Ethnic Foods Market to increase by USD 22.02 billion from 2021 to 2026 | The increasing popularity of Italian cuisine drives the market - Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The ethnic foods market size is expected to grow by USD 22.02 billion from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of  10.15% during the forecast period. TThe increasing popularity of Italian cuisine is notably driving the ethnic foods market growth. The surging global enthusiasm for Italian cuisine is driving the growth of the ethnic foods market worldwide. Italian delicacies, including pasta and pizza, are progressively gaining favor among consumers. Notably, Italian expatriates constitute nearly 6% of the US population. This trend is mirrored by the expanding number of Italian restaurants in both the US and the UK, underscoring the growing affinity for Italian cuisine. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis

The market is segmented by distribution channel (offline and online) and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The ethnic foods market share growth in the offline segment will be significant during the forecast period. The majority of these shops are located in residential areas. As disposable incomes rise and urbanization accelerates, consumers are gravitating away from small convenience stores and into supermarkets and hypermarkets.

To know additional highlights and key points on various market segments and their impact in coming years, View PDF Sample Report.

Geographical Market Analysis 

• APAC is estimated to account for 40% of the global growth during the forecast period.  China and Japan hold significant importance as the primary markets for the ethnic foods segment in the APAC region. Anticipated market growth within this region is set to surpass that of other global markets. The burgeoning food retail sector in APAC's emerging economies is poised to act as a catalyst for the expansion of the ethnic foods market in this region throughout the projected timeframe. This comprehensive market research report provides detailed insights into competitive intelligence, identifies marketing gaps, and highlights regional prospects for companies.

Company Insights 
The ethnic foods market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including AJINOMOTO FOODS North America INC., Aryzta AG, Asli Fine Foods, Associated British Foods Plc, B and G Foods Inc., Beyond Meat Inc., Conagra Brands Inc., General Mills Inc., McCormick and Co. Inc., Mizkan Holdings Co. Ltd., Nestle SA, Orkla ASA, Pataks, Paulig, Surya Foods Online, Tasty Bite Eatables Ltd., The Giggly Pig Co., The Spice Tailor Ltd., TRS Group UK Ltd., and YUM Brands Inc.

Market Dynamics 

Challenge 

The fluctuating price of raw materials is one of the major challenges hindering the ethnic foods market growth. The fluctuating prices of essential raw materials like olive oil, spices, herbs, and other ingredients pose a challenge to the expansion of the global ethnic foods market. The global price of garlic has exhibited fluctuations over time, contributing to a potentially adverse impact on the ethnic foods market. Notably, the average global garlic price observed an increase in 2020 compared to 2019. This price volatility has been evident in countries like China, Spain, and Argentina, with China being the foremost garlic producer. Olive oil, another crucial ingredient in ethnic food production, experienced a remarkable 67.3% price hike at the source in 2021 compared to 2020. Consequently, the fluctuations in raw material costs are anticipated to exert a negative influence on the growth of the global ethnic foods market throughout the forecast period.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio