Ethnic Food Global Market Report 2024 - By Report, Size, Demand, Industry Trends, Outlook By 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Ethnic Food Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $87.12 billion In 2028 At A CAGR Of 10.9% :
The ethnic food market size has grown rapidly in recent years. It will grow from $52.35 billion in 2023 to $57.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to cultural diversity and migration, urbanization and lifestyle changes, social media and food trends, restaurant and street food culture, health and wellness awareness, culinary education and exposure.

The ethnic food market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to culinary fusion and innovation, health-conscious ethnic options, e-commerce and meal kits, sustainable and locally sourced ingredients, authenticity and cultural representation. Major trends in the forecast period include digital platforms and food discovery, authenticity and regional varieties, plant-based and vegetarian options, online food delivery and takeout, fusion cuisine.

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Ethnic Food Market Major Segments
The ethnic food market covered in this report 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

Key Driver - The Surge In Immigration Rates Fueling Ethnic Food Market Growth
Growing immigration rates is the key factor driving the growth of the ethnic food market. 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. For instance, according to the World Migration Report 2022 published by the International Organization for Migration (IOM), a Switzerland-based United Nations agency that provides services and advice concerning migration to governments and migrants, there are nearly 281 million international migrants globally in 2020, representing 3.6% of the world's population an increase from 272 million in 2019 (or 3.5%), representing 3.5% of the world's population. The United States is the most popular destination for migrants; however, the United Arab Emirates has the greatest migrant population as a percentage of its population. Additionally, in July 2021, according to the United States Census Bureau report, a US-based agency for producing data regarding the American people and economy, between 2020 and 2021, net international migration (NIM) increased the country's population by 247,000 in the US. This increased number of immigrants prefers eating the food of their country very often, which will invariably increase the demand for ethnic food. Hence, the growing immigration rates are expected to drive the ethnic food market.

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Prominent Trend -
Business expansion is a key trend gaining popularity in the ethnic food market. Business expansion is done through the introduction of new products, expansion into new markets, market penetration, diversification, and other types. 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.

Ethnic Food Market Players
Major companies operating in the ethnic food market report are Nestlé S.A., Associated British Foods plc, General Mills Inc., Taco Bell Corp., Conagra Brands Inc., Ajinomoto Co. Inc., ITC Limited, McCormick & Company Incorporated, MTR Foods Pvt Ltd, Kikkoman Corporation, House Foods Group Inc., Aryzta AG, B&G Foods Holdings Corp., Haldiram Manufacturing Co. Pvt. Ltd., Goya Foods Inc., GraceKennedy Group, S&B Foods Inc., Amy's Kitchen Inc., Santa Maria AB, East End Foods plc, Surya Foods Ltd., Leathams Limited, Kawan Food Manufacturing Sdn Bhd, Tasty Bite Eatables Ltd., Tilda Limited, TRS Foods Ltd., Natco Foods Ltd., Wanis International Foods Limited, Frontera Foods Inc., Asli Fine Foods Limited

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the ethnic food market in 2023. The regions covered in the ethnic food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ethnic Food Market Report Structure
3. Ethnic Food Market Trends And Strategies
4. Ethnic Food Market - Macro Economic Scenario
5. Ethnic Food Market Size And Growth
…..
27. Ethnic Food Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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