by transforming the pork meat or its by-products by fermentation, salting, smoking, curing, and other processes in order to enhance the taste and extend the shelf life of the meat product. Pork meat are generally processed and various processed meat products include ham, bacon, sausages, hot dogs, and pepperoni. Different preservatives and additives such as sodium nitrite, sodium nitrate, spices, and sodium phosphate are used in processing of bacon and ham that adds flavor and reduces the growth of microorganisms which prevents the spoilage of food.
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The smoked bacon and ham market is gaining traction in the global markets due to the growing preference of convenience foods among the population along with the tasty and nutritional food in their hectic schedule. Rising disposable income, changing lifestyle of the consumers, increasing adoption of westernization in the food, and rapid growth in urban population are expected to foster the growth of smoked bacon and ham market size during the forecast period.
The hectic and busy lifestyle of the working professionals, especially the working youth population, wants to spend less time for cooking. Hence, they prefer ready-to-cook and ready-to-eat food products that can fulfill their nutritional needs. Smoked bacon and ham serve this need and saves their time. This is a major factor propelling the growth of the global smoked bacon and ham industry. The increasing penetration of quick service restaurants chains, hotels, fast casual restaurants, cloud kitchens, and cafes has led to the growth of the processed meat market in the North America and Europe, which in turn fueling the smoked bacon and ham market growth. According to the data published by the Centers for Disease Control and Prevention (CDC), around 36.6% of adults in U.S. consumes fast food on regular basis. Hence, the fast-food chains and emerging retail industry are contributing towards the growth in the consumption of smoked bacon and ham in the developed markets like North America and Europe. The rapid growth and penetration of these fast-food chains in Asia-Pacific and LAMEA is expected to boost the demand for these products in the forthcoming years and hence providing lucrative growth opportunities to the players operating in the market.
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The rise in preference for organic meat across the globe is expected to be one of the smoked bacon and ham market trends in the market. Growing health consciousness and awareness regarding healthy food habits among the global population is encouraging consumers to choose organic food products. Organic labelled food ensures that the food is chemical-free. By organic meat, it is meant that no growth promoters, drugs, or any other additives are fed to the livestock. Animal feed must be grown in accordance with organic standards. Hence, the use of organic meat in the production of smoked bacon and ham is expected to gain traction in the developed markets.
The players operating in the global smoked bacon and ham market have adopted various developmental strategies to expand their deli meat market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Smithfield Foods, Inc., Tyson Foods, Hormel Foods Corporation, Pestells Rai Bacon Company, Cornish Farmhouse Bacon Co Ltd, Boks Bacon, Holly Bacon, Sunnyvalley Smoked Meats, JBS USA, and Hill Meat Company.
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Key findings of the study
By type, the smoked ham segment accounted for the highest market share in 2020, growing at a CAGR of 4.25% from 2020 to 2030.
By distribution channel, the supermarkets/hypermarkets segment accounted for the highest smoked bacon and ham market share in 2020, growing at a CAGR of 4.45% from 2020 to 2030.
By Region, Asia-Pacific occupied the maximum share in the market in 2020, and is expected to be the dominating segment during the smoked bacon and ham market forecast period.
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Article originally published on www.einpresswire.com as Smoked Bacon and Ham Market Anticipated to Expand at a CAGR of 4.47% during the Forecast Period 2030
originally published at Global News - Social Gov