Ethnic Foods Market is Projected to Witness High Growth Supported by Increasing Multicultural Acceptance in Western Countries
The global ethnic foods market has been gaining more popularity in the western countries owing to increasing multicultural acceptance and rising popularity of exotic flavors and ingredients among consumers. Ethnic foods refer to packaged foods and ingredients that showcase flavors from other cultures around the world. Some popular types of ethnic foods include Indian, Mexican, Thai, Chinese, Italian, African and Middle Eastern cuisines. These foods are gaining more acceptance in countries including the US, UK, France and Germany due to growing diversity and exposure to different cultures.
The global ethnic foods Market is estimated to be valued at US$145 Bn in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing multicultural acceptance in western countries has been a major driver for the growth of the Global Ethnic Foods Market Size. Consumers are increasingly exploring different flavors from other world cuisines and recipes out of curiosity to try new flavors as well as to connect with their cultural heritage. The trend towards health and wellness has also boosted the demand for many popular ingredients in ethnic foods such as whole grains, vegetables, herbs and spices that provide various health benefits. Additionally, growing expatriate and immigrant population in countries such as the US, UK and others has uplifted the demand for authentic food items from their home countries and cultures as well. Food product launches featuring fusion of different world flavors by major food companies will further support the market growth over the forecast period.
SWOT Analysis
Strength: Ethnic foods have gained popularity as consumers are more interested to experience different cuisines and flavors from across the world. The availability of ethnic ingredients and food products in major retail stores have made these foods more accessible. Many restaurants are offering ethnic food menus to cater to evolving tastes. Online availability of authentic ethnic ingredients have further boosted their popularity.
Weakness: While some popular ethnic cuisines have entered the global mainstream, other lesser known cuisines have relatively smaller customer base and consumer awareness. The perishability of some ethnic ingredients poses supply chain and logistical challenges. Authenticity and quality consistency could be issues for mass produced ethnic food products.
Opportunity: Continued globalization and multiculturalism are driving more cross-cultural experiences through travel and social media exposure. This expands the demand for new flavors beyond typical favorites. The growing health and wellness trends also create scope for traditionally healthy ethnic foods. Niche ethnic food startups can leverage e-commerce and delivery platforms to reach new audiences.
Threats: Economic slowdowns could impact discretionary spend on experimenting with niche ethnic cuisines. Competition from other food categories and cuisines may divert consumer interest. Stricter regulations pertaining to imports of food items from certain countries pose threats to ingredient sourcing. Climate change impact on agricultural production in some countries of origin is a threat.
Key Takeaways
The global ethnic foods market is expected to witness high growth over the forecast period of 2024 to 2031 supported by factors like increasing health consciousness, expanding multicultural demographics and rising popularity of international cuisines.
Regional analysis: The Asia Pacific region currently dominates the ethnic foods market with countries like India, China, Indonesia and Japan having a well-established culture of native cuisines enjoyed locally as well as exported globally. North America is expected to be the fastest growing regional market propelled by large ethnic population base and greater experiments with world foods especially Mexican, Asian and Middle Eastern flavors.
Key players: Key players operating in the ethnic foods market are Nestle SA, Tyson Foods, McCormick & Company, Unilever, Mars Inc., and Oetker Group.
Get More Insights On This Topic: https://www.trendingwebwire.com/ethnic-foods-market-analysis-growth-forecast-outlook-2023-2030/
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- الألعاب
- Gardening
- Health
- الرئيسية
- Literature
- Music
- Networking
- أخرى
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
English
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian