Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --
The high demand for ethnic cuisine will drive the market demand in the coming years.
The demand for ethnic cuisine is poised to soar in the coming years, fueled by the adoption of modern lifestyles and a growing openness to cross-cultural flavors. Globalization has played a pivotal role in exposing individuals to various cuisines via travel, media, and the Internet, resulting in heightened curiosity and willingness to explore culinary traditions worldwide.
Ethnic cuisines are often perceived as healthy due to their emphasis on fresh ingredients, herbs, and spices, aligning with the population's preference for long-term dietary choices. Moreover, in response to busy schedules and the desire for convenience, particularly among the young demographic, there's been a notable shift towards ready-to-eat food options. This includes a variety of offerings such as frozen meals, pre-packaged items, sauces, and other convenient packaged foods that require minimal preparation, catering to the needs of consumers seeking convenience without compromising on taste or quality.
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Segmentation Overview:
The ethnic food market has been segmented into food type, cuisine type, distribution channel, and region.
Veg food will likely dominate in the forecast period.
- The ethnic food market is segmented by food type into veg and non-veg. The popularity of veg food is projected to drive growth in the coming years, and more growth is expected based on the popularity of vegan food. The rise in the number of vegetarians is expected to drive the segment demand.
Hypermarkets and convenience stores are projected to dominate in the forecast period.
- The ethnic food market is segmented into hypermarkets, convenience, and grocery stores. Hypermarket is the leading segment attributed to their significant presence, and popularity in consumers.
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Ethnic Food Market Report Highlights:
- The ethnic food market growth is anticipated at a CAGR of 8.5% by 2032.
- Expansion in the retail sector and the rise in travel and tourism boost the industry growth.
- North America is the leading player in the ethnic food market and continues to dominate in the forecast period.
- Some prominent players in the ethnic Food market report include Ajinomoto Co. Inc., General Mills, Associated British Food PLC, MTR Food, Conagra Brands Inc., McCormick & Company Inc., Nestle S.A., B&G Food, Tasty Bite Edibles Pvt. Ltd., and Taco Bell.
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