Spam mania: sales of canned meat hit another record high
Sales of the iconic canned cooked meat Spam hit a record high for the seventh year straight thanks to a growing popularity across the world.
Hormel, maker of Spam, delivered record sales of $3.5bn (£2.65bn) in the three months to the end of October, despite pandemic challenges.
The Hormel shares rose by almost six per cent in New York yesterday as Jim Snee, chief exec, said it will start work on expanding its range of Spam products next year.
With an 81 year history, Spam’s reach is global.
Outside of the US, Spam has a large international reach, especially in the Asia-Pacific region: operating in 80 countries worldwide.
Whilst in the West, Spam is often see as a cheap food option, in South Korea, people buy Spam presentation packs, costing up to £60.
“The Spam brand delivered its seventh consecutive year of record growth,” Hormel’s chief executive Jim Snee said on a conference call with investors.
“We are also beginning work on another expansion for the Spam family of products scheduled to be operational in 2023,” he added.
The meaning behind the name Spam is still a company secret.