Spam sales record set for 7th consecutive year

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The sales of Spam canned cooked meat have reached a new record for seventh consecutive year, in spite of pandemic-related difficulties.

That helped Hormel, the company that makes the iconic brand, deliver record sales of $3.5bn (£2.65bn) in the three months to the end of October.

According to the boss of the firm, they will begin work next year on expanding their range of Spam products.

On Thursday, Hormel shares rose almost 6% in New York.

Jim Snee (Hormel chief executive) stated, “The Spam brand achieved its seventh consecutive years of record growth.” He spoke to investors on a conference phone call.

“We’re also working on an expansion plan for Spam products, which will become operational in 2023,” said he.

Hormel saw its purchase of Planters peanuts by Hormel in June result in a 19% increase in annual sales to $11.4bn.

This happened even while the company had to deal with supply chain challenges during the coronavirus epidemic.

Hormel announced it had signed a new 5-year supply contract with pork to help reduce the potential impact on future supply issues.

Asia is a popular place

Spam is a popular product outside the USA, particularly in Asia-Pacific.

Since 1937, it has become a household name here in Hawaii.

On many islands it can be found in Spam musubi, which is a similar dish to sushi, Spam fried Rice and Spam eggs and rice.

It was first introduced in South Korea by the US Army during the Korean War when food was scarce.

Spam has been a major part of South Korean culture for so long that it is a key ingredient in the popular South Korean dish budaejigae or the army stew.

As a gift for the Lunar New Year’s Eve, Tins Of Spam may be presented as presents. Sometime they will even come in special promotional boxes.

Hormel has its headquarters in Minnesota, USA and is active in more than 80 other countries.

Spam and Planters is not the only brand it has. Natural Choice and Applegate are its meat products and Skippy peanut oil.

These are also possible options:

Source: BBC.com

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