Ethnic Food Market to Worth USD 98.06 Billion by 2028 | Display a Staggering CAGR of 10.33% – EIN News

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/EIN News/ — Pune, India, Oct. 20, 2022 (GLOBE NEWSWIRE) — The global ethnic food market size was USD 45.27 billion in 2020. The market is projected to grow from USD 49.27 billion in 2021 to USD 98.06 billion in 2028 at a CAGR of 10.33% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report, titled, “Ethnic Food Market, 2021-2028.”
As per the research team, continuous innovations in the frozen food section, new & creative business models, and increased launching of the latest products by the dominant manufacturers is likely to amplify the market growth globally. Non-veg ethnic food will witness the largest market share powered by the integration of the latter towards a staple diet of the increasing population which will further nurture the growth of the market.
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List of Key Players Covered in the Ethnic Food Market Report
Report Scope & Segmentation:
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/ethnic-foods-market-102264
Report Coverage
The market study combines a comprehensive analysis of the market and is segmented across pivotal factors such as dominant companies, upcoming product launches & current portfolios, and leading application areas of the segments. Additionally, the report highlights the market trends, opportunities and threats surrounding the sector. Growth factors and restraints that contribute to the market are also noted. These factors are expected to help our readers gain insightful and in-depth knowledge about the market.
Segmentation
Based on cuisine type, the segment includes Asian, Italian, Mexican, and Others. Asian cuisine is expected to dominate the segment during the forecast duration owing to a steadfast growth in the population along with increasing presence of regional and local food sources on a global scale.
On the basis of food type, the market can be broken down into veg and non-veg.
By distribution channel, the market can be divided into hypermarkets/supermarkets, convenience stores, grocery stores, and online sales channels.
Geographically, the global market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Increasing Trend of Adopting Frozen Ethnic Good to Gain Traction
Rising exports of Asian food products such as Japanese, Thai, Chinese, Indian, and Vietnamese cuisine coupled with increasing availability will increase the value of the market. Increased consumer spending, rising immigration settlements, and integration of ready-to-eat ethnic food products will bolster the value of the ethnic food market share.
However, increasing consumer demand for completely natural demand will dampen towards a lower decrease in the market. Additionally, longer transportation times and cost will hamper the growth of the market.  
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Regional Insights
Asia Pacific to Hold a Commanding Lead Due to Elevated Adoption Measures
Asia Pacific will retain a value of USD 16.2 billion in 2020 due to rising adoption of traditional cuisines in regions of the U.S., Italy, Germany, China, Japan, India, Australia, and UAE. Also, increasing demand for ethnic cuisine food from the foodservice sector will push the market towards a higher share.
North America will witness considerable growth during the forecast period due to increasing demand for Asian Cuisine due to rising migration measures in the region. Also, rising popularity of ethnic cuisine foods and frozen foods along with ongoing technological developments in the sector will bolster the growth of the market.
Competitive Landscape
Partnerships & Mergers to Hold a High Gain Over Towards Expanding Business Ideas
Dominant players in the market are expected to join hands with similar organizations in order to capture a higher consumer base. Strategies such as partnerships, acquisitions and mergers, product launches are expected to gain the most traction over the duration of the forecast. These effective strategies along with the insights provided by expert advisors will ensure that a better reach is gained by our market reports. Another strategy is launching innovative products for attracting consumers and growing market value.
Industry Development
Detailed Table of Content:
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Read Related Insights:
Frozen Food Market Expected Worth USD 185.28 Billion by 2027 | Global Frozen Food Industry Share, Segmentation, Growth and Forecast Report by Fortune Business Insights™
Canned Food Market to Reach USD 100.92 Billion by 2027; Increasing Number of Company Mergers and Acquisitions Will Provide Impetus to Market Growth, says Fortune Business Insights™
Instant Noodles Market to Worth USD 81.84 Billion by 2029 | Adoption of Convenience Food Products to Propel Growth Potentials
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