The new report by Expert Market Research titled, 'Global Ethnic Food Market Price, Trends, Growth, Outlook, Report and Forecast 2021-2026', gives an in-depth analysis of the global ethnic food market, assessing the market based on its segments like culture, type, distribution channels and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 12%
The global Ethnic Food market is being driven by the increasing young population, coupled with a fast-paced trend of eating out and experimenting with different interstate and inter-country food patterns regularly, which has created a multitude of growth opportunities for ethnic food services.
Over the forecast period, consumers are increasingly using social media to share their culinary experiences, enabling them to explore new food choices based on the feedback shared. Consumers are deeply interested in learning about new culinary experiences, both global and authentic regional cuisines will also have a positive impact on the growth of the global ethnic food demand.
Industry Definition and Major Segments
Ethnic food refers to food whose ingredients or preparation methods are influenced by the culture of different country. Ethnic food is derived from a particular group of people who later made their way into the plates of society outside of the one where the traditional food originated. e.g., Thai sauce will be considered ethnic food in the United States.
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By culture, the global ethnic food market can be divided into:
Based on type, ethnic food market can be bifurcated into:
• Food Service
Based on distribution channels, the market can be divided into:
• Convenience Stores
• Online Stores
Many food processors now put more emphasis on the convenience factor, food quality, cuisine variations, and different eco-friendly product packaging formats. As a result of rising capital investment in producing organic, ethnic-based food and rising customer demand for nutritious ethnic food, the market is expected to gain momentum over the forecast period. According to a study published by the Pew Research Center in 2017, there were 20 million Asian-Americans in the United States in 2017, a 72 % rise since 2000, making the Asian population the fastest-growing in the North America. Americans are eating more Asian food than ever before, thanks to the rising number of Asian-American grocery store chains. In 2017, iFresh, a Chinese supermarket chain in the United States, opened its tenth national location and first Texas location in Houston, meeting the demand for ethnic food products among the country's rapidly increasing Asian population and established Vietnamese community.
Key Market Players
The major players in the market are Ajinomoto Co. Inc., McCormick & Company, Associated British Foods PLC, General Mills, Inc., Paulig Group, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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