Ethnic Food Market Size
|2019 - 2029
|Market Size (2024)
|USD 45.46 Billion
|Market Size (2029)
|USD 67.81 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Ethnic Food Market Analysis
The Ethnic Foods Market size is estimated at USD 45.46 billion in 2024, and is expected to reach USD 67.81 billion by 2029, growing at a CAGR of 8.33% during the forecast period (2024-2029).
Post-COVID-19, consumers moderately increased the intake of a variety of ready-to-eat food products, which come from various ethnicities and are popularly demanded across the world, driving the demand for ethnic foods during the current year.
With the growing immigration rates due to employment opportunities, higher education, and tourism, the demand for ethnic food has been increasing, and 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.
One factor driving ethnic food demand is the availability and accessibility of ethnic food items through specialized ethnic food supermarket chains. Developing countries are experiencing an increase in westernization, which is changing people's tastes and preferences. It is becoming more popular to eat out, and more people are interested in trying intercontinental and exotic foods. Food is becoming more therapeutic as a result of consumers' growing preference for innovative and creative cuisines.
Moreover, ethnic food manufacturers are focusing on the convenience factor, quality of food, cuisine variants, and packaging formats of the products. The ethnic food market 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.
Ethnic Food Market Trends
This section covers the major market trends shaping the Ethnic Foods Market according to our research experts:
Presence of Asian Cuisine in the US Ethnic Food Marketspace
Consumers' interest in Asian cuisines, such as Thai, Korean, Vietnamese, and Japanese, is increasing globally, and they seek bold flavors. This trend is driven by the increasing immigrant population, as well as robust demand from native populations.
Over the past decade, more immigrants have moved to the United States and European countries from Asia than any other region globally. For instance, in the United States, immigrants from Asian countries constituted 47% of the total immigrants to the country in 2021. This has fuelled the demand for ethnic foods in the country.
Furthermore, the penetration of Korean, Japanese, Chinese, and Indian cuisines among the native population has been strong over the review period. During the forecast period, the global ethnic food industry is more likely to rely upon the fusion of ethnic blends.
Increasing Indulgence in Ethnic Food in the Asia-Pacific Region
The growing young population, along with the fast-paced trend of eating and experimenting with various interstate and inter-country food cuisines frequently, has provided many growth opportunities for ethnic food services operations in the Asia-Pacific region.
The increasing use of social media among Indians and people from other developing countries has enabled them to share their culinary experiences, urging consumers to try new food options and outlets based on the reviews shared. Exploring new culinary experiences for global and authentic regional cuisines is rising among consumers in Asia-Pacific. Moreover, manufacturers are striving to satisfy the demand from consumers for new and different food products with more international favorites, added variety, spices, and bold flavors.
Specialty and international food sales are increasing in supermarkets in Asia-Pacific as consumers, especially millennials, are inclined toward ethnic cuisines. Other factors, such as international travel and globalization policies, influence the market positively.
Ethnic Food Industry Overview
The ethnic foods market is competitive, with various small and medium-sized companies. Some major companies in the market include Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, and General Mills Inc.
By developing diversified product portfolios, which include popular cuisines such as Chinese, Italian, Indian, English, French, Mexican, Caribbean, and African, the leading companies are marketing various cuisines to consumers. The top players have also succeeded in providing their products across multiple channels of distribution, particularly supermarkets and hypermarkets, which also happen to hold some of the largest segments in terms of distribution channels in the market studied.
Ethnic Food Market Leaders
Ajinomoto Co. Inc.
McCormick & Company Inc.
General Mills, Inc.
Associated British Foods PLC
*Disclaimer: Major Players sorted in no particular order
Ethnic Food Market News
- February 2022: Patak launched its "Patak's Makes Perfect" TV advertisement in collaboration with a creative advertising agency, BMB. With this new advertisement, the company aimed to strengthen its market presence in the ethnic foods retail space.
- February 2022: Aryzta, which operates the Cuisine de France brand, acquired the bakery, equipment, and the corresponding land of co-manufacturer De-Luxe Food Services from Envictus International Holdings Limited. This expansion strengthened Aryzta's relevant position in bakery products in Malaysia.
- January 2022: Paulig, which has two production sites for tortillas, dinner kits, and chips in Belgium (Roeselare) and is currently building a third production facility, acquired the innovative Spain-based company, Liven. With this acquisition, Paulig hoped to expand its Tex-Mex and snacking activities in Europe.
- October 2021: General Mills expanded its Old El Paso range by introducing new flavored taco shells in collaboration with crisp brand Takis in the United States. The company's latest product is inspired by Takis 'Fuego' crisp flavor and was named 'Hot Chili Pepper and Lime-Flavored Stand'N Stuff Taco Shells.' The product was exclusively available through Walmart stores.
Ethnic Food Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
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 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Distribution Channel
5.1.2 Convenience Stores
5.1.3 Online Retail Channels
5.1.4 Other Distribution Channels
5.2.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.2.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Strategies Adopted by Key Players
6.3 Market Share 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 Ltd.
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
6.4.12 Quality Ethnic Foods Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ethnic Food Market Research FAQs
How big is the Ethnic Foods Market?
The Ethnic Foods Market size is expected to reach USD 45.46 billion in 2024 and grow at a CAGR of 8.33% to reach USD 67.81 billion by 2029.
What is the current Ethnic Foods Market size?
In 2024, the Ethnic Foods Market size is expected to reach USD 45.46 billion.
Who are the key players in Ethnic Foods Market?
Ajinomoto Co. Inc., McCormick & Company Inc., General Mills, Inc., Associated British Foods PLC and Orkla ASA are the major companies operating in the Ethnic Foods Market.
Which is the fastest growing region in Ethnic Foods Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Ethnic Foods Market?
In 2024, the North America accounts for the largest market share in Ethnic Foods Market.
What years does this Ethnic Foods Market cover, and what was the market size in 2023?
In 2023, the Ethnic Foods Market size was estimated at USD 41.96 billion. The report covers the Ethnic Foods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ethnic Foods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Ethnic Food Industry Report
Statistics for the 2024 Ethnic Food market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ethnic Food analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.