New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ethnic Food Global Market Report 2023" - https://www.reportlinker.com/p06317020/?utm_source=GNW
, Wanis International Foods, Santa Maria UK Ltd., Asli Fine Foods, Nestle SA, Conagra Brands Inc., Taco Bell, B&G Foods and Paulig Group.
The global ethnic food market grew from $47.75 billion in 2022 to $52.56 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The ethnic food market is expected to grow to $77.55 billion in 2027 at a CAGR of 10.2%.
The ethnic food market consists of sales of mango pulp, spicy lentils, special pickles.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The ethnic food refer to a food that is eaten outside the geographical area of its origin.The term ethnic food refers to food that is unique to a certain region or community.
Non-dominant culture cuisines such as Indian, Korean, Italian, Peruvian, Moroccan, Mexican, Brazilian, Argentina, or Chinese cuisines are all regarded as ethnic and distinct from standard western cuisine.
Asia-Pacific was the largest region in the ethnic foods market in 2022. The regions covered in the ethnic foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of food in ethnic food are veg and non-veg.The vegetarian ethnic foods is made up of vegetables and fruits.
The vegetarian ethnic food types include vegetarian, plant-based, and vegan foods from different countries.Various culture ethnic food include American, Chinese, Japanese, Mexican, Italian and others and are distributed through supermarkets/hypermarkets, convenience stores, online retail channels and other distribution channels.
Ethnic food are provided in restaurant and household.
Growing immigration rates is the key factor driving the growth of the ethnic food market.Immigration is increasing because of several reasons such as employment opportunities, environmental factors, educational purposes, reuniting with family, or escaping a violent conflict.
The immigrants prefer the food of their homeland and that increases the demand for ethnic food. For instance, according to the World Migration Report 2022 published by the International Organization for Migration (IOM), a Switzerland-based United Nations agency that provides services and advice concerning migration to governments and migrants, there are nearly 281 million international migrants globally in 2020, representing 3.6% of the world’s population an increase from 272 million in 2019 (or 3.5%), representing 3.5% of the world’s population. The United States is the most popular destination for migrants; however, the United Arab Emirates has the greatest migrant population as a percentage of its population. Additionally, in July 2021, according to the United States Census Bureau report, a US-based agency for producing data regarding the American people and economy, between 2020 and 2021, net international migration (NIM) increased the country’s population by 247,000 in the US.This increased number of immigrants prefers eating the food of their country very often, which will invariably increase the demand for ethnic food. Hence, the growing immigration rates are expected to drive the ethnic food market.
Business expansion is a key trend gaining popularity in the ethnic food market.Business expansion is done through the introduction of new products, expansion into new markets, market penetration, diversification, and other types.
Major companies operating in the ethnic food market are focused on business expansions through new product developments to expand business opportunities, increase revenue streams and enhance their position.For instance, in October 2021, General Mills, a US-based multinational manufacturer of consumer foods expanded its Old El Paso line by creating new flavored taco shells in conjunction with crisp brand Takis.
Takis Fuego fiery chili pepper and lime tastes are combined with the convenient flat bottom of Old El Paso Stand ’N Stuff Shells to keep the taco standing on the plate and convenient to eat.Customers may simply make Mexican-style dinners in minutes with a variety of options ranging from basic taco ingredients to personalized taco concoctions.
In addition, in June 2021, LIVEKINDLY Collective, a US-based plant-based foods company launched two new flagship brands Giggling Pig, and Happy Chicken in China. Both are the first brands created in-house by the company and produced locally in the USA to cater to Chinese consumer tastes.
In November 2020, McCormick & Company Inc., a US-based company that manufacturers and sells spices, seasoning flavors, and other products acquired Cholula Food Co, the parent company of the Cholula Hot Sauce brand from L Catterton for $800 million. As a result of this acquisition, McCormick aims to increase its offering to consumers and food service operators in the fast-growing hot sauce area. Cholula Food Co is a Mexican company that produces an authentic hot sauce with Mexican flavors. L Catterton is an American private equity company.
The countries covered in the ethnic foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The ethnic food market research report is one of a series of new reports that provides ethnic food market statistics, including ethnic food industry global market size, regional shares, competitors with an ethnic food market share, detailed ethnic food market segments, market trends and opportunities, and any further data you may need to thrive in the ethnic food industry. This ethnic food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06317020/?utm_source=GNW
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