DUBLIN--(BUSINESS WIRE)--The "Ethnic Foods Market - Growth, Trends and Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Global Ethnic Foods Market was valued at USD 36,481.1 million in 2018, and it is projected to register a CAGR of 11.8% over the forecast period (2019-2024). Some of the niche ethnic food categories include the African and Indonesian cuisines that have been growing over the recent past.
- With the growing immigration rates, due to employment opportunities, higher education, and tourism, the demand for ethnic food has been increasing.
- The ethnic food manufacturers are focusing on the convenience factor, quality of food, cuisine variants, and packaging formats of the products. Therefore, 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. The market studied continues to diversify, as consumers continue to experiment with new global cuisines.
Key Market Trends
Presence of Asian Cuisines in the US Ethnic Food Market Space
Consumers' interests in Asian cuisines, such as Thai, Korean, Vietnamese, and Japanese, are 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. 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.
Also, the Korean chain, H Mart, expanded to 66 locations across 12 states in the United States, with each of its stores offering a range of ready-to-eat food and other food products. The Japanese grocery chain, Mitsuwa, opened its store in Texas, reflecting the growing demand for Asian cuisine in the US ethnic food market. However, Asian-Americans and other consumers looking for Asian cuisine are not finding what they need at the local stores and are often turning to independent grocers for their requirements. An increasing number of supermarket chains desperate for growth in the ethnic food market space are expanding their presence by opening stores that serve specific ethnic products. This may become a bigger focus for supermarkets in the near future.
Asia-Pacific - Fastest Growing Region
The rising young population, along with a fast-paced trend of eating out and experimenting various interstate and inter-country food trend on a frequent basis has provided the plethora of growth opportunities for ethnic food services operation in Asia-Pacific region. The increasing use of social media among the Indians and other developing countries are sharing their culinary experiences - urging consumers to try new food options and outlets, based on the reviews shared. Exploring the new culinary experience for both global and authentic regional cuisines are on the rise among consumers in Asia-Pacific.
In China, an increasing number of people willing to prepare international cuisines at home have led supermarket chains, such as Ol, to stock their shelves with ethnic foods.
Authentic Indian cuisine consists of a wide variety of regional and traditional cuisines native to the Indian subcontinent. Indian food is also heavily influenced by religion, cultural choices, and traditions. The cuisine is also influenced by centuries of Islamic rule, particularly the Mughal rule. Several players have entered into the Indian market and offering their products to cater to the growing need for western food in the country. Although Chinese food has been popular in the country, the demand for Italian cuisine is growing rapidly which can positively influence the demand for Italian food products such as Italian pasta sauces.
The Ethnic Foods Market is fragmented, with various small and medium-sized companies. The development of regional markets and local players in different parts of the world due to the globalization of food is the major factor for the fragmented nature of the market. North America and Asia-Pacific are the two regions showing maximum competitor activities.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Distribution Channel
5.1.2 Convenience Stores
5.1.3 Online Stores
5.1.4 Other Distribution Channels
5.2.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Ajinomoto Co. Inc.
6.3.2 McCormick & Company Inc.
6.3.3 General Mills Inc.
6.3.4 Associated British Foods PLC
6.3.5 Aryzta AG
6.3.6 Orkla ASA
6.3.7 Paulig Group
6.3.8 Asli Fine Foods
6.3.9 Mars Incorporated
6.3.10 Natco Foods
6.3.11 TRS Ltd.
6.3.12 Quality Ethnic Foods Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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