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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