The Ethnic Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ethnic Food Global Market Report 2024, The ethnic food market size has grown rapidly in recent years. It will grow from $52.35 billion in 2023 to $57.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to cultural diversity and migration, urbanization and lifestyle changes, social media and food trends, restaurant and street food culture, health and wellness awareness, culinary education and exposure.
The ethnic food market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to culinary fusion and innovation, health-conscious ethnic options, e-commerce and meal kits, sustainable and locally sourced ingredients, authenticity and cultural representation. Major trends in the forecast period include digital platforms and food discovery, authenticity and regional varieties, plant-based and vegetarian options, online food delivery and takeout, fusion cuisine.
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. For instance, according to the World Migration Report 2022 published by the International Organization for Migration (IOM), a Switzerland-based United Nations agency that provides services and advice concerning migration to governments and migrants, there are nearly 281 million international migrants globally in 2020, representing 3.6% of the world’s population an increase from 272 million in 2019 (or 3.5%), representing 3.5% of the world’s population. The United States is the most popular destination for migrants; however, the United Arab Emirates has the greatest migrant population as a percentage of its population. Additionally, in July 2021, according to the United States Census Bureau report, a US-based agency for producing data regarding the American people and economy, between 2020 and 2021, net international migration (NIM) increased the country’s population by 247,000 in the US. This increased number of immigrants prefers eating the food of their country very often, which will invariably increase the demand for ethnic food. Hence, the growing immigration rates are expected to drive the ethnic food market.
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The ethnic food market covered in this report 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
Major companies operating in the ethnic food market are forming partnerships to develop new products and strengthen their positions in the market. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in November 2022, Spice Story, an India-based Indian ethnic food flavors company partnered with Jayanti Herbs and Spice for offline expansion. The partnership aims to expand its offline presence by establishing around 15000 stores by March 2023. In this collaboration, Spice Story will utilize Jayanti Herbs & Spice’s extensive distribution network of 23,000 multi-brand modern format retail stores, encompassing both national and regional chains, as well as standalone modern retail outlets.
The ethnic food market report table of contents includes:
1. Executive Summary
2. Ethnic Food Market Characteristics
3. Ethnic Food Market Trends And Strategies
4. Ethnic Food Market – Macro Economic Scenario
5. Global Ethnic Food Market Size and Growth
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26. South America Ethnic Food Market
27. Brazil Ethnic Food Market
28. Middle East Ethnic Food Market
29. Africa Ethnic Food Market
30. Ethnic Food Market Competitive Landscape And Company Profiles
Top Major Players:
- Nestlé S.A
- Associated British Foods PLC
- General Mills Inc
- Taco Bell Corp
- Conagra Brands Inc
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