Ethnic Foods Market to Reach US$ Mn by 2022, Exhibiting CAGR of 8.1%
A) Market Overview:
The global Ethnic Foods Market is estimated to be valued at US$ Mn in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period. Ethnic foods refer to traditional culinary dishes that are mainly associated with a particular regional or cultural group. These foods offer unique flavors, ingredients, and cooking techniques, providing consumers with a diverse gastronomic experience. The rising popularity of international cuisines and growing multiculturalism are driving the demand for ethnic foods worldwide. Additionally, consumers are increasingly seeking unique and authentic food experiences, leading to the adoption of ethnic foods. The availability of a wide range of ethnic food products in supermarkets and online platforms has further contributed to market growth.
B) Market Key Trends:
One key trend observed in the Ethnic Foods Market is the growing demand for plant-based ethnic food products. With the rising health consciousness among consumers and the increasing adoption of vegetarian and vegan diets, there is a growing preference for plant-based ethnic dishes. Plant-based ethnic food products offer various health benefits, including lower cholesterol levels and reduced environmental impact. Moreover, these products cater to the dietary preferences of a diverse consumer base, including vegetarians, vegans, and individuals looking to reduce their meat consumption. As a result, food companies and restaurants are introducing a wide range of plant-based ethnic food options to meet the changing consumer demands and capitalize on this growing trend.
The Ethnic Foods Market can be segmented based on product type, distribution channel, and region. In terms of product type, the dominating segment is ready-to-eat meals. This segment is expected to witness high growth over the forecast period due to the convenience it offers to consumers. Ready-to-eat meals are gaining popularity among busy individuals who are looking for quick and easy meal options without compromising on taste. Additionally, the increasing number of working professionals and the rising trend of on-the-go meals are also contributing to the growth of this segment.
The global Ethnic Foods Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, the increasing multicultural population and the rising trend of exploring different cuisines are driving the demand for ethnic foods. Consumers are becoming more open to trying new flavors and experiencing diverse culinary traditions.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the Ethnic Foods Market. The region has a rich and diverse culinary heritage, which includes Chinese, Indian, Japanese, Thai, and Korean cuisines among others. The growing urban population, rising disposable income, and changing food preferences are contributing to the growth of the market in this region. Additionally, the increasing trend of international travel and globalization has further boosted the demand for ethnic foods in Asia Pacific.
Key players operating in the Ethnic Foods Market include Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, General Mills Inc., Orkla ASA, Aryzta AG, Paulig Ltd, Asli Fine Foods, Capital Foods Pvt. Ltd, Bigham’s Limited, The Spice Tailor Limited, and Quality Ethnic Foods Inc. These companies offer a wide range of ethnic food products and are focusing on strategies such as product launches, partnerships, and acquisitions to gain a competitive edge in the market. With the increasing demand for ethnic foods, these key players are expected to witness considerable growth and expansion in the coming years.