|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
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The 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, consumers moderately increased the intake of a variety of ready-to-eat food products, which come in various ethnicities such as Italian, Indian, Chinese, and others and are popularly demanded across the world, driving the demand for ethnic foods during 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. 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.
Scope of the Report
"Ethnic food" refers to a wide variety of packaged foodstuffs that can be identified in the public mind with a foreign source. The ethnic foods market is segmented by distribution channel, wherein the scope includes hypermarkets/supermarkets, convenience stores, online stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report also offers market size and forecasts for ethnic foods in 13 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value in USD million.
|By Distribution Channel|
|Online Retail Stores|
|Other Distribution Channels|
Key Market Trends
Presence of Asian Cuisine in the US Ethnic Food Market Space
Consumers’ interest in Asian cuisines, such as Thai, Korean, Vietnamese, and Japanese, is 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 that sell 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.
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Increasing Indulgence of Ethnic Food in the 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 operations in the Asia-Pacific region.
The increasing use of social media among Indians and other developing countries has enabled people to share their culinary experiences, urging consumers to try new food options and outlets based on the reviews shared. Exploring new culinary experiences for both global and authentic regional cuisines is 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.
Specialty and international food aisles are increasing in Asia-Pacific supermarkets as consumers, especially millennials, are inclined toward ethnic cuisines. Other factors such as international travel and globalization policies are also positively influencing the market.
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The ethnic foods market is competitive, with the presence of various small and medium-sized companies. Some of the major companies included in the market 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 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.
In March 2019, following the success of Old El Paso’s gluten-free fajita kits and gluten-free tortillas in the United Kingdom, General Mills Inc. extended its “Free From” portfolio with a new gluten-free enchilada kit.
In August 2018, General Mills-owned Old El Paso added premium meal kits to its portfolio in the United Kingdom, owing to the growing consumer demand for convenient, restaurant-quality meals at home.
In June 2018, Uncle Ben’s launched its ready-to-heat rice and beans varieties, such as Ready Rice long grain and black beans with cilantro and lime flavors, Ready Rice brown rice and black beans with corn, peppers, and spices, and Ready Rice brown jasmine and edamame with carrots, garlic, and onion flavors.
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 By Distribution Channel
5.1.2 Convenience Stores
5.1.3 Online Retail Stores
5.1.4 Other Distribution Channels
5.2.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.2.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
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
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Frequently Asked Questions
What is the study period of this market?
The Ethnic Foods Market market is studied from 2016 - 2026.
What is the growth rate of Ethnic Foods Market?
The Ethnic Foods Market is growing at a CAGR of 11.8% over the next 5 years.
Which region has highest growth rate in Ethnic Foods Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Ethnic Foods Market?
Europe holds highest share in 2020.
Who are the key players in Ethnic Foods Market?
Ajinomoto Co. Inc., McCormick & Company Inc., General Mills, Inc., Associated British Foods PLC, Orkla ASA are the major companies operating in Ethnic Foods Market.