The global ethnic foods market is projected to witness a CAGR of 11.80% during the forecast period (2021 - 2026).
After the closure of restaurants, hotels, and other foodservice facilities during the advent of the COVID-19 pandemic, the consumers moderately increased the intake of ready-to-eat a variety of food products, which comes in various ethnicities such as Italian, Indian, Chinese and others, which are popularly demanded across the world, therefore the demand for ethnic foods propelled during the year 2020.
With the growing immigration rates, due to employment opportunities, higher education, and tourism, the demand for ethnic food has been increasing. Moreover, over the medium term, with the increasing consumption of nutritious food and rising capital investment in producing healthy, ethnic-based food, the market studied is expected to gain traction over the forecast period. The ethnic food manufacturers are focusing on the convenience factor, quality of food, cuisine variants, and packaging formats of the products.
The market studied continues to diversify, as consumers continue to experiment with new global cuisines. Some of the niche ethnic food categories include African, Indian, and Indonesian cuisines that have been growing over the recent past.
Key Market Trends
Presence of Asian Cuisines in the United States Ethnic Food Market Space
Consumers' interests in Asian cuisines, such as Thai, Korean, Vietnamese, and Japanese, are increasing, globally, and they are seeking bold and spicy flavors.
As per the data published in the Pew Research Center report in 2017, there were 20 million Asian-Americans in the United States, an increase of 72%, since 2000, making the Asian population the fastest-growing population group in the country. With an increasing number of Asian-American grocery store chains, Americans are consuming more Asian food than ever.
Therefore, supermarkets, which are selling Asian ethnic cuisine are also increasing their foothold in the market studied. For instance, in 2017, iFresh, a Chinese supermarket chain in the United States, introduced its tenth national location and first Texas location in Houston, thus, meeting the demand for ethnic food products among the fast-growing Asian population and the established Vietnamese community.
Increasing Indulgence of Ethnic Food in Asia-Pacific Region
The rising young population, along with a fast-paced trend of eating and experimenting with various interstate and inter-country food cuisines on a frequent basis has provided a plethora of growth opportunities for ethnic food services operation in the Asia-Pacific region.
The increasing use of social media among the Indians and other developing countries are sharing their culinary experiences - urging consumers to try new food options and outlets, based on the reviews shared. Exploring the new culinary experience for both global and authentic regional cuisines are on the rise among consumers in Asia-Pacific. Moreover, manufacturers are striving to satisfy the demand of consumers for new and different food products with more international favorites, added variety, spices, and bold flavors.
Speciality and international food aisles are increasing in the Asia-Pacific supermarkets as consumers, especially millennials are inclined towards ethnic cuisines. Other factors such as international travel and globalization policies are also positively influencing the market.
The global ethnic foods market is competitive, with the presence of various small and medium-sized companies. Some of the major companies, which are included in the market studied include Ajinomoto Co. Inc., McCormick & Company, Inc., Associated British Foods plc, and General Mills, Inc, among others.
Owing to the diversified product portfolio, which includes popular cuisines, such as Chinese, Italian, Indian, English, French, Mexican, Caribbean, and African, the leading companies are marketing various cuisines to the consumers. The top players have also succeeded in providing the availability of their products across multiple channels of distribution, in particular supermarkets and hypermarkets, which also happen to hold one of the largest segments in terms of distribution channels of the ethnic food market.
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TABLE OF CONTENTS
- 1.1 Study Deliverables and Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
- 4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Distribution Channel
- 5.1.1 Hypermarkets/Supermarkets
- 5.1.2 Convenience Stores
- 5.1.3 Online Retail Stores
- 5.1.4 Other Distribution Channels
- 5.2 Geography
- 5.2.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 188.8.131.52 Rest of North America
- 5.2.2 Europe
- 184.108.40.206 United Kingdom
- 220.127.116.11 Germany
- 18.104.22.168 Spain
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Russia
- 184.108.40.206 Rest of Europe
- 5.2.3 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 India
- 126.96.36.199 Australia
- 188.8.131.52 Rest of Asia-Pacific
- 5.2.4 Rest of the World
- 184.108.40.206 South America
- 220.127.116.11 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Most Adopted Strategies
- 6.3 Market Position Analysis
- 6.4 Company Profiles
- 6.4.1 Ajinomoto Co. Inc.
- 6.4.2 McCormick & Company Inc.
- 6.4.3 Associated British Foods PLC
- 6.4.4 General Mills, Inc. (Old El Paso)
- 6.4.5 Orkla ASA
- 6.4.6 ARYZTA AG
- 6.4.7 Paulig Group
- 6.4.8 Asli Fine Foods
- 6.4.9 Capital Foods (Ching's Secret)
- 6.4.10 Charlie Bigham
- 6.4.11 The Spice Tailor
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET