Ethnic Foods Market: How Cross-Cultural Marketing Works in Food Industry
Sales in the ethnic food market are growing rapidly due to the growth of the multicultural population in the United States. This has led to a change in cooking techniques and innovation in food products.
According to reports, the global ethnic food market hit sales figures of $36,481.1 million in the year 2018, and this figure is expected to see a compound annual growth rate (CAGR) of 11.80 percent between the years 2019 and 2024.
An Overview of the Ethnic Food Market
There are several factors that have contributed to the above-mentioned growth. Better employment opportunities, increased tourism, and better education in the US have all led to a growth in the number of immigrants, leading to increased demand for ethnic foods.
Other factors include convenience and accessibility. Manufacturers of ethnic foods are directing their efforts toward better quality, variety, and packaging for food products. They are investing in the production of healthy and nutritious ethnic food, and this trend will lead to significant growth in the ethnic food market in the coming years.
The Presence of Asian Cuisines in the Ethnic Food Market of the United States
Consumers are showing more interest in bold and spicy flavors, and are shifting toward Asian cuisines such as Thai, Japanese, Korean, and others. According to research conducted by Pew Research Center, there were approximately 20 million Asian Americans in the US as of 2017, and this figure is expected to rise in the coming years, as it has already seen a growth of 72 percent since 2000.
With an enormous increase in Asian-American food chains and grocery stores, Americans are purchasing more Asian food than ever. Most supermarket owners and e-commerce business owners in the food industry are now serving ethnic food products, and more supermarkets may adopt this trend in the near future.
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