Categories: Market Research

Ethnic Food Market Trends, Insights, Share, Demand, Size, Report 2023 – 2032 | Ajinomoto Foods, McCormick & Company Incorporated, Associated British Foods PLC, Aryzta AG, MTR Foods

The Ethnic Food Global Market Report 2023 by The Business Research Company, provides ethnic food market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

Learn More On The Ethnic Food Market:

https://www.thebusinessresearchcompany.com/report/ethnic-food-global-market-report

According to The Business Research Company’s Ethnic Food Global Market Report 2023, the global ethnic food market size grew from $47.75 billion in 2022 to $52.56 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global ethnic food is expected to grow to $77.55 billion in 2027 at a CAGR of 10.2%.

Growing immigration rates is the key factor driving the growth of the ethnic food market. Immigration is increasing because of several reasons such as employment opportunities, environmental factors, educational purposes, reuniting with family, or escaping a violent conflict. The immigrants prefer the food of their homeland and that increases the demand for ethnic food.

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The ethnic food market is segmented:

1) By Food Type: Veg, Non-Veg

2) By Culture: American, Chinese, Japanese, Mexican, Italian, Other Cultures

3) By Distribution: Supermarkets/Hypermarkets, Convenience Stores, Online Retail Channels, Other Distribution Channels

4) By Application: Restaurant, Household

Business expansion is a key trend gaining popularity in the ethnic food market. Business expansion is done through the introduction of new products, expansion into new markets, market penetration, diversification, and other types. Major companies operating in the ethnic food market are focused on business expansions through new product developments to expand business opportunities, increase revenue streams and enhance their position. For instance, in October 2021, General Mills, a US-based multinational manufacturer of consumer foods expanded its Old El Paso line by creating new flavored taco shells in conjunction with crisp brand Takis. Takis Fuego fiery chili pepper and lime tastes are combined with the convenient flat bottom of Old El Paso Stand ‘N Stuff Shells to keep the taco standing on the plate and convenient to eat. Customers may simply make Mexican-style dinners in minutes with a variety of options ranging from basic taco ingredients to personalized taco concoctions. In addition, in June 2021, LIVEKINDLY Collective, a US-based plant-based foods company launched two new flagship brands Giggling Pig, and Happy Chicken in China. Both are the first brands created in-house by the company and produced locally in the USA to cater to Chinese consumer tastes.

The ethnic food market report table of contents includes: