Everybody is Eating Spam
Spam in a can.
© Shutterstock
Spam in a can.
© Shutterstock
Spam, consisting of pre-ground pork and ham, is sold in 44 countries, by US-based Hormel, which has just released its its fourth quarter earnings. Surging sales of Spam helped propel it to a seventh straight record-setting year.
"The question is, who is not eating Spam? It's amazing what we have been able to do over the last seven years," Hormel CEO Jim Snee told Yahoo Finance Live.
Spam was traditonally regarded as an affordable source of protein but an increased Asian influence on restaurants means it isn't just value or older customers buying the product any more, he said.
Popular in Hawaii & South Korea
Spam's history dates back to 1937 when Spam luncheon meat was introduced. By 1959, one billion cans of the product had already been sold.
It is now a household name in Hawaii, where residents have the highest per capita consumption in the US and use it for a popular local dish Spam musubi. It is also hugely popular in South Korea where it is not only used as an ingredient but gifted during Chuseok or the Lunar New Year.
Spam now comes in a range of varieties including Spam Lite, Oven Roasted Turkey and naturally, Classic. And it looks like there are more to come, with CEO Jim Snee telling investors there would be another production expansion in 2023.
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