Bacon and Ham Market

The global bacon and ham market is experiencing an upward consumption trend driven by increasing demand worldwide. Market performance is forecasted to expand with a projected CAGR of +0.5% in volume and +2.7% in value from 2022 to 2030. Major consuming countries include Italy, Spain, and the UK, while top producers are Italy, Spain, and Germany. Imports and exports are also analyzed, with insights on product types, average prices, and key exporting countries. Pricing forecasts and trends in consumption, production, imports, and exports are provided for a comprehensive overview of the global bacon and ham market.

Market Forecast

Driven by increasing demand for bacon, ham and other dried, salted or smoked pig meat worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2022 to 2030, which is projected to bring the market volume to 5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $31.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Bacon, Ham and Other Dried, Salted or Smoked Pig Meat

In 2022, consumption of bacon, ham and other dried, salted or smoked pig meat was finally on the rise to reach 4.8M tons for the first time since 2018, thus ending a three-year declining trend. The total consumption volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global bacon and ham market revenue totaled $25.6B in 2022, picking up by 9.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the global market reached the maximum level at $26.6B in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Italy (909K tons), Spain (689K tons) and the UK (581K tons), with a combined 45% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Spain (with a CAGR of +9.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest bacon and ham markets worldwide were Italy ($4.4B), Spain ($3.6B) and Germany ($2.7B), with a combined 42% share of the global market.

Among the main consuming countries, Spain, with a CAGR of +7.1%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of bacon and ham per capita consumption in 2022 were Italy (15 kg per person), Spain (15 kg per person) and the UK (8.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +9.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Bacon, Ham and Other Dried, Salted or Smoked Pig Meat

In 2022, production of bacon, ham and other dried, salted or smoked pig meat increased by 13% to 4.8M tons for the first time since 2018, thus ending a three-year declining trend. The total output volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, bacon and ham production amounted to $22.3B in 2022 estimated in export price. In general, production, however, recorded a mild reduction. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Over the period under review, global production reached the maximum level at $26.5B in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Italy (970K tons), Spain (755K tons) and Germany (541K tons), with a combined 48% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Spain (with a CAGR of +9.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Bacon, Ham and Other Dried, Salted or Smoked Pig Meat

In 2022, supplies from abroad of bacon, ham and other dried, salted or smoked pig meat increased by 10% to 578K tons, rising for the second year in a row after two years of decline. In general, imports recorded a relatively flat trend pattern. Over the period under review, global imports attained the maximum at 592K tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, bacon and ham imports totaled $3.4B in 2022. The total import value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 9.1% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports By Country

The UK was the major importer of bacon, ham and other dried, salted or smoked pig meat in the world, with the volume of imports resulting at 202K tons, which was near 35% of total imports in 2022. It was distantly followed by France (76K tons), creating a 13% share of total imports. Ireland (25K tons), Germany (24K tons), Canada (22K tons), Italy (21K tons), the United States (18K tons), Denmark (17K tons), Belgium (16K tons), Mexico (13K tons), Portugal (12K tons) and the Netherlands (10K tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to bacon and ham imports into the UK stood at -2.2%. At the same time, the United States (+9.4%), France (+6.0%), Portugal (+5.9%), Ireland (+4.2%), the Netherlands (+1.9%) and Belgium (+1.6%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing importer imported in the world, with a CAGR of +9.4% from 2012-2022. Italy, Canada, Denmark and Germany experienced a relatively flat trend pattern. By contrast, Mexico (-2.7%) illustrated a downward trend over the same period. While the share of France (+5.4 p.p.) and the United States (+1.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-11.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest bacon and ham importing markets worldwide were the UK ($740M), France ($424M) and Germany ($242M), together comprising 41% of global imports. The United States, Belgium, Canada, Italy, Denmark, Mexico, the Netherlands, Ireland and Portugal lagged somewhat behind, together accounting for a further 33%.

In terms of the main importing countries, the United States, with a CAGR of +9.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Pig meat other than hams or bellies (salted, in brine, dried or smoked) was the major type of bacon, ham and other dried, salted or smoked pig meat in the world, with the volume of imports resulting at 434K tons, which was approx. 71% of total imports in 2022. It was distantly followed by swine bellies (salted, in brine, dried or smoked) (115K tons) and hams, shoulders and cuts of swine (salted, in brine, dried or smoked) (59K tons), together generating a 29% share of total imports.

Pig meat other than hams or bellies (salted, in brine, dried or smoked) experienced a relatively flat trend pattern with regard to volume of imports. At the same time, swine bellies (salted, in brine, dried or smoked) (+2.4%) displayed positive paces of growth. Moreover, swine bellies (salted, in brine, dried or smoked) emerged as the fastest-growing type imported in the world, with a CAGR of +2.4% from 2012-2022. Hams, shoulders and cuts of swine (salted, in brine, dried or smoked) experienced a relatively flat trend pattern. Swine bellies (salted, in brine, dried or smoked) (+2.8 p.p.) significantly strengthened its position in terms of the global imports, while pig meat other than hams or bellies (salted, in brine, dried or smoked) saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, pig meat other than hams or bellies (salted, in brine, dried or smoked) ($2.5B) constitutes the largest type of bacon, ham and other dried, salted or smoked pig meat imported worldwide, comprising 70% of global imports. The second position in the ranking was held by swine bellies (salted, in brine, dried or smoked) ($713M), with a 20% share of global imports.

For pig meat other than hams or bellies (salted, in brine, dried or smoked), imports remained relatively stable over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: swine bellies (salted, in brine, dried or smoked) (+4.8% per year) and hams, shoulders and cuts of swine (salted, in brine, dried or smoked) (+2.3% per year).

Import Prices By Type

The average bacon and ham import price stood at $5,960 per ton in 2022, with a decrease of -5.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 8.8% against the previous year. Global import price peaked at $6,320 per ton in 2021, and then contracted in the following year.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was hams, shoulders and cuts of swine (salted, in brine, dried or smoked) ($6,517 per ton), while the price for pig meat other than hams or bellies (salted, in brine, dried or smoked) ($5,816 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by salted, dried, or smoked swine bellies (+2.4%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average bacon and ham import price stood at $5,960 per ton in 2022, which is down by -5.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 8.8% against the previous year. Over the period under review, average import prices hit record highs at $6,320 per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($12,252 per ton), while Ireland ($3,641 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Bacon, Ham and Other Dried, Salted or Smoked Pig Meat

In 2022, shipments abroad of bacon, ham and other dried, salted or smoked pig meat increased by 2% to 524K tons, rising for the second year in a row after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 4.8%. Over the period under review, the global exports attained the peak figure at 560K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, bacon and ham exports fell to $3.5B in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year. As a result, the exports reached the peak of $3.5B, and then contracted slightly in the following year.

Exports By Country

In 2022, the Netherlands (135K tons), distantly followed by Italy (82K tons), Spain (73K tons), Denmark (63K tons), Germany (40K tons) and Canada (31K tons) represented the major exporters of bacon, ham and other dried, salted or smoked pig meat, together creating 81% of total exports. The UK (17K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +6.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest bacon and ham supplying countries worldwide were Italy ($1.1B), Spain ($727M) and the Netherlands ($451M), with a combined 65% share of global exports.

Spain, with a CAGR of +6.6%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Pig meat other than hams or bellies (salted, in brine, dried or smoked) was the key type of bacon, ham and other dried, salted or smoked pig meat in the world, with the volume of exports finishing at 399K tons, which was approx. 70% of total exports in 2022. Swine bellies (salted, in brine, dried or smoked) (123K tons) ranks second in terms of the total exports with a 22% share, followed by hams, shoulders and cuts of swine (salted, in brine, dried or smoked) (8.1%).

Pig meat other than hams or bellies (salted, in brine, dried or smoked) experienced a relatively flat trend pattern with regard to volume of exports. At the same time, hams, shoulders and cuts of swine (salted, in brine, dried or smoked) (+2.1%) displayed positive paces of growth. Moreover, hams, shoulders and cuts of swine (salted, in brine, dried or smoked) emerged as the fastest-growing type exported in the world, with a CAGR of +2.1% from 2012-2022. Swine bellies (salted, in brine, dried or smoked) experienced a relatively flat trend pattern. From 2012 to 2022, the share of hams, shoulders and cuts of swine (salted, in brine, dried or smoked) increased by +1.8 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, pig meat other than hams or bellies (salted, in brine, dried or smoked) ($2.6B) remains the largest type of bacon, ham and other dried, salted or smoked pig meat supplied worldwide, comprising 72% of global exports. The second position in the ranking was held by swine bellies (salted, in brine, dried or smoked) ($673M), with an 18% share of global exports.

For pig meat other than hams or bellies (salted, in brine, dried or smoked), exports remained relatively stable over the period from 2012-2022. With regard to the other exported products, the following average annual rates of growth were recorded: swine bellies (salted, in brine, dried or smoked) (+1.4% per year) and hams, shoulders and cuts of swine (salted, in brine, dried or smoked) (+4.2% per year).

Export Prices By Type

In 2022, the average bacon and ham export price amounted to $6,604 per ton, waning by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2020 an increase of 8% against the previous year. Over the period under review, the average export prices hit record highs at $6,855 per ton in 2021, and then reduced slightly in the following year.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was hams, shoulders and cuts of swine (salted, in brine, dried or smoked) ($7,622 per ton), while the average price for exports of swine bellies (salted, in brine, dried or smoked) ($5,469 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by salted, dried, or smoked hams, shoulders and cuts of swine (+2.1%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average bacon and ham export price stood at $6,604 per ton in 2022, waning by -3.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2020 an increase of 8%. The global export price peaked at $6,855 per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($12,905 per ton), while Denmark ($3,224 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform