The global ethnic foods market will derive growth from the increasing demand for the product across the world. The curiosity among people to try newer foods will open up a huge potential for the companies in this market. According to a report by Fortune Business Insights, titled “Ethnic Foods Market Size, Share & Industry Analysis, By Culture (Chinese, Japanese, Mexican, Others) Others and Regional Forecast, 2019-2026,” the market will benefit from the presence of several large scale vendors across the world. Increasing number of product launches will provide impetus to market growth.
List of companies profiled in the report:
- Tasty Bite Eatables Limited (India)
- Ajinomoto Windsor, Inc.
- ARYZTA AG
- Associated British Foods plc
- MTR Foods Pvt. Ltd.
- Wanis Ltd.
- Asli Fine Foods
- TRS Inc.
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Ethnic foods are categorized as novel foods that are specific to a region or country. The growing trends of trying variations in food delicacies among people are the primary factors contributing to the growth of the overall market. The changing lifestyles and taste preferences of people, coupled with the curiosities to try newer foods will bode well for the market. The presence of numerous food vendors across the world, along with availability of region-specific foods in all places, will have a positive impact on market growth. The increasing number of retail chains and franchises that serve and distribute foods from other regions will constitute an increase in the ethnic foods market size in the forthcoming years. Moreover, the adoption of healthy lifestyle habits and the availability of healthy ethnic foods that cater to these habits will open up a huge potential for the growth of the overall market in the coming years.
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Variations in Product Offerings Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It discusses the latest strategies adopted by major companies with the aim of establishing a formidable stand in the market. The increasing demand for ethnic foods has led to the presence of several large scale companies in almost all parts of the world. In July 2018, Dabur India Ltd. announced the launch of a new ethnic drink. The company introduced ethnic flavoured drinks including Masala Guava and Pomegranate flavors. The company has a huge consumer base across the country. Through these flavors, the company will look to offer more variations in their product; a step that will help the company acquire a wider consumer base. Dabur’s latest products will gain rapid popularity in the coming years. Accounting to the massive consumer base, Dabur’s new range of ethnic drinks will not just help the company grow, but will establish a stronghold in the market.
Asia Pacific Likely to Emerge Dominant; Increasing Dairy and Cattle Production to Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is projected to hold the highest market share in the coming years. The massive population in countries such as India, China, and Japan will create a huge demand for ethnic foods. Increasing product demand will contribute to the growth of the regional market in the forthcoming years. Increasing disposable income as well as changing lifestyle habits will bode well for the growth of the market in Asia Pacific. Consumption of healthy foods will create several opportunities for the companies operating in the market.
April 2017: Ajinomoto Windsor, Inc. has announced the launch of new Amoy rice, noodle products. The company also introduced a Mexican dishes under the brand name Posada in California.
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