Global Ethnic Foods market is expected to reach ~USD 80 Bn by 2028F: Ken Research
Global Ethnic Foods Market By Geography
The Global Ethnic Foods market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific accounted for the largest market share among all regions in 2022, owing to numerous expansion prospects for ethnic food services businesses that have emerged in the Asia-Pacific region.
Residents of India and other developing nations are using social media more and more to share their culinary experiences, which encourages customers to try new restaurants and cuisine options based on the ratings given.
Consumers in the Asia-Pacific region are increasingly interested in trying out new cuisines, both internationally and from genuine regional cuisines. Additionally, producers are working hard to meet consumer demand for novel and distinctive culinary products by including more international classics, greater variety, spices, and strong tastes.
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Competition Scenario In Global Ethnic Foods Market
The Global Ethnic Foods Market is highly competitive with ~1,000 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in ethnic food. Global players constitute ~10% of competitors, while country niche players represent the largest number of competitors. The market is highly competitive since key players are focusing on R&D and launching new products with different kinds of ethnic food cuisines to meet growing consumer demand for a variety of cuisines and are investing in producing healthy nutritious rich ethnic-based foods as people adopt healthier life. Some of the major players in the market include 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. And others.
What Is The Expected Future Outlook For The Overall Global Ethnic Foods Market Across The Globe?
The Global Ethnic Foods market was valued at USD ~billion in 2022 and is anticipated to reach USD ~80 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Ethnic Foods market is driven by increasing the accessibility and availability of ethnic food items, the increasing number of specialized ethnic food supermarket chains in developed nations. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Ethnic Foods market is changing rapidly. For instance, In October 2021, General Mills expanded its Old El Paso a range of Tex-Mex foods that includes dinner kits, tacos, tortillas, and more, line by offering new flavored taco shells in collaboration with crisp brand Takis in the United States.
In November 2020, McCormick & Business Inc. announced a definitive agreement to acquire the parent company of Cholula Hot Sauce®, a premium hot sauce brand with authentic Mexican characteristics for US$800 million in cash,
The Global Ethnic Foods Market is anticipated to grow significantly during the projected period (2022-2028) as there is a growing demand for ethnic food as a result of increased employment opportunities, access to higher education, and tourism. Moreover, the market is expected to expand during the forecasted period as a result of increased investment in the production of nutrient-dense foods and healthy ethnic foods. Though the market is competitive with ~1,000 participants, country-niche players control the dominant share and regional players also hold a significant share.
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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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