Newly released data from analysis by Future Market Insights shows that global consumption of Tortilla enjoyed a year-on-year (YoY) growth of 3.4% in 2022 to total sales of USD 26,394.9 Mn.
Over the past ten years, there has been a rather large growth in tortilla consumption. The global tortilla market is anticipated to reach US$ 37,018 million by 2032’s end, growing at a CAGR of 3.4% from 2022 to 2032, according to research by Future Market Insights. Increased tortilla consumption is anticipated in the upcoming years despite an exceptionally slow-moving annual growth rate. This prediction is mostly backed by population expansion, particularly among Hispanics, as well as a continuation of consumer preferences for tortilla consumption.
In Latin America, the tortilla business has made a solid name for itself. With a revenue share of +48% in 2021, Latin America led the world market for tortillas, partly as a result of the United States’ fast growing Hispanic population. More than 94% of the tortillas produced or processed in countries like Mexico use corn as the principal basic material.
Flour tortillas have a relatively high value share of the global tortillas market when compared to other varieties such as tortilla chips, taco shells, tostadas and corn tortillas. Tortilla chips, on the other hand, are likely to see significant growth in the next years.
Take a Step Towards Knowledge! Download Our Report Sample Now and Deepen Your Understanding.@
https://www.futuremarketinsights.com/reports/sample/rep-gb-6248
Research also suggests that, due to increasing demand for Mexican cuisine such as such as tortillas, nachos, enchiladas, tacos, and tamales, especially in North America and Latin America, tortillas, in the on-the-go snacks format, have been gaining traction. Busy lifestyles, deteriorating health conditions, and increasingly urban working population are some factors contributing to the consumption increase of tortillas, as per convenience.
Moreover, an in-depth consumer sentiment analysis also indicates that more than 40% consumers buy tortilla products on a weekly basis and +50% consumers buy from modern trade stores like hypermarkets and supermarkets, owing to easy availability of the product at reasonable prices. Tortilla flour-based products, being one of the main Mexican foods, is gaining traction among its target customers throughout the foodservice industry.
Traditional Tortillas in New Convenient, Flavored Formats to Push Global Adoption
The global tortilla market has witnessed a surge a surge in the launch of new products containing innovative flavors over the last couple of years. Moreover, organic or gluten-free new products are being increasingly adopted in Americas, primarily attributable to the rising demand for the product, with added health benefits. The launch of these new flavored products is expected to have a positive impact on the market, thereby fueling the growth of global tortilla market during the forecast period.
Moreover, significant growth in organized retailing in the form of hypermarket and specialty markets, which are more likely to make savory snacks popular among the consumers, will significantly drive the adoption of tortillas in the coming years.
Key Food Manufacturers Adding New Features to Tortillas to Expand Consumer Base
In new food formulations, key food manufacturers including Cargill and AB Mauri are leveraging the significant growth in the consumption of tortillas and have come up with new features added to tortillas. Cargill has developed a number of whole grain, low-fat tortilla prototypes in an effort to capture a slice of the growing U.S. market for healthy bread alternatives.
With their new patent technology, AB Mauri has developed reduced-fat tortillas, paving way for manufacturers to attract growing base of health conscious consumers. The company’s new patented technology enables manufacturers to develop reduced fat, reduced sodium, wheat-based tortillas. Already widely adopted in American market, AB Mauri has been strategizing on implementing the same patented technology in the European markets as well.
Moreover, FDA approvals for folic acid fortification of corn masa flour, allowing manufacturers to add up to 0.7 milligram of folic acid per pound of corn masa flour, has opened up new opportunities for manufactures to explore new food formulations. Key food manufacturer Bunge, offers corn masa flours and a wide variety of shortenings to help create products that meets all consumer demands.
Market Segments Covered in Tortilla Industry Analysis
Product Type :
- Tostadas
- Taco Shells
- Corn Tortilla
- Flour Tortilla
- Tortilla Chips
Source :
- Corn
- Wheat
Processing Type :
- Fresh
- Frozen
Distribution Channel :
- Online
- Offline
- Supermarkets
- Convenience Stores
- Others
Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
Lift the Veil on Our Methodological Excellence @ https://www.futuremarketinsights.com/request-report-methodology/rep-gb-6248
Key Questions Answered in the Report
- How much is the Tortilla market current worth?
Currently Tortilla market is worth more than US$ 26,394.9 Mn (2021).
- At what CAGR is the market expected to grow?
Tortilla consumption is expected to grow at a CAGR of around 3.4% during the period 2021-2031.
- How was the performance in the last five years?
In terms of revenue, Tortilla grew at a CAGR of around 2.3% during 2016-2020.
- What are the key trends boosting Tortilla sales?
The growing awareness of health consciousness among customers in the global market has propelled the industry’s expansion in the worldwide market. The utilisation of tortillas in the wrappers is another element driving this market’s global expansion.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
