The vegetarian taquitos market is projected to reach a value of US$ 124 million in 2023 and US$ 217.9 million by 2033. The market is expected to register a 6.5% CAGR, with the United Kingdom, United States, China, and India being key producers.
The vegetarian taquitos market is expected to soar in the coming years, driven by several key drivers, such as growing demand for convenience food, increasing popularity of Mexican cuisine, growing health consciousness, and an increase in vegetarian and vegan population. Furthermore, an increase in disposable income and snacking culture, expansion of distribution channels and innovations in packaging and preservation technology, demand for the frozen food and food service sector, as well as an increase in the number of the working population, is driving the market growth.
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Other trends and opportunities in the market include the use of organic and natural ingredients, which is becoming increasingly popular as consumers are looking for healthier and more natural food options. The popularity of ethnic flavors, such as Mexican and Latin American, is also expected to drive the demand for plant-based taquitos. The trend towards customization and personalization is also expected to drive the demand for vegan taquitos, as consumers are looking for tailored food options to suit their tastes and preferences.
Online sales are also an opportunity for the growth of the market, as the rise in online sales is expected to drive market growth, as consumers are increasingly buying food products online. Companies in the vegetarian taquitos market are also expected to expand into new markets, such as Asia, Africa, and the Middle East, to tap into the growing demand for vegetarian taquitos in these regions.
Additionally, the increasing focus on sustainability is expected to drive demand for vegetarian taquitos, as companies are looking for ways to reduce their environmental impact. The increasing demand for plant-based options is also expected to drive demand for vegetarian taquitos, as consumers are looking for meat-free options.
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Key Takeaways
- The vegetarian taquitos market is driven by growing demand for plant-based options, convenience food, and health consciousness.
- The market is expected to continue growing in the future, driven by innovations, expansion of distribution channels, and increasing focus on sustainability.
- Key trends and opportunities include organic and natural ingredients, ethnic flavors, customization, online sales, and expansion into new markets.
- Restraints include health concerns, competition from other convenience food options, limited availability of vegetarian options, and high costs.
- The United Kingdom and the United States are leading markets for vegetarian taquitos.
Competitive Landscape
The competitive landscape for vegetarian taquitos is becoming increasingly competitive, as more companies enter the market and existing companies expand their product lines to include vegetarian taquitos. prominent players in the market include MorningStar Farms, Gardein, Boca Foods, Tofurky, Field Roast, and Beyond Meat. These companies have established brand recognition and a wide distribution network, which gives them a competitive advantage over smaller players.
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In recent years, several startups are entering the market for vegetarian taquitos. These startups are focused on developing new and innovative plant-based meat alternatives, and are often backed by venture capital funding. These startups are driving their attention in creating new products that appeal to a wider range of consumers, such as plant-based taquitos that are gluten-free, low-carb, or organic.
The start-up ecosystem in the vegetarian taquitos market is relatively new, but it is growing rapidly. Many start-ups are experimenting with new ingredients, flavors, and packaging, which is beneficial for the market. Various start-ups are also focusing on creating an online presence, which allows them to reach a wider range of customers and expand their distribution network.
Key Segments
Product Type:
- Veg Filling
- Non-veg Filling
Sales Channel:
- Convenience Store
- Supermarkets
- Hypermarkets
- Others
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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