Global Ethnic Foods Market expected to record a CAGR of ~8% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Ethnic Foods Industry?

Global Ethnic Foods market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 80 Bn by 2028.

The Ethnic Foods Market is largely driven by increasing the accessibility and availability of ethnic food items, the increasing number of specialized ethnic food supermarket chains in developed nations.

The growing millennial generation, which is constantly seeking out new, exotic experiences, is more open to adopting exotic foods and flavors into daily diets, which is anticipated to fuel the expansion of the market for ethnic food throughout the projected period.

One of the major trends driving the expansion of the ethnic foods market is the adoption of innovative and environmentally friendly packaging by major suppliers. Vendors in the global market for ethnic foods utilize strategies to gain a competitive edge.

Market expansion is primarily affected by stringent rules and regulations that hinder the easy and smooth global trade of food products. High import and export tariffs are also obstructing market growth in some regions.

The COVID-19 pandemic outbreak had a negative impact on the market's growth. Due to the spread of the infection, many people chose to stay indoors, which had a negative effect on the hotel and catering industries. The consumption of ethnic food on major distribution channels declined as a result of fewer frequent consumers and tourists.

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Global Ethnic Foods Market By Cuisine Type

The Global Ethnic Foods market is segmented by Cuisine type into American, Chinese, Japanese, Mexican, Italian and Others.

The Chinese cuisine segment dominated the market in 2022, due to the growing demand for Chinese food from developed regions like Europe and North America is driving industry expansion

Chinese food consumption is increasing, which in turn is driving up industry demand, as more people from Asian countries migrate abroad for higher education, tourism, and career possibilities.

According to the Higher Education Statistics Agency, in 2020 approximately 35% of non-European students in Europe were of Chinese ethnicity, leading to the increased demand for Chinese food in European and North American countries.

Global Ethnic Foods Market By Food Type

The Global Ethnic Foods market is segmented by Food type into Vegetarian and Non-Vegetarian.

The non-Vegetarian segment accounted for the highest market share in 2022, as consumption is considerably higher than vegetarian consumption worldwide.

Non-vegetarian cuisine is part of practically every household's daily diet in Europe, North America, South America, China, and the Middle East.

Compared to vegetarian meals, non-vegetarian meals make up a higher portion of an individual's regular diet.

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Global Ethnic Foods Market By Distribution Channel

The Global Ethnic Foods market is segmented by distribution Channel into Hypermarkets /Supermarkets, Convenience Stores, Online and Others.

Hypermarkets/Supermarkets dominated the market in 2022 since the wider public prefers to purchase food and snacks from supermarkets and hypermarkets

Its dominance can be attributed to consumers' strong preference to buy items from big supermarkets due to its extensive range of brand and price options.

Developments in the organized retail sector, as well as a rise in the number of hypermarkets and supermarkets, along with increased metro cities and migration to metro cities, are the primary factors influencing the expansion of the whole segment.

Global Ethnic Foods Market By Application

The Global Ethnic Foods market is segmented by Application into Restaurant, Household and Others.

Restaurants accounted for the highest market share in 2022 as restaurants regularly serve ethnic foods to enhance the dining experience for consumers.

Customers have the opportunity to explore new cuisines and varieties while dining outside the home.

Taco Bell, the world's leading Mexican-inspired restaurant brand, in December 2019 announced that it had reached an important milestone in its India expansion by opening its 50th location.

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

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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

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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.