Global Ethnic Foods Market Report 2022 to 2028: Rising Immigration Rates Fuel the Sector

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Apr 13, 2023, 13:30 ET

DUBLIN, April 13, 2023 /PRNewswire/ -- The "Global Ethnic Foods Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Cuisine Type, Food Type, Distribution Channel, Application Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, 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.

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.

Scope of the Report

The Global Ethnic Foods Market is segmented into Cuisine Type, Food Type, and Distribution Channel and Application. 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

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

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

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.

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.

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Ethnic Foods Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Global Ethnic Foods Market?

The Global Ethnic Foods Market is expected to witness a CAGR of ~8% over the next six years

What are the Key Factors Driving the Global Ethnic Foods Market?

Due to the evolution and development of individual preferences, restaurant chains that specialize in ethnic cuisine are diversifying their food service operations by preparing a variety of ethnic cuisines is expected to be the primary driver of this market

Which is the Largest Cuisine Type Segment within the Global Ethnic Foods Market?

The Chinese component segment held the largest share of the global Ethnic Foods market in 2021

For more information about this report visit https://www.researchandmarkets.com/r/meug8y

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