Market Size of Ethnic Foods Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 45.46 Billion |
| Market Size (2029) | USD 67.81 Billion |
| CAGR (2024 - 2029) | 8.33 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*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.
