2024 Report | Tortilla Market Poised to Reach $45.18 Billion by 2031, Propelled by Rising Demand for Mexican Cuisine and Organic Products
Tortilla Market Size and Forecast
Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "Tortilla Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Source, Product Type, Category, Distribution Channel, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global tortilla market is exhibiting remarkable growth dynamics, as recent projections indicate an ascent from an estimated value of US$ 33.09 billion in 2023 to a robust US$ 45.18 billion by 2031. At the core of this growth lies a compound annual growth rate (CAGR) of 4.0% during the forecast period. Factors fuelling this rapid market expansion include an escalating global fondness for Mexican cuisine, an increase in the number of Mexican eateries, and a heightened exploration of diverse global cuisines by consumers.
Consumer Trends Influencing Market Growth
The global market is witnessing a significant shift as consumers express a growing demand for organic tortilla products. This trend aligns with their increasing preference for ingredients that are free from genetically modified organisms (GMOs), pesticides, and chemicals. The clear labeling of these clean ingredients bolsters consumer trust and aligns with the call for transparency in food production. Consequently, this underscores the anticipation of novel market trends directing the tortilla industry's trajectory within the forecast period.
Segment Dominance and Product Variations
Analysis of the tortilla market reveals a categorical dominance of the corn segment, traditionally the staple source for tortilla production. With its associated health benefits, which include fewer calories, carbohydrates, higher fiber, and especially its gluten-free property, corn tortillas continue to lead the market. Particularly, blue corn tortillas are highlighted as the healthiest choice, given their higher protein content and lower starch levels in comparison to yellow and white corn tortillas.
Emergence of Online Retail and Pandemic Influence
The advancement of online retail constitutes the fastest proliferating distribution channel within the tortilla market landscape, underlined by the advantages it delivers in shopping convenience, product availability, and delivery services. The proliferation of e-commerce has further been accelerated by the COVID-19 pandemic, as home delivery emerged as a crucial service. Customer buying behaviors were notably influenced by the capacity of online platforms to provide detailed product information and user-generated reviews, creating an informed and streamlined decision-making process for consumers.
Competitive Landscape and Strategic Focus
The tortilla market scene is characterized by the strategic initiatives of key players who are continuously innovating and offering healthier products at competitive rates to cater to evolving customer tastes and demands. These market participants range from global entities to specialized local companies, all contributing to a vibrant and diverse industry offering.
The Foundation of Market Analysis
To establish a comprehensive understanding of the tortilla market, methodical work has been undertaken that amalgamates both primary and secondary research. Interviews with experts in the field corroborate industry insights to shape a detailed market analysis. The endeavor includes perspectives from industry veterans and specialists to deliver an in-depth study of market dynamics.
In conclusion, the global tortilla market is on track for continued growth and transformation, reflecting changing dietary preferences, a surge in demand for organic and non-GMO products, and the increasing significance of online sales channels. As such, market players are encouraged to calibrate their strategies to adapt to these evolving industry currents and harness the opportunities presented by this growing market.
Key Attributes:
Report Attribute | Details |
No. of Pages | 320 |
Forecast Period | 2023 - 2031 |
Estimated Market Value in 2023 | 33.09 Billion |
Forecasted Market Value by 2031 | 45.18 Billion |
Compound Annual Growth Rate | 4.0% |
Regions Covered | Global |
Tortilla Market Leaders Are:
GRUMA SAB de CV
PepsiCo Inc
La Tortilla Factory Inc
Intersnack Group GmbH & Co KG
Aranda’s Tortilla Company Inc
Paulig Ltd
General Mills Inc
Conagra Brands Inc
Goya Foods Inc
The Hain Celestial Group Inc
For more information about this report visit https://www.researchandmarkets.com/r/ytiz6a
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