Ethnic foods often incorporate unique flavors, ingredients, cooking techniques and cultural traditions that make meals feel exciting and offer nutritional benefits. Products like indian curries, mexican tacos, italian pastas leverage locally grown herbs and spices to deliver authentic and delicious meals. The growing popularity of food blogs, cooking shows and international travel have helped expose audiences worldwide to diverse cuisines, fueling interest . The global Ethnic Foods Market is estimated to be valued at US$ 745 billion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing preference for exotic flavors, tastes, and dishes from different world cultures has been a key growth driver for the Global Ethnic Foods Market Size. Customers, especially millennials and generation Z, are more willing to experiment with unfamiliar ingredients and cooking styles. The easy availability of authentic ethnic ingredients and ready-to-cook or ready-to-eat ethnic meal options even in supermarket aisles has made it convenient for people to include global cuisines in their weekly menu. Food companies have also launched versatile ethnic sauces and spice mixes that help home cooks prepare restaurant-like international dishes with minimal effort. This growing demand for cross-cultural culinary experiences is expected to boost the sales of ethnic foods significantly over the coming years.
SWOT Analysis
Strength: Ethnic foods offers new flavors and variety to the consumers’ diet. It allows people to explore other cultures through their cuisine.
Weakness: Consumers may be hesitant to try unfamiliar ingredients used in ethnic foods. Specific ingredients required for authentic ethnic dishes may not be easily available in local grocery stores.
Opportunity: Growing popularity of global cuisines and fusion foods. Increasing health awareness about balanced diet and nutrition is driving people to try various ethnic foods.
Threats: Potential threat from other substitute foods. Negative impression about certain cuisines due to food safety concerns or religious restrictions.
Key Takeaways
The global ethnic foods market is expected to witness high growth.
Regional analysis: Asia Pacific region currently dominates the ethnic foods market and is expected to continue its dominance over the forecast period. Countries like China, India and other South Asian countries have a very rich diversity of indigenous cuisines which are gaining popularity internationally.
Key players operating in the ethnic foods market are Nestle SA, Tasty Bite, B&G Foods, Anheuser-Busch (BUD), The Hain Celestial Group (HAIN), General Mills (GIS), McCormick, Unilever, Kroger, and Bolton Group. These companies are launching new product lines focussing on various world cuisines to benefit from the growth prospects in this market. They are also using strategic acquisitions and partnerships to strengthen their presence in key regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it