PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371905
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1371905
According to Stratistics MRC, the Global Ethnic Food Market is accounted for $83.6 billion in 2023 and is expected to reach $153.7 billion by 2030 growing at a CAGR of 9.08% during the forecast period. The ethnic food is a vibrant and varied area of the global food industry, offering a vast range of cuisines and flavours that are influenced by the regional and national culinary customs all over the world. This market is distinguished by its emphasis on regional specialties, unusual ingredients, and cultural encounters. A wide range of cuisines, including but not limited to Chinese, Indian, Italian, Mexican, Japanese, Thai, Korean, Middle Eastern, African, and Latin American, are included in the ethnic food market. Each cuisine brings its unique tastes, cooking methods, and ingredients and authenticity is highly valued.
According to European Union schemes for geographical indications and traditional specialties, some ethnic foods have protected designations of origin (PDO), protected geographical indications (PGI), and guaranteed traditional specialties (TSG). These standards promote and safeguard the brands of high-quality foodstuffs and agricultural products.
People from different nations and cultural backgrounds immigrate to new places. In their chosen countries, these immigrants frequently bring their culinary traditions with them, resulting in the creation of new and diverse cuisines. This adds to the diverse array of ethnic foods that may be found in nearby markets. The development of international food markets or supermarkets that specialize on ethnic ingredients is frequently influenced by the presence of immigrant communities. In addition to drawing customer's eager in trying out different cuisines from around the world, these markets serve the requirements of immigrant groups.
Food products from ethnic groups are typically transported from one country to another, necessitating the use of some edible chemical preservatives. However, as the use of natural ingredients in food products becomes more popular, ethnic groups may run into difficulties when trying to preserve their products for a longer period of time. Additionally, it takes time for the goods to arrive to their destination because the sea is the primary mode of transportation worldwide. In these circumstances, it might not always be possible to employ natural ingredients to maintain the products' long shelf lives. It might be challenging to switch from chemical to natural ingredients given the abundance of small and local businesses, which would impede the expansion of the worldwide market.
The fast-paced tendency of often eating and experimenting with different interstate and inter-country food cuisines, coupled with the expanding young population, have created several growth prospects in Asian-Pacific region's ethnic food services businesses. Indians and individuals from other developing nations are increasingly using social media to discuss their culinary experiences, encouraging customers to explore new cuisine alternatives and establishments based on the ratings given. Consumer interest in discovering new culinary experiences for authentic regional cuisines and global cuisines is growing. Additionally, producers are working hard to meet consumer demand for novel and distinctive culinary products by including more international classics, greater variety, spices, and potent flavors.
The risk to consumer health is the most immediate and serious effect of poor food safety and hygiene procedures. Foodborne illnesses, including bacterial infections, food poisoning, and gastrointestinal conditions, can result from contaminated or incorrectly prepared food. Consumer trust may be damaged by information about foodborne illnesses or unhygienic conditions at ethnic restaurants or food establishments. Customers can become reluctant to eat at these places or to try ethnic food in general and the reputation of these companies might be further harmed by unfavourable evaluations and media publicity.
The COVID-19 epidemic slowed the manufacturing and export of ethnic foods in the Asia Pacific region in 2020. China, one of the biggest manufacturers of foods for ethnic groups worldwide, had difficulty producing and exporting foods for ethnic cuisine. Following the COVID-19 outbreak, numerous factories throughout the world had to close. As a result, production was at its lowest. People who had previously enjoyed dining out had to stay at home for their safety after the epidemic. But because of the pandemic's increased demand for low-fat and low-calorie foods, consumer preferences for healthy options have shifted. Due to the COVID-19 epidemic, there is a greater demand for ethnic food, and producers have seized this chance to introduce new products.
The Japanese segment is estimated to have a lucrative growth, as there are many different traditional and modern meals available on the diversified Japanese ethnic food market. Sashimi and sushi are two of the most well-known Japanese foods that are now enjoyed around the world. Sushi and sashimi-focused Japanese eateries can be found in major cities all over the world. Customers are willing to spend more for premium, genuine Japanese products like Wagyu steak, wasabi, and several kinds of soy sauce because the Japanese food market values authenticity. Bento boxes, instant ramen, and sushi rolls are examples of ready-to-eat and convenience goods that are widely accessible in supermarkets and convenience store both in Japan and overseas which boosts the market.
The restaurants segment is anticipated to witness the highest CAGR growth during the forecast period, because they give customers access to a variety of ethnic and global cuisines. People can explore and taste the many different culinary traditions from around the world in ethnic restaurants because they provide authentic foods, flavours, and dining experiences. Various national and regional cuisines, such as Chinese, Indian, Italian, Japanese, Thai, Mexican, Mediterranean, and many more, are represented at ethnic restaurants. Every cuisine has its own distinctive tastes, ingredients, and cooking methods.
North America is projected to hold the largest market share during the forecast period owing to the rising demand for Asian foods like Thai food brought about by the relocation of more Asian customers in the area. Additionally, the need for the import of different regional ethnic group foods has increased due to the development in popularity of food products and other new ethnic cuisine cuisines in the North American region. Consumers have been drawn to this food industry by the rising popularity of frozen meals and local foods. Moreover, the United States' economic expansion is anticipated to be fuelled by on-going research and technology breakthroughs in the freezing and preservation of ethnic cuisines.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the dynamic, diverse, and rich culinary traditions of the many nations and cultures in the Asia Pacific region are reflected in the market for ethnic foods. Chinese, Indian, Japanese, Thai, Korean, Vietnamese, Indonesian, Malaysian, and many other ethnic cuisines are represented in this market. The emphasis on fresh ingredients, veggies, and well-balanced flavours in many Asian cuisines gives them a reputation for being healthy. These cuisines appeal to customers looking for wholesome options as health-conscious eating habits keep expanding.
Some of the key players profiled in the Ethnic Food Market include: McCormick & Company Inc., Ajinomoto Co. Inc., General Mills Inc., Associated British Foods PLC, ARYZTA AG, Asli Fine Foods, Orkla ASA, Quality Ethnic Foods Inc., Charlie Bigham, Wanis International Food, Paulig Ltd., Capital Foods, The Spice Tailor, MTR Foods, Natco Foods, Tasty Bites, Santa Maria UK Ltd.,Taco Bell and B&G Foods
In June 2023, Ajinomoto Co., Inc. agreed on to acquire an additional 25% equity stake in Ajinomoto Genexine Co., Ltd. ("AGX"), a consolidated subsidiary of Ajinomoto Co., from Genexine, Inc. ("Genexine"), a biopharmaceutical company headquartered in Seoul, Korea
In February 2022, Aryzta, which operates the Cuisine de France brand, acquired the bakery, equipment, and the corresponding land of co-manufacturer De-Luxe Food Services from Envictus International Holdings Limited. This expansion strengthened Aryzta's relevant position in bakery products in Malaysia.