The new report by Expert Market Research titled, ‘Global Ethnic Foods Market Size, Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global ethnic foods market assessing the market based on its segments like culture, type, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 12%
The key players in the ethnic food market have been persevering to develop their products to improve the quality and convenience. The variety of products available are expanding with better packaging. Specialty foods from several regions like Africa are being added in the available products. This is driving the demand for ethnic foods across the globe. There has been a growing awareness for fitness and healthcare in the population. The people are recently emphasizing on the calories and nutrition value of food they intake. The ethnic food manufacturers have been researching for healthier variants of their product to attract this consumer segment.
Industry Definition and Major Segments
Ethnic food refers to the food prepared from ingredients and manner that is specialized for a particular community or ethnicity. These food products when delivered to a different region or culture for consumption is commonly termed as ethnic food. For example, the special curry originating in India is served as Indian ethnic food in Germany.
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On the basis of culture, ethnic foods are classified into:
• American
• Chinese
• Japanese
• Mexican
• Italian
• Others
On the basis of type, the industry is divided into:
• Food Service
• Ready-to-Eat
Based on the distribution channel, the market is classified into:
• Restaurants
• Stores
The stores are additionally classified into hypermarkets/supermarkets, convenience stores, and online stores, among others.
The report also covers the regional ethnic foods markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
The growing immigration because of work opportunities and personal reasons is propelling the growth of ethnic foods market. The people staying away from their native places are looking for the specialty foods that was available in their homeplace. This leads to a surge in the demand for ethnic foods. The people are also changing their eating habits with the influence of difference cultures.
The westernization of developing regions has contributed to the demand for ethnic foods. Social media has played a big role in exposure of different cuisines to the people all over the world which is providing impetus to the growth of industry.
Key Market Players
The major players in the market are Ajinomoto Co. Inc., McCormick & Company, Incorporated, Associated British Foods PLC, General Mills, Inc., and Paulig Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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