Global Ethnic Foods Market to Grow at a CAGR of 12% During 2024-2032, Aided by Rising Cross Cultural Eating Habits

The people nowadays are having diverse eating preferences with increasing interest in cross-cultural cuisines. The demand for ethnic food is rising globally with the changes in food trends. The key players in the ethnic food market are trying to improve the packaging, taste, and nutrition of their products. The growing awareness for healthcare has led to increasing demand for healthy and tasty food choices. Ethnic food market is expected to grow rapidly as they can successfully tap into this demand. The increase in cuisines by the market players will further propel the growth of ethnic food industry.

In the culture segment of ethnic food market, Chinese food is one of the market leaders because of the popularity across the world. The use of vegetable as ingredients in the meal drive up its nutritional value while its taste is preferred everywhere. The United States was particularly a big consumer for the Chinese food. Restaurants are popular distribution channel for ethnic food because of their diverse eating options with skilled workforce. The ready to eat segment in ethnic food type is witnessing a surge in the demand because of the high convenience brought to the consumers.

The ethnic food manufactures have been developing their products and manufacturing technology. On August 27, 2020, Ajinomoto Co. Inc. (NASDAQ: AJINY), a leading player in ethnic foods market, announced a new plant for integrated manufacturing and packaging of its products HON-DASHI and the supplements Glyna and Amino Aile. HON-DASHI is a moisture-resistant granulated Japanese-style dashi or soup stock which is composed with three different dried bonito flakes. This development will accelerate the growth of ethnic foods industry.

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Market Analysis by Culture, Type, Distribution Channel, End Use and Regions:

• On the basis of culture, ethnic foods are segmented into American, Chinese, Japanese, Mexican and Italian, among others.
• The types of ethnic foods are food service and ready-to-eat.
• Based on the distribution channel, the market is divided into restaurants and stores. The stores are subdivided into hypermarkets/supermarkets, convenience stores and online stores, among others.
• The regional markets for ethnic foods include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing consumer preference for cross cultural foods is driving up the market demand.
• The rising immigration because of job opportunities or personal reasons is propelling the growth of industry.
• The rising population and increasing disposable income are augmenting the demand for ethnic foods.
• The investment by key players to increase variety and nutritional content will provide impetus to the growth of market.

Key Offerings of the report:

• The EMR report gives an overview of the global ethnic foods industry for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the culture, type, distribution channel and major regions of ethnic foods industry.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global ethnic foods market are Ajinomoto Co. Inc., McCormick & Company, Incorporated, Associated British Foods PLC, General Mills, Inc., and Paulig Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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