April 12, 2024
Ethnic Foods Market

The Global Ethnic Foods Market, Powered By Rising Multiculturalism Is Estimated To Be Valued At US$ 2.3 Trillion In 2023

Ethnic foods refer to foods that are identified with specific cultures or geographic regions. Such foods often highlight local ingredients, recipes, and cooking techniques that have been passed down for generations. With rising globalization and multiculturalism, there is a growing interest in ethnic cuisines around the world. Consumers are increasingly exposed to diverse flavors and seeking new culinary experiences through ethnic food. Products like Asian noodles, Mexican tacos, Indian curries and African stews have become popular staples even outside their regions of origin.

The global ethnic foods market encompasses a wide variety of tasty indigenous dishes. Southeast Asian, African, Indian, Latin American, Mediterranean are some of the popular ethnic cuisines available. These foods bring authentic regional flavors to the table with ingredients like herbs & spices, rice, lentils, seafood etc. prepared through traditional methods. Ethnic foods have gained popularity due to their rich nutritional profile and potential health benefits. They provide exposure to new taste profiles and satiate the quest for culinary adventures. The increasing ethnic food trends have also inspired hybrid cross-cultural culinary innovations.

The global Ethnic Foods Market is estimated to be valued at US$ 2.3 trillion in 2023 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the Global Ethnic Foods Market Size is the growing emphasis on multiculturalism and diversity across societies. As travel and immigration increase global interactions, there is widespread appreciation for other cultures manifesting through their cuisines. People are eager to sample new exotic flavors and add variety to their regular diets. This has boosted the popularity of ethnic takeout franchises, authentic ethnic restaurants and international food sections in supermarkets.

Another key trend is the rising health consciousness among consumers who are actively seeking nutritious ingredients and filling meals solutions from various world cuisines. Ethnic foods are often naturally gluten-free, high in essential vitamins, minerals, antioxidants and proteins. This healthy image is attracting more health-driven customers. Social media is also aiding the food trends where people frequently post pictures of ethnic culinary experiments further mainstreaming diverse flavors. Video recipes and food blogs have further simplified ethnic cooking methods at home.

Porter’s Analysis

Threat of new entrants: The global ethnic foods market has moderate threat from new entrants due to high capital requirements and established brand value of existing players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials.

Threat of new substitutes: Threat from substitutes is low as ethnic cuisine offers unique flavours and experiences.

Competitive rivalry: The market is highly competitive with major players differentiating products based on quality, taste, packaging and marketing.

Key Takeaways

The global ethnic foods market is expected to witness high growth.

Regional analysis: The market is dominated by North America and Europe owing to significant population of immigrants from Asian, Latin American and African countries. The Asia Pacific ethnic foods market will expand at the fastest pace due to growing cognizance about diverse regional cuisines.

Key players: Key players operating in the ethnic foods market are McCormick & Company, Ajinomoto, Unilever, Ariake, Kohinoor Foods, S&B Foods and MTR Foods. McCormick in particular has established iconic brands like Lawry’s and French’s mustards globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it