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Asian Food Market to Witness a Healthy Y-o-Y Growth during 2021
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The Asian food systems market across the globe is expected to show a substantial growth with a single digit increase in CAGR by the year 2019. There is a significant increase in the consumption of Asian food in North America and Europe market as there is a high demand of spicy food with various sauces. People are more inclined towards exotic ethnic food due to superior taste and fair prices.
The key drivers of this market include changing food habits in various region of the World. Drivers vary from region to region, however rising disposable income and growing culture of eating out have pushed the demand of Asian food in emerging countries. Western countries look for variety and novel taste and thus Quick service and full service restaurants have started including Asian food in their main stream menu. The restraining factor could be improper advertising and distribution channel as the market involves huge number of small players.
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The Asian food system market can be segmented by product type as Oriental styles, Chinese, Japanese, Korean, Thai, Indonesian, and Indian. The market can also be segmented geographically into APAC, North America, Europe and RoW regions.
Some of the key players in the Asian food market are Panda Express, Pei Wei Asian Diner, Moods Hospitality Pvt Ltd., Inns’ Bruck and Eurofood group Plc.
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