Pancetta Market size is estimated to reach $2.3 billion by 2026, growing at a CAGR of 3.6% during the forecast period 2021-2026. Pancetta is salt-cured and seasoned meat that is made from pork belly. These are versatile ingredients that are used to add flavor and depth to pasta and soups. Pancetta ingredients are increasingly being adopted among consumers across the world owing to the growing demand for high-protein foods among the young population. The increase in the adoption of salumi pancetta in developed nations, growing demand for pancetta ingredients that are added with sodium erythorbate, increase in the demand for basic Italian bacon among consumers, and the growing investment by the key players to develop quality pancetta ingredients are the factors that are set to drive the growth of the Pancetta Market for the period 2021-2026.
Pancetta Market Segment Analysis-By Price
The Pancetta Market based on the Price can be further segmented into Basic, Mid-Range, and Expensive. The Basic segment held the largest share owing to the factors such as the increase in the demand for salumi pancetta and the rise in the product launches by the key players. The growing demand for basic Italian bacon among the young population is driving the growth of the Pancetta Market. The Expensive segment is estimated to be the fastest-growing segment with a CAGR of 3.8% over the period 2021-2026. This growth is owing to the factors such as the growing investment by the key players to develop quality pancetta products and the increase in the standard of living in developed nations.
Pancetta Market Segment Analysis-By Distribution Channel
The Pancetta Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Specialty Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the cost-effectiveness and the availability of a wide range of salumi pancetta and Italian bacon with different brands and prices ranges. The presence of distinct product shelves coupled with attractive schemes in supermarkets is driving the growth of the Pancetta Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 4.1% over the period 2021-2026. This growth is owing to the factors such as the growing demand for digitalized shopping experiences among the customers and the rise in the demand for door-stop delivery.
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Pancetta Market Segment Analysis-By Geography
The Pancetta Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 29% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of salumi pancetta in developed nations and the increase in the product launches by the key players. The growing demand for basic Italian bacon among the young population is driving the growth of the Pancetta Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the increase in the demand for pancetta products that are added with sodium erythorbate and the growing investment by the key players to develop high-quality pancetta products.
Pancetta Market Drivers
Increase in the Adoption of Pork Meat Products
Customers across the world are increasingly shifting towards pork meat products owing to the growing adoption of meat products among the young population and the rise in the disposable income of consumers. The key players across the world are focusing on developing high-quality salumi pancetta products, which is one of the major factors driving the growth of the Pancetta Market.
Rise in the Customer Inclination towards Protein-Rich Foods
The rise in the customer inclination towards high-protein food has propelled the demand for pancetta products owing to their high protein content. Moreover, manufacturers are launching pancetta products that are added with sodium erythorbate ingredients owing to the growing awareness about the benefits of sodium erythorbate, which is further propelling the growth of the Pancetta Market.
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Pancetta Market Challenges
Stringent Government Regulations
The key players in the market are increasing their investment to carry out various research and development activities for developing Italian bacon and salumi pancetta. However, stringent government regulations owing to the growing obesity concerns is one of the major factors that is estimated to reduce the growth of the Pancetta Market.
Pancetta Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Pancetta Market. Key companies of this market are Cargill, BRF, Foster Farms, Tyson Foods, Shuanghui International, Karro Food Group, Farmland, Hormel Foods, SmithfieldFoods, and Tonnies Fleisch among others.
Key Takeaways
Geographically, the North America Pancetta Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of salumi pancetta in developed nations.
The increase in the demand for basic Italian bacon among the young population is driving the Basic segment. However, stringent government regulations owing to the growing obesity concerns is one of the major factors that is said to reduce the growth of the Pancetta Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Pancetta Market report.
Related Reports:
A. Bacon Market
https://www.industryarc.com/Research/Bacon-Market-Research-504887
B. Processed Pork Market
https://www.industryarc.com/Report/16635/processed-pork-market.html
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