The global ethnic food market size was USD 45.27 billion in 2020. The market is project to grow from USD 49.27 billion in 2021 to USD 98.06 billion in 2028 at a CAGR of 10.33% during the 2021-2028 period. This vital information is present by Fortune Business Insights™, in its report, titled, “Ethnic Food Market, 2021-2028.”
As per the research team, continuous innovations in the frozen food section, new & creative business models, and increased launching of the latest products by the dominant manufacturers is likely to amplify the market growth globally. Non-veg ethnic food will witness the largest market share powered by integration of the latter towards a staple diet of increasing population which will further nurture the growth of the market.
COVID-19 Outbreak to Greatly Influence Market Growth
As the pandemic looms on, various economic backlashes are expect to decrease the market value of the ethnic food market growth. One of the world’s largest ethnic food producers, China, faced various challenges related to logistics and production. Many factories across the globe were shut down in the wake of COVID-19 pandemic, which will further lead to a decline in manufacturing capabilities. However, as the world economy begins a slow revival, production facilities are expect to resume at a normal rate. Sales are expect to reach the levels of 2019 by the end of the year 2021.
The market study combines a comprehensive analysis of the market and is segmented across pivotal factors such as dominant companies, upcoming product launches & current portfolios, and leading application areas of the segments. Additionally, the report highlights the market trends, opportunities and threats surrounding the sector. Growth factors and restraints that contribute to the market are also noted. These factors are expected to help our readers gain an insightful and in-depth knowledge about the market.
Based on cuisine type, the segment includes Asian, Italian, Mexican, and Others. The Asian cuisine is expect to dominate the segment during the forecast duration owing to a steadfast growth in the population along with increasing presence of regional and local food sources on a global scale.
On the basis of food type, the market can be broke down into veg and non-veg.
By distribution channel, the market can be divide into hypermarkets/supermarkets, convenience stores, grocery stores, and online sales channels.
Geographically, the global market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Increasing Trend of Adopting Frozen Ethnic Good to Gain Traction
Rising exports of Asian food products such as Japanese, Thai, Chinese, Indian, and Vietnamese cuisine coupled with increasing availability will increase the value of the market. Increased consumer spending, rising immigration settlements, and integration of ready-to-eat ethnic food products will bolster the value of the ethnic food market share.
However, increasing consumer demand for completely natural demand will dampen towards a lower decrease in the market. Additionally, longer transportation times and cost will hamper the growth of the market.
Asia Pacific to Hold a Commanding Lead Due to Elevated Adoption Measures
Asia Pacific will retained a value of USD 16.2 billion in 2020 due to rising adoption of traditional cuisines in regions of the U.S., Italy, Germany, China, Japan, India, Australia, and UAE. Also, increasing demand for ethnic cuisine food from the foodservice sector will push the market towards a higher share.
North America will witness considerable growth during the forecast period due to increasing demand for Asian Cuisine due to rising migration measures in the region. Also, rising popularity of ethnic cuisine foods and frozen foods along with ongoing technological developments in the sector will bolster the growth of the market.
Partnerships & Mergers to Hold a High Gain Over Towards Expanding Business Ideas
Dominant players in the market are expect to join hands with similar organizations in order to capture a higher consumer base. Strategies such as partnerships, acquisitions and mergers, product launches are expect to gain the most traction over the duration of the forecast. These effective strategies along with the insights provided by expert advisors will ensure that a better reach is gained by our market reports. Another strategy is launching innovative products for attracting consumers and growing market value.=
List of Key Players Covered in the Acetic Acid Market Report
- Ajinomoto Co. Inc. (Tokyo, Japan)
- Associated British Foods PLC (London, U.K.)
- McCormick & Company Inc. (Maryland, U.S.)
- MTR Foods (Karnataka, India)_
- Nestle S.A. (Vevey, Switzerland)
- General Mills (Minnesota, U.S.)
- Conagra Brands Inc. (Illinois, U.S.)
- Tasty Bite Edibles Pvt. Ltd. (Pune, India)
- Taco Bell (California, U.S.)
- B&G Foods (New Jersey, U.S.)
- June 2021: LIVEKINDLY announced the launch of two flagship products in China – Giggling Pig and Happy Chicken. These two launches are expected to cater to the growing Chinese population by developing and manufacturing on a local basis.
How big is the food market industry?
The food market industry is one of the largest and most significant industries in the world. It encompasses a wide range of businesses, including agriculture, food production, processing, packaging, transportation, and retail sales. According to a report by ResearchAndMarkets.com, the global food market industry was valued at $8.3 trillion in 2020 and is expected to grow to $11.1 trillion by 2026, with a CAGR of 4.8%. This growth is driven by factors such as the increasing global population, changing consumer preferences, rising demand for convenience foods, and technological advancements in food production and processing.
In addition to its size, the food market industry is also diverse, with a wide range of products and services catering to different segments of the market. For example, there are specialty food markets that focus on niche products such as organic and gluten-free foods, while others cater to specific regions and cultural tastes. The industry is also highly competitive, with numerous players vying for market share and constantly innovating to meet changing consumer demands.
Apart from this if you are interested to know more about Global Chilled Food Packaging Market by Product Type then visit our Food category.