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.
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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
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
For More Information on the Research Report, refer to below links: –
Global Ethnic Foods Market: Ken Research
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