3 Key Insights on ~US$ 80 Bn Opportunity in the Global Ethnic Foods Market: Ken Research

Due To the Evolution and Development of Individual Preference, Restaurant Chains That Specialize in Ethnic Cuisine Are Diversifying Food Service Operations by Preparing a Variety of Ethnic Cuisines Which is likely to Propel the Growth of Global Ethnic Foods Market, which is forecasted to Cross ~US$ 80 Bn by 2028 says Ken Research Study.

The phrase "ethnic food" describes cuisine that is specific to a particular area or population. Individuals outside of the respective ethnic communities consider ethnic foods as cuisines arising from the history and culture of certain ethnic communities. Chinese food, Mexican food, Italian food, etc. are just a few examples of diverse cultural cuisines that are recognized as ethnic and different from western style cuisine.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. The Adoption of Creative and Sustainable Packaging by Leading Vendors Is One of The Major Trends Driving the Expansion of The Ethnic Foods Market.

The adoption of creative and sustainable packaging by leading vendors is one of the major trends driving the expansion of the ethnic foods market. Vendors in the global ethnic foods market utilize strategies to gain a competitive advantage in the market. Packaging improvements, in addition to impressing customers, help to enhance the shelf life and durability of products. For instance, Capital Foods, Nissin Foods, Associated British Foods, Unilever, Nestle, and others offer a broad selection of ethnic cuisine products with a long shelf life, including instant noodles, soups, and curries. Ching's, a range of quick noodles, soups, Hakka noodles, sauces, and even ethnic spice blends from Capital Foods, minimizes the amount of time required for cooking.

In September 2021, the Greater Chennai Corporation in India issued a directive mandating restaurants and cafes to package food in banana leaves instead of plastic.

According to Ken Research estimates, the Global Ethnic Foods Market - valued at around ~US$ 35 million in 2017 and estimated to reach nearly ~US$ 50 million in 2022 - is further expected to grow to around ~US$ 80 million opportunity by 2028.

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2. Growing Immigrant Numbers Are Boosting Demands for Ethnic Foods.

The primary driver of the expansion of the ethnic food industry is rising immigration rates. Immigration is rapidly increasing for a wide range of reasons, including job opportunities, environmental considerations, educational opportunities, family holidays, and avoiding violent conflict. Since consumers prefer the cuisine from their native countries, immigrants are driving up demand for ethnic cuisine.

For Instance, the UN Department of Economic and Social Affairs Population Division (UN DESA) reported that in 2020, approximately 20 countries are home to two-thirds of all international migrants. USA continued to be the main destination, receiving 51 million international migrants in 2020, which accounts for 18% of all migrants worldwide. Around 16 million migrants were hosted in Germany, which was in second place behind Saudi Arabia (13 million), the Russian Federation (12 million), and UK (9 million).

3. Strict Laws and Restrictions That Hinder the Efficient and Smooth Trade of Food Items around the World Restrains Market Expansion.

The stringent rules and regulations that hinder the easy and smooth trade of food products globally are the key factors restricting market expansion. High import and export tariffs also restrict some nations' market expansion. For instance, in May 2019, the government in USA announced increasing import tariffs on goods from Mexico, making import tariffs 5% and customs 25%, which is anticipated to have an effect on restaurant costs and sales.

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Key Topics Covered in the Report

Snapshot of Ethnic Foods Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Ethnic Foods Market
Historic Growth of the Overall Ethnic Foods Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Ethnic Foods Market Industry
Overview, Cuisine Type Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Ethnic Foods Market
Future Market Forecast and Growth Rates of the Total Ethnic Foods Market and by Segments
Market Size of Application with Historical CAGR and Future Forecasts
Analysis of the Ethnic Foods Market in Global Regions
Major Cuisine Type/Supply and Consumption/Demand Hubs in the Region
Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within the Region

Notable Key Players Mentioned in the Report

Ajinomoto Co. Inc.
Taco Bell
ARYZTA AG
Asli Fine Foods
McCormick & Company Inc.
General Mills
MTR Foods
Wanis International Food
Santa Maria UK Ltd
Nestle

Notable Emerging Companies Mentioned in the Report

Sach Foods
Omsom
Fly By Jing
Immi
 Sanzo

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Ethnic Foods Manufacturers and Providers
Ethnic Foods Distributors
Ethnic Foods Organizations, Forums, Alliances, And Associations
Government Ministries and Departments of Food Industry
Government Regulatory and Research Organizations
Raw Material Suppliers for Ethnic Food
Food Packaging Equipment Companies
Food Transport Solutions Providers

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-ethnic-foods-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.