According to a new market research report by Future Market Insights, the global vegan tortilla market is expected to be valued at US$ 249.1 million in 2023 and to reach a valuation of US$ 599.2 million by 2033. The demand for vegan tortilla is estimated to grow at a steady 10.2% CAGR, with the U.K., the U.S., China, and India emerging as key producers.
The increasing demand for vegan options as a healthier and more ethical alternative to traditional animal-based products is driving the market growth. Additionally, the rising popularity of Mexican and Tex-Mex cuisine, and the trend of flexitarianism is also driving the demand for vegan tortillas. Economic factors such as the increase in purchasing power of middle-class population and the increasing availability of vegan products through various distribution channels, are also contributing to the market growth.
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The market is witnessing the trend of innovations in ingredients, as companies are developing new plant-based ingredients and formulations to improve the taste and texture of vegan tortillas and make them more similar to traditional tortillas. Additionally, there is an increase in organic vegan food and tortillas, as consumers are becoming more health-conscious and are looking for these products. Another trend is the growing demand for gluten-free vegan tortillas, as more and more consumers are following gluten-free diets.
However, the market is facing some challenges, such as high costs of raw materials and limited availability of vegan tortillas in certain regions.
Key Takeaways
- Increasing awareness of health and wellness, growing population of vegans and vegetarians, and rising popularity of Mexican and Tex-Mex cuisine are driving the market growth.
- The market is witnessing trends such as innovations in ingredients, increase in organic vegan tortillas, and growing demand for gluten-free options.
- The market is facing challenges such as high costs of raw materials and limited availability of vegan food and tortillas in certain regions.
- Companies are focusing on innovations, sustainability, and expanding their distribution channels to meet the changing consumer needs and trends.
- The vegan tortilla market is expected to witness significant growth in the coming years, as consumer preferences shift towards plant-based products.
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Competitive Landscape
The competitive landscape of the vegan tortilla market is characterized by the presence of several small and large players. Some of the key players in the market include:
- Mission Foods: Mission Foods is one of the leading players in the vegan tortilla market, known for its wide range of products and strong distribution network.
- Tumaros: Tumaros is another major player in the market, known for its low-carb and gluten-free vegan tortillas.
- La Tortilla Factory: La Tortilla Factory is a leading player in the market, known for its high-quality and authentic Mexican-style vegan tortillas.
- Ruiz Foods: Ruiz Foods is a major player in the market, known for its frozen vegan burritos and taquitos.
- Food For Life Baking Co.: Food for Life Baking Co. is a leading player in the market, known for its organic and gluten-free vegan tortillas.
- Engine 2 Plant-Strong: Engine 2 Plant-Strong is a leading player in the market, known for its whole-food, plant-based vegan tortillas.
- Trader Joe’s: Trader Joe’s is a major player in the market, known for its organic and non-GMO vegan tortillas.
These companies have a strong brand presence and distribution network, and are continuously innovating and launching new products to retain their market position. However, there is also a presence of several small and local players in the market which may have a strong hold in their specific regions.
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Key Segments
Type:
- Corn-based
- Wheat-based
- Others
Distribution Channel:
- Supermarkets/hypermarkets
- Convenience stores
- Online retailers
- Other distribution channels
Target Consumer:
- Vegan
- Vegetarian
- Health-conscious consumers
Flavor:
- Plain
- Multi-grain
- Flavored
Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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