Market Research Report
Asia Pacific Tortilla Market to 2027 - Regional Analysis and Forecasts by Nature, Source, Product type, Distribution Channel
|Published by||The Insight Partners||Product code||928774|
|Published||Content info||114 Pages
Delivery time: 1-2 business days
|Asia Pacific Tortilla Market to 2027 - Regional Analysis and Forecasts by Nature, Source, Product type, Distribution Channel|
|Published: February 4, 2020||Content info: 114 Pages||
The Asia Pacific tortilla market is accounted to US$ 1,995.2 Mn in 2018 and is expected to grow at a CAGR of 4.6% during the forecast period 2019 - 2027, to account to US$ 2,972.2 Mn by 2027.
The tortilla is a thin and flatbread made up of wheat and corn. Different types of tortillas are available in the market, including tortilla chips, taco shells, tostadas, and many more. High nutritive properties associated with a tortilla is expected to fuel the market growth. The Asia Pacific tortilla market is segmented on the basis of product type as - tortilla chips, taco shells, tostadas, flour tortillas, corn tortillas, and others. The tortilla chips segment in the Asia Pacific tortilla market is estimated to be the fastest-growing segment in the market. The tortilla chips are made of yellow corn usually, but they can also be made of white, blue, or red corn. But since with the trend of wheat tortillas in the market, the tortilla chip is also made of whole wheat. Some manufacturers include many other ingredients, including wheat, sugar, food coloring, and monosodium glutamate to enhance the color and flavor of the product. The tortilla chip, after being manufactured, processed goes to various retailers in different parts of Asia Pacific. They are consumed by all category of people because of its taste and easy availability in the market.
The Asia Pacific tortilla market is segmented based on nature as conventional and organic. The conventional segment accounts for the largest share in the Asia Pacific tortilla market, while the organic segment also contributes a significant share in the market. A wide range of factors, from a fast-growing market to an influx of new organic and gluten-free options, less sodium and whole grain has been primed for growth in the tortilla segment over the next decade. The organic tortillas have taken up the market since they are much demanded by the consumers; they are grown by the farmers in an organic way without use of any chemicals and pesticides. The food industry is equally inclined towards selling organic products, as the people in the current era are more concerned about health benefits. These tortillas are made using organic raw material; they don't have any pesticides and have a premium quality along with its goodness in taste and innovative flavors. Multigrain and multi nutrition is the major key which is driving the organic tortilla market. Seeing the consumption of the healthy product, even the companies are producing the organic tortilla at a larger scale.
The Asia Pacific tortilla market is segmented based on the source of wheat and corn. The corn segment accounts for the largest share in the Asia Pacific tortilla market, while the wheat segment is estimated to be the fastest segment in the market. The wheat flour tortillas technology was developed in northern Mexico during the seventeenth century. The fact that all-purpose meal comes from wheat is the main reason why flour tortillas are also known as whole wheat tortillas. The whole wheat has multiple health benefits of high fiber and is known to be helpful in lowering chronic diseases. The nutrients of wheat like vitamin B6, iron, etc. has increased the wheat tortilla consumption at a significant growth in the Asia Pacific market.
The Asia Pacific tortilla market is segmented based on distribution channel as hypermarkets/supermarkets, convenience stores, online, and food service. The hypermarkets/supermarkets segment holds the largest share in the Asia Pacific tortilla market, while the foodservice segment also contributes a significant share in the market. The foodservice segment includes restaurants, food chains, hotels, cafes, etc. Tortilla manufacturers sell their products to these food service networks. The foodservice segment is offering various types of tortillas, including tortilla chips, taco shells, tostadas, flour tortilla, and corn-based tortilla. Restaurants and hotels offer tortilla wraps and tacos coupled with different fillings, including cheese, spinach, veggie, pesto, sundried-tomato, jalapeno cheese, and black bean, salsa, and many more.
Asia Pacific tortilla market is segmented based on country as - Australia, China, India, Japan, Rest of Asia Pacific. China holds the largest share in the Asia Pacific tortilla market, which is followed by Japan. China has a huge market potential for the tortilla products and Chinese consumers are willing to taste multi-regional international cuisines. This has further propelled the demand for tortillas in China. In recent years, the tortilla manufacturers in the US and Mexico have attracted attention to expanding in various Asian countries. The number of Mexican food restaurants is increasing in China.
Some of the players present in Asia Pacific tortilla market are Gruma, S.A.B. de C.V, PepsiCo Inc., Aranda's Tortilla Company, Inc., and Conagra Brands Inc. amongst the others.
The overall Asia Pacific tortilla market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific tortilla market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific tortilla market.