Press release
Ethnic Food Market 2023-2032: Industry Analysis, Market Trends, Growth, Opportunities
Ethnic Food Global Market
The Business Research Company's Ethnic Food Global Market Report 2023 identifies Growing immigration rates as the major driver for the Ethnic Food market's growth in the forecast period. Immigration is increasing because of several reasons such as employment opportunities, environmental factors, educational purposes, reuniting with family, or escaping a violent conflict. The immigrants prefer the food of their homeland and that increases the demand for ethnic food.
The global ethnic food market size grew from $47.75 billion in 2022 to $52.56 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The ethnic food market size is expected to grow to $77.55 billion in 2027 at a CAGR of 10.2%.
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Major competitors in the Ethnic Food market are Ajinomoto Foods, McCormick & Company Incorporated, Associated British Foods PLC, Aryzta AG, MTR Foods, Natco Foods, TRS Ltd., Tasty Bites, General Mills Inc., Wanis International Foods, Santa Maria UK Ltd., Asli Fine Foods, Nestle SA, Conagra Brands Inc., Taco Bell, B&G Foods and Paulig Group.
A key trend in the Ethnic Food market includes Business expansion. Major companies operating in the ethnic food market are focused on business expansions through new product developments to expand business opportunities, increase revenue streams and enhance their position. For instance, in October 2021, General Mills, a US-based multinational manufacturer of consumer foods expanded its Old El Paso line by creating new flavored taco shells in conjunction with crisp brand Takis. Takis Fuego fiery chili pepper and lime tastes are combined with the convenient flat bottom of Old El Paso Stand 'N Stuff Shells to keep the taco standing on the plate and convenient to eat. Customers may simply make Mexican-style dinners in minutes with a variety of options ranging from basic taco ingredients to personalized taco concoctions. In addition, in June 2021, LIVEKINDLY Collective, a US-based plant-based foods company launched two new flagship brands Giggling Pig, and Happy Chicken in China. Both are the first brands created in-house by the company and produced locally in the USA to cater to Chinese consumer tastes.
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The Ethnic Food market is segmented -
1) By Food Type: Veg, Non-Veg
2) By Culture: American, Chinese, Japanese, Mexican, Italian, Other Cultures
3) By Distribution: Supermarkets/Hypermarkets, Convenience Stores, Online Retail Channels, Other Distribution Channels
4) By Application: Restaurant, Household
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Ethnic Food market.
The Business Research Company's "Global Ethnic Food Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Ethnic Food Market Include:
1. Executive Summary
2. Ethnic Food Market Characteristics
3. Ethnic Food Market Trends And Strategies
4. Ethnic Food - Macro Economic Scenario
5. Ethnic Food Market Size And Growth
……
27. Ethnic Food Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Ethnic Food Market
29. Ethnic Food Market Future Outlook and Potential Analysis
30. Appendix
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