Westford, USA, July 12, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the demand for ethnic food market has grown significantly due to increasing immigration rates driven by employment opportunities, higher education prospects, and tourism. As people from diverse cultural backgrounds settle in different regions, they bring their culinary traditions and preferences, fueling the demand for ethnic food.
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Browse in-depth TOC on the "Ethnic Food Market"
- Pages - 242
- Tables - 84
- Figures – 76
The availability and accessibility of ethnic food items through specialized ethnic food supermarket chains play a significant role in driving the demand for ethnic food market. These supermarkets provide specifically to the needs of diverse communities and offer a wide range of authentic ingredients, spices, and ready-to-eat meals from various cultural backgrounds. This makes it easier for consumers to explore and recreate traditional dishes in their homes, contributing to the overall demand for ethnic food.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 44 Billion |
| 2030 Value Projection | USD 83.7 Billion |
| CAGR | 9% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Ethnic Food Market
- Nestle SA
- PepsiCo Inc.
- Mars Inc.
- General Mills Inc.
- The Kraft Heinz Company
- Ajinomoto Co., Inc.
- ConAgra Brands Inc.
- Unilever Group
- Tyson Foods Inc.
- Hormel Foods Corporation
- ITC Limited
- Indofood Sukses Makmur Tbk
- Tingyi (Cayman Islands) Holding Corp.
- Jinmailang Foods Co. Ltd.
- San Miguel Pure Foods Company Inc.
- Nissin Foods Holdings Co. Ltd.
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Offline Retail Segment is Expected to Grow in the Market Due to its Continued Prominence
The global ethnic food market has been dominated by offline retail, which can be attributed to several factors contributing to its continued prominence. One key aspect is the convenience and availability offered by offline retail stores, including supermarkets, specialty stores, and local ethnic food stores. These physical retail establishments allow consumers to browse a wide range of products in person, allowing them to see, touch, and evaluate the quality of the items they wish to purchase.
The markets in the North America emerged as the dominant region in the ethnic food market globally. This can be attributed to several factors contributing to the region's strong position. One significant factor is the diverse population in North America, with people from various cultural backgrounds and a wide range of culinary preferences. The popularity of international cuisine, including ethnic foods, has surged in recent years, driving the demand for such products in the market.
Online Retail Segment is Expected to Dominate the Market Due to the Rapid Growth Of E-Commerce
The online retail segment is currently the fastest-growing segment in the ethnic food market, experiencing a surge in popularity worldwide. This can be attributed to the rapid growth of e-commerce and its numerous benefits to consumers. The convenience factor plays a significant role in driving the growth of online retail. Consumers can now easily purchase ethnic foods and other products from the comfort of their homes without visiting a physical store.
Regional markets in the Asia-Pacific are projected to experience rapid growth in the ethnic food market, driven by the increasing demand for traditional and authentic Asian cuisine. The region is known for its diverse culinary heritage, and consumers in APAC countries have a strong affinity for their traditional dishes.
A comprehensive analysis of the major players in the ethnic food market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Ethnic Food Market
- In 2023, Zomato, an Indian food delivery platform, made a significant acquisition by purchasing OpenTable, a restaurant discovery platform based in the United States. The acquisition was valued at $2.5 billion and marked a major move for Zomato in expanding its presence and capabilities in the global food and restaurant industry.
- In 2023, Charoen Pokphand Foods (CPF), a renowned Thai food manufacturer, unveiled plans to expand its plant-based protein business by establishing a new facility in Europe. This strategic move aimed to capitalize on the region's growing demand for plant-based protein products.
Key Questions Answered in Ethnic Food Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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