Ethnic Food Global Market Report 2024

The ethnic food market size has grown rapidly in recent years. It will grow from $52.35 billion in 2023 to $57.62 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth during the historical period can be ascribed to cultural diversity and migration, urbanization and lifestyle changes, the influence of social media on food trends, the culture of restaurants and street food, increased awareness of health and wellness, as well as culinary education and exposure.

The ethnic food market size is expected to see rapid growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period can be linked to culinary fusion and innovation, the rise of health-conscious ethnic options, the influence of e-commerce and meal kits, the focus on sustainable and locally sourced ingredients, and the importance placed on authenticity and cultural representation. Key trends in the forecast period encompass digital platforms for food discovery, an emphasis on authenticity and regional varieties, the popularity of plant-based and vegetarian options, the prevalence of online food delivery and takeout, and the continuing trend of fusion cuisine.

The primary catalyst propelling the expansion of the ethnic food market is the escalating rates of immigration. This trend is driven by various factors, including employment opportunities, environmental conditions, educational pursuits, family reunification, and fleeing from violent conflicts. Immigrants tend to have a preference for the cuisine of their home country, leading to an upsurge in the demand for ethnic foods. As per the World Migration Report 2022 from the International Organization for Migration (IOM), a Switzerland-based United Nations agency specializing in migration services and advice, the global count of international migrants reached nearly 281 million in 2020, constituting 3.6% of the world's population. This marked an increase from 272 million in 2019, accounting for 3.5% of the world's population. While the United States stands out as the primary destination for migrants, the United Arab Emirates boasts the highest migrant population percentage relative to its total population. Additionally, a report from the United States Census Bureau in July 2021 revealed that net international migration (NIM) between 2020 and 2021 contributed to a population increase of 247,000 in the United States. The growing number of immigrants often prefers consuming food from their home country, leading to an increased demand for ethnic food. Therefore, the surge in immigration rates is anticipated to be a pivotal factor driving the growth of the ethnic food market.

The growth of food tourism stands out as a pivotal factor driving the expansion of the ethnic food market. Food tourism, also known as culinary tourism or gastronomic tourism, involves traveling to various destinations with the primary objective of exploring and experiencing the local food and beverage offerings. The increasing popularity of food tourism has led to a greater interest in and demand for ethnic foods that go beyond local borders. For instance, as of July 2023, according to the TravelDailyNews Media Network, a US-based media company, the food tourism market is projected to reach $999,033.40 million in 2023 and is expected to further grow to $4,112,489.40 million by 2033. Presently, the industry attracts approximately 5.382.3 million tourists annually. This surge in food tourism is anticipated to be a significant driving force behind the growth of the ethnic food market.

Business expansion is a prominent trend gaining traction in the ethnic food market, with companies adopting various strategies such as the introduction of new products, expansion into new markets, market penetration, diversification, and more. Major players in the ethnic food market are actively pursuing business expansion as a means to seize new opportunities, augment revenue streams, and strengthen their market positions. For example, in October 2021, General Mills, a US-based multinational consumer foods manufacturer, expanded its Old El Paso line by introducing new flavored taco shells in collaboration with the crisp brand Takis. This innovative product combines Takis Fuego fiery chili pepper and lime flavors with the convenient flat bottom of Old El Paso Stand 'N Stuff Shells, allowing tacos to stand on the plate and be easily consumed. This introduction aims to provide customers with a quick and convenient way to create Mexican-style dinners, offering a range of options from basic taco ingredients to personalized taco creations. Additionally, in June 2021, LIVEKINDLY Collective, a US-based plant-based foods company, launched two new flagship brands, Giggling Pig and Happy Chicken, in China. These brands, the first created in-house by the company and produced locally in the USA, are tailored to cater to the tastes of Chinese consumers, showcasing a commitment to market expansion and customization to regional preferences.

Major companies in the ethnic food market are increasingly engaging in partnerships to facilitate the development of new products and fortify their market positions. These strategic partnerships involve companies leveraging each other’s strengths and resources to achieve mutual benefits and success. For instance, in November 2022, Spice Story, an India-based company specializing in Indian ethnic food flavors, entered into a partnership with Jayanti Herbs and Spice for offline expansion. The primary objective of this collaboration is to enhance offline presence by establishing approximately 15,000 stores by March 2023. Within this partnership, Spice Story will leverage Jayanti Herbs & Spice’s extensive distribution network, comprising 23,000 multi-brand modern format retail stores. This network includes both national and regional chains, as well as standalone modern retail outlets, thereby contributing to the expansion and visibility of Spice Story's products in the market.

In July 2022, Premier Foods, a food manufacturing company based in the UK, successfully acquired The Spice Tailor for an undisclosed amount. This strategic acquisition aims to enable Premier Foods to expand its geographical footprint and bolster its presence in the ethnic foods market, particularly in Australia. The acquisition aligns seamlessly with Premier Foods' growth strategy, providing an opportunity to leverage the exceptional track record of The Spice Tailor. The Spice Tailor, based in the UK, is recognized for manufacturing Indian and South East Asian meal kits, and this acquisition positions Premier Foods to capitalize on the expertise and offerings of The Spice Tailor in its efforts to strengthen its position in the ethnic foods business.

Major companies operating in the ethnic food market report are Nestlé S.A., Associated British Foods plc, General Mills Inc., Taco Bell Corp., Conagra Brands Inc., Ajinomoto Co. Inc., ITC Limited, McCormick & Company Incorporated, MTR Foods Pvt Ltd, Kikkoman Corporation, House Foods Group Inc., Aryzta AG, B&G Foods Holdings Corp., Haldiram Manufacturing Co. Pvt. Ltd., Goya Foods Inc., GraceKennedy Group, S&B Foods Inc., Amy's Kitchen Inc., Santa Maria AB, East End Foods plc, Surya Foods Ltd., Leathams Limited, Kawan Food Manufacturing Sdn Bhd, Tasty Bite Eatables Ltd., Tilda Limited, TRS Foods Ltd., Natco Foods Ltd., Wanis International Foods Limited, Frontera Foods Inc., Asli Fine Foods Limited.

Asia-Pacific was the largest region in the ethnic food market in 2023. The regions covered in the ethnic food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ethnic food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Ethnic foods are primarily categorized into two main types: vegetarian and non-vegetarian. Vegetarian ethnic foods consist of dishes made predominantly from vegetables and fruits. Within the vegetarian category, there are further distinctions such as vegetarian, plant-based, and vegan foods, each representing different dietary preferences from various countries. These diverse ethnic foods span a range of cuisines, including American, Chinese, Japanese, Mexican, Italian, and more. They are made available to consumers through various distribution channels, including supermarkets/hypermarkets, convenience stores, online retail channels, and other distribution outlets. Ethnic foods are commonly enjoyed in both restaurants and households, contributing to the rich culinary landscape that reflects cultural diversity and preferences.

The ethnic food market research report is one of a series of new reports that provides ethnic food market statistics, including ethnic food industry global market size, regional shares, competitors with an ethnic food market share, detailed ethnic food market segments, market trends and opportunities, and any further data you may need to thrive in the ethnic food industry. This ethnic food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ethnic food market consists of sales of mango pulp, spicy lentils, special pickles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this ethnic food market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.