Global Market Research Reports : Ken Research: Global Ethnic Foods Market

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Wednesday, May 17, 2023

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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Global Ethnic Foods Market

Thursday, December 22, 2022

Global Ethnic Foods Market is expected to reach USD 80 bn by 2028: Ken Research

The Global Ethnic Foods Market was valued at ~US$ 35 billion in 2017. The demand for ethnic food has been expanding as a result of the rising immigration rates driven by work possibilities, higher education, and tourism. Also, the market is anticipated to grow during the projected period due to rising capital investment in creating healthy, ethnic-based food and rising consumption of nutrient-dense foods. It is estimated to be ~US$ 50 billion in 2022 and is expected to reach a market size of ~US$ 80 billion by 2028 growing at a CAGR of ~8% during 2022-2028.

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Key Growth Drivers

By increasing the accessibility and availability of ethnic food items, the increasing number of specialized ethnic food supermarket chains in developed nations is driving the market for ethnic food. People's tastes and dining experiences are changing as developing countries become more advanced.
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.

Key Trends by Market Segment

By Cuisine Type- the Chinese cuisine segment dominated the market in 2021, 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.

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By Food Type- The non-Vegetarian segment accounted for the highest market share in 2021, 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.

By Application- Restaurants accounted for the highest market share in 2021 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.

By Distribution Channel- Hypermarkets/Supermarkets dominated the market in 2021 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.

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By Geography: Asia Pacific accounted for the largest market share among all regions in 2021, 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.

Competitive Landscape

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.

Recent Developments Related to Major Players

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,

Conclusion

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.

Note: This is a Planned/On-Demand report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Ethnic Foods Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Billion

Market Taxonomy

By Cuisine Type	American Chinese Japanese Mexican Italian Others
By Food Type	Vegetarian Non-Vegetarian
By Distribution Channel	Hypermarkets /Supermarkets Convenience Stores Online Others
By Application	Restaurant Household Others
By Geography	North America (USA, Canada, and Mexico) Europe (France, Italy, Germany, Spain, UK and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia and Rest of Asia Pacific) LAMEA (Latin America, Middle East and Africa)
Key Players	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.

Thursday, November 3, 2022

3 Key Insights on ~US$ 80 Bn Opportunity in the Global Ethnic Foods Market: Ken Research

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Due To the Evolution and Development of Individual Preference, Restaurant Chains That Specialize in Ethnic Cuisine Are Diversifying Food Service Operations by Preparing a Variety of Ethnic Cuisines Which is likely to Propel the Growth of Global Ethnic Foods Market, which is forecasted to Cross ~US$ 80 Bn by 2028 says Ken Research Study.

The phrase "ethnic food" describes cuisine that is specific to a particular area or population. Individuals outside of the respective ethnic communities consider ethnic foods as cuisines arising from the history and culture of certain ethnic communities. Chinese food, Mexican food, Italian food, etc. are just a few examples of diverse cultural cuisines that are recognized as ethnic and different from western style cuisine.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. The Adoption of Creative and Sustainable Packaging by Leading Vendors Is One of The Major Trends Driving the Expansion of The Ethnic Foods Market.

The adoption of creative and sustainable packaging by leading vendors is one of the major trends driving the expansion of the ethnic foods market. Vendors in the global ethnic foods market utilize strategies to gain a competitive advantage in the market. Packaging improvements, in addition to impressing customers, help to enhance the shelf life and durability of products. For instance, Capital Foods, Nissin Foods, Associated British Foods, Unilever, Nestle, and others offer a broad selection of ethnic cuisine products with a long shelf life, including instant noodles, soups, and curries. Ching's, a range of quick noodles, soups, Hakka noodles, sauces, and even ethnic spice blends from Capital Foods, minimizes the amount of time required for cooking.

In September 2021, the Greater Chennai Corporation in India issued a directive mandating restaurants and cafes to package food in banana leaves instead of plastic.

According to Ken Research estimates, the Global Ethnic Foods Market – valued at around ~US$ 35 million in 2017 and estimated to reach nearly ~US$ 50 million in 2022 – is further expected to grow to around ~US$ 80 million opportunity by 2028.

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2. Growing Immigrant Numbers Are Boosting Demands for Ethnic Foods.

The primary driver of the expansion of the ethnic food industry is rising immigration rates. Immigration is rapidly increasing for a wide range of reasons, including job opportunities, environmental considerations, educational opportunities, family holidays, and avoiding violent conflict. Since consumers prefer the cuisine from their native countries, immigrants are driving up demand for ethnic cuisine.

For Instance, the UN Department of Economic and Social Affairs Population Division (UN DESA) reported that in 2020, approximately 20 countries are home to two-thirds of all international migrants. USA continued to be the main destination, receiving 51 million international migrants in 2020, which accounts for 18% of all migrants worldwide. Around 16 million migrants were hosted in Germany, which was in second place behind Saudi Arabia (13 million), the Russian Federation (12 million), and UK (9 million).

3. Strict Laws and Restrictions That Hinder the Efficient and Smooth Trade of Food Items around the World Restrains Market Expansion.

The stringent rules and regulations that hinder the easy and smooth trade of food products globally are the key factors restricting market expansion. High import and export tariffs also restrict some nations' market expansion. For instance, in May 2019, the government in USA announced increasing import tariffs on goods from Mexico, making import tariffs 5% and customs 25%, which is anticipated to have an effect on restaurant costs and sales.