Culinary Diversity Takes Center Stage in the Global Ethnic Food Market

LONDON, GREATER LONDON, UK, January 3, 2024 /EINPresswire.com/ -- The global ethnic food market experienced robust growth, surging from $47.75 billion in 2022 to $52.56 billion in 2023, marking a substantial Compound Annual Growth Rate (CAGR) of 10.1%. However, the Russia-Ukraine conflict has introduced challenges to the global economic recovery, causing disruptions in supply chains, inflation, and economic sanctions, at least in the short term. Despite these challenges, the market is poised for further expansion, with an anticipated size of $77.55 billion in 2027, projecting a sustained CAGR of 10.2%.

Immigration as a Catalyst:
A pivotal factor propelling the growth of the ethnic food market is the increasing rate of immigration. Motivated by diverse reasons such as employment opportunities, environmental considerations, educational pursuits, family reunification, or escaping conflict, immigrants often seek the comfort of their homeland's cuisine. According to the World Migration Report 2022 by the International Organization for Migration, there were nearly 281 million international migrants globally in 2020, constituting 3.6% of the world's population. The United States, a primary destination for migrants, experienced a notable increase in its population due to net international migration (NIM). This influx of immigrants, characterized by a preference for their native cuisine, contributes significantly to the escalating demand for ethnic food. The phenomenon is expected to drive the ethnic food market further.

Explore the Global Ethnic Food Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6693&type=smp

Dynamic Market Players:
Key players in the ethnic food market, including Ajinomoto Foods, McCormick & Company Incorporated, and Associated British Foods PLC, play a crucial role in driving innovation. A prominent trend gaining traction is business expansion, achieved through the introduction of new products, market diversification, and penetration. For example, General Mills expanded its Old El Paso line by collaborating with crisp brand Takis, introducing new flavored taco shells. Additionally, LIVEKINDLY Collective launched two flagship brands, Giggling Pig and Happy Chicken, in China to cater to local tastes. Such expansions reflect a commitment to meeting diverse consumer preferences and expanding market reach.

Geographical Dynamics:
In 2022, Asia-Pacific emerged as the largest region in the ethnic food market. Comprehensive regional coverage includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
The global ethnic food market is segmented based on food type, culture, distribution, and application:

• Food Type: Veg, Non-Veg
• Culture: American, Chinese, Japanese, Mexican, Italian, Other Cultures
• Distribution: Supermarkets/Hypermarkets, Convenience Stores, Online Retail Channels, Other Distribution Channels
• Application: Restaurant, Household

Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/ethnic-food-global-market-report

Ethnic Food Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Ethnic Food Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on ethnic food market size, ethnic food market drivers and trends, ethnic food market major players, competitors' revenues, market positioning, and ethnic food market growth across geographies. The ethnic food market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

Browse Through More Similar Reports By The Business Research Company:
Food Dehydrators Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/food-dehydrators-global-market-report

Food Antioxidants Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/food-antioxidants-global-market-report

Food Inclusions Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/food-inclusions-global-market-report

About The Business Research Company?
The Business Research Company has published over 3000+ detailed industry reports, spanning over 6500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]

Check out our:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
[email protected]
Visit us on social media:
Facebook
Twitter
LinkedIn