Global Ethnic Food Market Forecast To Reach $87.12 Billion By 2028 With 10.9% Annual Growth
Ethnic Food Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Ethnic Food Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The ethnic food market has experienced significant growth in recent years and is expected to continue expanding. It is projected to increase from $52.35 billion in 2023 to $57.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.1%. The growth observed in the past can be attributed to factors such as cultural diversity and migration, urbanization and shifting lifestyles, the influence of social media and food trends, the rise of restaurant and street food culture, greater health and wellness awareness, and the growing availability of culinary education and exposure.
What Is the Anticipated Growth Rate and Market Size of the Global Ethnic Food Market?
The ethnic food market is anticipated to experience rapid growth in the coming years, reaching $87.12 billion by 2028, with a compound annual growth rate (CAGR) of 10.9%. This growth during the forecast period is driven by factors such as culinary fusion and innovation, the increasing demand for health-conscious ethnic food options, the rise of e-commerce and meal kit services, the emphasis on sustainable and locally sourced ingredients, and a growing focus on authenticity and cultural representation in food offerings.
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What Is The Primary Growth Driver Of The Ethnic Food Market?
The growth of food tourism is a major factor driving the expansion of the ethnic food market. Food tourism, also referred to as culinary or gastronomic tourism, involves traveling to various destinations with the main goal of exploring and enjoying local food and drink. The increasing popularity of food tourism is promoting the discovery of diverse cuisines, which in turn boosts interest and demand for ethnic foods beyond their place of origin.
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Which Market Leaders Are Behind the Growth of the Ethnic Food Market?
Key players in the ethnic food market include Nestlé S.A., Associated British Foods plc, General Mills Inc., Taco Bell Corp., Conagra Brands Inc., Ajinomoto Co. Inc., ITC Limited, McCormick & Company Incorporated, MTR Foods Pvt Ltd, Kikkoman Corporation, House Foods Group Inc., Aryzta AG, B&G Foods Holdings Corp., Haldiram Manufacturing Co. Pvt. Ltd., Goya Foods Inc., GraceKennedy Group, S&B Foods Inc., Amy's Kitchen Inc., Santa Maria AB, East End Foods plc, Surya Foods Ltd., Leathams Limited, Kawan Food Manufacturing Sdn Bhd, Tasty Bite Eatables Ltd., Tilda Limited, TRS Foods Ltd., Natco Foods Ltd., Wanis International Foods Limited, Frontera Foods Inc., Asli Fine Foods Limited
What Key Trends Are Impacting The Size Of The Ethnic Food Market?
Companies are expanding by introducing new products, entering new markets, increasing market penetration, diversifying their offerings, and exploring other strategies. Key players in the ethnic food market are particularly focused on expanding their businesses through product innovations, which help create new opportunities, boost revenue, and strengthen their market position.
How Is The Global Ethnic Food Market Segmented?
1) By Food Type: Veg, Non-Veg
2) By Culture: American, Chinese, Japanese, Mexican, Italian, Other Cultures
3) By Distribution: Supermarkets/Hypermarkets, Convenience Stores, Online Retail Channels, Other Distribution Channels
4) By Application: Restaurant, Household
Regional Insights: Asia-Pacific Paving the Way in the Ethnic Food Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Ethnic Food Market?
Ethnic food refers to dishes that originate from a particular region or community but are consumed outside their native area. This term encompasses cuisines that are specific to non-dominant cultures, such as Indian, Korean, Italian, Peruvian, Moroccan, Mexican, Brazilian, Argentine, or Chinese. These cuisines are considered distinct from traditional Western fare.
The Ethnic Food Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Ethnic Food Market Report: Trends, Opportunities, Strategies, and More
The Ethnic Food Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into ethnic food market size1, ethnic food market drivers and trends, ethnic food competitors' revenues, and ethnic food market growth2 across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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1 https://www.thebusinessresearchcompany.com/report/ethnic-food-global-market-report
2 https://www.thebusinessresearchcompany.com/report/ethnic-food-global-market-report
3 https://www.thebusinessresearchcompany.com/
