Ethnic Foods Market Growth Accelerated by Rising Health Consciousness



Ethnic foods are traditional food items that are specific to a particular culture or region. Ethnic foods often contain diverse spices, herbs, vegetables, fruits, grains, and meat which makes them nutritious and tasty. The growing awareness about the health benefits of ethnic foods is driving greater demand. Ethnic foods are often made using fresh and minimally processed ingredients which enhances their nutritional value. They are rich in fiber, vitamins, minerals, and antioxidants that protect against diseases. The global Ethnic Foods Market is estimated to be valued at US$ 123.45 billion 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:

Rising health consciousness is one of the major trends augmenting the growth of the ethnic foods market. Consumers are increasingly preferring food products that are organic, natural, and offer nutritional advantages. The perception that ethnic foods are healthier than their conventional counterparts is driving their demand. According to a survey, over 40% of global consumers buy ethnic food products to fulfill their nutrition and health goals. Manufacturers are leveraging this trend by highlighting the functional ingredients and health benefits of their ethnic food offerings which is helping boost sales. Innovations to develop snacks and prepared meals using ethnic ingredients further appeal to health-conscious consumers and millennial populations.

Segment Analysis

The Global Ethnic Foods Market Size is dominated by the Asian ethnic food segment, which holds around 30% share of the total market. This segment's growth is attributed to growing popularity of Asian cuisine like Chinese, Indian, Japanese food across various regions of the world. Indian ethnic food sub-segment ranks atop among Asian ethnic foods owing to growing Indian diaspora globally and widespread popularity of Indian flavors/spices across populations from other cultures.

Key Takeaways

The global ethnic foods market is expected to witness high growth in the forecast period.

Regionally, North America accounts for around 25% share currently led by the US where more than 30% of the population identifies as Latin American, Asian or African heritage. Growth in the region is anticipated to remain high going forward with increasing cultural diversity and popularity of unique flavors from different world cuisines.

Key players operating in the ethnic foods market are Nestle SA, Acecook Vietnam JSC, Belief Holding (Shanghai) Corp Ltd, General Mills, Hain Celestial, Tasty Bites, B&G Foods, Conagra Brands, MTR Foods and Aunt Jemima.

Get More Insights On This Topic: https://www.newsstatix.com/ethnic-foods-market-size-share-analysis-2023-2030/

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