Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The global ethnic food market size was valued at USD 76.73 billion in 2022 and is anticipated to surge from USD 81.59 billion in 2023 to USD 131.67 billion by 2030, exhibiting a CAGR of 7.08% over the forecast period.
The rise is due to the growing focus of market players on the expansion of product lines and the escalating rollout of local food products in international markets. Fortune Business Insights™ provides this information in its research report, titled “Ethnic Food Market, 2023-2030”.
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List of Key Players Profiled in the Ethnic Food Market Report:
- Ajinomoto Co. Inc. (Japan)
- Associated British Foods PLC (U.K.)
- McCormick & Company Inc. (U.S.)
- MTR Foods (India)
- Nestle S.A. (Switzerland)
- General Mills (U.S.)
- Conagra Brands Inc. (U.S.)
- Tasty Bite Edibles Pvt. Ltd. (India)
- Taco Bell (U.S.)
- B&G Foods (U.S.)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.08% |
| 2030 Value Projection | USD 131.67 Billion |
| Ethnic Food Market Size in 2023 | USD 81.59 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Ethnic Food Market Drivers | Increasing Migration/Relocation of Consumers in Various Regions to Drive the Market Growth |
| Globalization of Regional Products and Rise of Online Sales to Drive Market Growth |
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Segments:
Asian Segment to Depict Substantial Traction Driven by Easy Availability and High Consumption
Based on cuisine type, the market is fragmented into Italian, Asian, Mexican, and others. The Asian segment is expected to dominate the market, expanding at a substantial pace over the forecast period. The rise is driven by the growing product adoption in various countries.
Non-Veg Food Segment to Lead Driven by High Product Demand
By food type, the market is bifurcated into veg and non-veg. The non-veg segment is estimated to exhibit considerable expansion over the forecast period. The surge is driven by the growing product demand in almost every North American, European, South American, Middle Eastern, and Chinese household.
Hypermarkets/Supermarkets Segment to Register Substantial Growth Impelled by Robust Product Sales
On the basis of distribution channel, the market is subdivided into hypermarkets/supermarkets, grocery stores, convenience stores, and online sales channels. The hypermarkets/supermarkets segment is anticipated to register remarkable growth throughout the forecast period. The surge is driven by the availability of an extensive range of products.
Based on geography, the market for ethnic food is segmented into Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
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Report Coverage:
The report gives an analysis of the major trends favoring the global industry landscape over the forthcoming years. It further provides an overview of the key steps undertaken by major market participants propelling the global business scenario throughout the estimated period. The report also offers an analysis of the vital factors impelling industry expansion across various regions.
COVID-19 Impact:
Industry Growth Affected Due to Impact on Production amid COVID-19 Pandemic
The pandemic affected the production and export of ethnic food in Asia Pacific in 2020. The production levels were impacted due to shutdown of manufacturing units. However, the period brought an alteration in the consumer preference for healthy ethnic food options. This was on account of the soaring demand for low-calorie and low-fat food.
Drivers and Restraints:
Surge in Market Value Driven by Soaring Migration/Relocation of Consumers
One of the key factors propelling the ethnic food market growth comprise an escalation in migration and relocation of consumers. The demand for Asian foods is surging considering that Asian population forms a vital group of migrants.
However, the market expansion could be hampered by the increasing consumer demand for completely natural products.
Regional Insights:
Asia Pacific to Emerge as a Leading Region Driven by the Soaring Adoption Rate
Asia Pacific ethnic food market share is expected to lead, exhibiting appreciable expansion over the forecast period. The rise is driven by the escalating adoption rate of ethnic food ingredients in the traditional cuisine of several countries such as Japan, China, Italy, the U.S., the UAE, and Australia.
The North America market is anticipated to expand at a steady pace over the study period. The surge is impelled by the rising demand for Asian cuisine impelled by the relocation of Asian consumers.
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Competitive Landscape:
Leading Companies Ink Collaborative Agreements to Expand Geographical Footprint
Major industry players are formulating and adopting a range of initiatives for expanding product reach. Some companies are also focusing on collaborations and partnership agreements for the expansion of their geographical footprints. Other steps include merger agreements, acquisitions, and R&D activities.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Ethnic Food Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Cuisine Type
- Asian
- Italian
- Mexican
- Others
- By Food Type
- Veg
- Non-Veg
- By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Grocery Stores
- Online Sales Channel
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Cuisine Type
- North America Ethnic Food Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Cuisine Type
- Asian
- Italian
- Mexican
- Others
- By Food Type
- Veg
- Non-Veg
- By Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Grocery Stores
- Online Sales Channel
- By Country (Value)
- U.S
- By Cuisine Type (Value)
- Asian
- Italian
- Mexican
- Others
- By Cuisine Type (Value)
- Canada
- By Cuisine Type (Value)
- Asian
- Italian
- Mexican
- Others
- By Cuisine Type (Value)
- Mexico
- By Cuisine Type (Value)
- Asian
- Italian
- Mexican
- Others
- By Cuisine Type (Value)
- U.S
- By Cuisine Type
TOC Continued...!
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Key Industry Development:
February 2023 – Nestle shared plans to exhibit and test new products at the Anaheim-based Natural Products Expo West 2023. The company planned to showcase more than 35 products at its Nestle U.S. booth at the event.
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