PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401374
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401374
Global Ethnic Food Market is valued at approximately USD 76.63 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.08% over the forecast period 2023-2030. Ethnic foods are defined as foods that come from a specific ethnic group's heritage, culture and utilize local ingredients. The market for these foods is expanding due to the availability and accessibility of ethnic food items via specialized supermarket chains. However, in certain regions, high import and export tariffs hinder market growth.
The increasing number of Asian people migrating to developed countries is contributing to the growth of the market. According to the World Economic Forum estimates in the year 2020, 272 million international migrants make up 3.5% of the world's population. Most migrants that come from India; the United States is their major destination. The United States is the primary destination for migrants, while the UAE has the largest migrant contingent. The changing lifestyle of urban people presents an opportunity for this market over the forecasted period. Furthermore, rising digital apps and technological advancements is likely to create huge potential opportunities through online distribution channels worldwide. However, the growing population's increasing concern for health and nutrition challenges the market growth during the forecast period of 2023-2030.
The key regions considered for the Global Ethnic Food Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific region dominated the market in 2022, due to the growing adoption rate of ethnic food and ingredients in traditional cuisines of various countries such as the US, Italy, Germany, China, Japan, India, Australia, and the UAE. North America is expected to experience significant growth over the forecast period, owing to the growing demand for Asian cuisine such as Thai, caused by the growth in the relocation of Asian consumers in the region. Moreover, the increasing popularity of frozen foods and regional food products from smaller countries such as Thailand, Vietnam, and the Philippines has attracted consumers to this food sector.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable