Market Overview:
Global Ethnic Food Market Size Was Valued at USD 109.3 Billion In 2022 And Is Projected to Reach USD 239.47 Billion By 2030, Growing at A CAGR of 10.3% From 2023 To 2030.
Ethnic food is customarily cooked without the use of any artificial colors, flavors, or preservatives. Ethnic foodsare used to categorize foods based on country cultures and food availability. It gives clients the delight of consuming certain foods from their home country while living abroad. The majority of the world's population wants and prefers these cuisines, which expands the market. Consumers in many countries have a sufficient understanding of food and its advantages, and they are urged to consume high-nutrient foods with desired flavor and texture. Restaurant chains providing ethnic meals are progressively broadening their food service facilities by cooking various types of ethnic cuisine as a result of the development and innovation of taste among people.
Top Key Players in the Ethnic Food Market:
Nestle S.A. (Switzerland), B&G Foods (U.S.), Ajinomoto Co. Inc. (Japan), Associated British Foods PLC (U.K.), McCormick & Company Inc. (U.S.), MTR Foods (India), General Mills (U.S.), Conagra Brands Inc. (U.S.), Tasty Bite Edibles Pvt. Ltd. (India), Taco Bell (U.S.) and Other Major Players.
Market Dynamics and Factors for the Ethnic Food Market:
Drivers:
Growing Demand for Healthy Food
The restaurant industry is experimenting with beneficial earthy and natural flavors, moving towards more plant-based food, thanks to the health halo surrounded by local spices that are rich in aromas. Today's consumers are on the lookout for new and improved varieties of ethnic gastronomy available in urban culture. Consumers have increasingly begun to seek out meals and beverages that provide not only physical but also emotional and spiritual benefits as a result of the pandemic. Adaptogenic ingredients like Haldi, ashwagandha, cumin, nachni, holy basils, reishi, and tulsi are making their way into new food and drink introductions as a result of this mindfulness. Ayurvedic plant flavors like ginseng and turmeric are showing up in a variety of food and beverage categories, from kombucha to yogurt and even chocolates.
Opportunities:
New Ethnic Food Trends and Online Platforms
Mission Foods Inc. was the biggest supplier of hard tortillas, soft tortillas, and taco kits in 2021, with sales of approximately 1.24 billion dollars in the United States. New trends in the out-of-home market, such as Peruvian or Korean cuisine, were emerging. On U.S. breakfast/brunch menus, ethnic-inspired breakfast products such as Asian-flavored syrups or coconut milk pancakes were also highlighted as an innovation. Furthermore, due to worldwide social media trends, internet sales channels are likely to generate profitable prospects for major and local companies. For instance, Nomads Marketplace has created a brand-new ethnic food bazaar on the internet. The new online store was established to provide individuals all around the world with a more convenient option to purchase ethnic spices and products for their culinary excursions.
Segmentation Analysis of the Ethnic Food Market:
By Culture, the Mexican (Hispanic) food segment is anticipated to hold the maximum ethnic food market share over the projected period. By far the most popular, with the highest sales, is Hispanic food. Asian and Mediterranean/Middle Eastern foods are expected to grow at a significantly quicker rate by 2021, according to Mintel.
By Food Type, non-veg food is expected to capture the significant ethnic food market growth over the forecast period. In practically every home in Europe, North America, South America, China, and the Middle East, non-vegetarian food is a part of the daily diet. Non-vegetarian food makes up a higher portion of their daily meals than vegetarian cuisine.
Regional Analysis of the Ethnic Food Market:
The Asia-Pacific region's growing young population, along with a fast-paced habit of often eating and experimenting with diverse interstate and inter-country culinary cuisines, has created a multitude of growth potential for ethnic food services enterprises. People in India and other developing nations are increasingly using social media to share their culinary experiences, encouraging consumers to try new food alternatives and outlets based on the feedback given. Consumers in Asia-Pacific are increasingly seeking out new culinary experiences, including global and original regional cuisines. Furthermore, manufacturers are attempting to meet consumer demand for new and unique food products by including more international favorites, added diversity, spices, and robust flavors. As consumers, particularly millennials gravitate toward ethnic cuisines, specialty and international food lanes are growing in Asia-Pacific supermarkets.
Key Industry Development:
In February 2022, Patak launched the 'Patak's Makes Perfect' TV commercial in partnership with BMB, a creative advertising firm; the company hopes to expand its market presence in the ethnic foods retail arena with this new promo.
In June 2021, LIVEKINDLY launched two new flagship brands in China: Giggling Pig and Happy Chicken. Both of these brands are designed and manufactured in China to meet the needs of Chinese consumers.
