Global Tortilla Market - 2021-2028
発行: DataM Intelligence
ページ情報: 英文 180 Pages
Tortilla is an unleavened flatbread which is made from cornmeal and wheat flour. Tortilla is slim and flat in comparison to bread, which has resulted in its increased demand in the food industry for wrapping. Its increasing use as wrappers has created opportunity for manufacturers to experiment with a variety of recipes, which is grabbing attention of consumers. Some of the very common tortilla types available include tacos, burritos and tostadas. In addition to its availability in wide varieties, they are also available in different forms based on the changing consumer interests, such as tortilla mix, chips, pre-cooked and frozen. Moreover, the availability of corn tortillas is especially gaining popularity among health conscious and diabetic population. Thus, along with its application in food industry as wrapper, the raising demand of gluten free products is likely to boost the growth of tortilla market. The global tortilla market valued US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
With the growing diabetic and health-conscious population, the demand for tortilla is growing, as a replacement for breads. Tortillas are gluten free, low in calories and carbohydrates, which has fuelled its popularity as a bread substitute. In addition, the versatile use of tortillas as a wrapper in the food and beverage industries is expected to fuel growth. According to statistics provided by Minsa and Bunge, leading providers of tortilla, the decline in the sales of bread led to a simultaneous increase in sales of tortilla. Also, as consumers are increasingly turning towards organic diets, the availability of organic tortillas is supporting the growth of the market. With increasing diabetic population, people are turning more towards gluten free products. Thus, countries with high prevalence of diabetic population can serve as an opportunity for the global tortilla market.
In addition to its growing popularity as gluten free product, the over consumption of tortilla chips can result in bloating and inflammation.
Corn based tortillas are more popular than wheat based because of the properties associated with it. Corn tortillas have been proved to be a good source of fiber and magnesium, according to studies. Moreover, corn tortillas are also a whole grain and have fewer carbohydrates, calories and fat than flour tortillas, which is also one of the reasons for its growing popularity. Countries like United States, which are studied to lack nutrients in their everyday diet are switching from bread to corn tortillas because of the nutritional values associated with it. In addition, availability of corn tortillas in wide varieties and room for new recipes are contributing to its growing demand. On the other hand, the tortilla chips are expected to hold a significant share in the market and with the rising number of product launches in new flavors, the market is anticipated to witness positive growth. In addition, the nutritious value of tortilla with more carbohydrates making it a possible replacer for bread.
North America dominates the global tortilla market due to the increased consumption of tortillas in the United States. Even though corn tortilla is a native to Mexico, its consumption has seen to be on rise in the United states, owing to the increased demand for gluten free products in the country. Moreover, the growing demand for tortilla in the food industry for wrapping, is further propelling the growth of the market. According Kemin Industries, which is one of the global leaders in the F&B industry, there were 234.39 million tortilla consumers in the United States, while the U.S. tortilla market by volume was 3.6 million pounds, in 2018. Additionally, North America holds a significant share in the global tortilla market owing to the presence of major market players in the region coupled with the rapid adoption of the Mexican diet in countries like the U.S., and Canada. Food retailing chains such as Tex-Mex and Taco Bell Corp are also gaining popularity which is boosting the demand for tortillas. With Mexican food being a popular choice in many countries and is now becoming an important diet in their snacking habits the tortilla market is expected to witness significant growth in the coming years. For instance, according to the latest data by the Snack Food Association the Americans consumers more than 8.2 million pounds of tortilla chips on Super Bowl alone.
Major market players in the global tortilla market include GRUMA, Tyson Foods, Inc., Catallia Mexican Foods, PepsiCo, and La Tortilla Factory. The number of players in the tortilla market is huge and concentrated in the American and European regions and is growing with the opportunity to generate significant revenues because of growing demand in various parts of the world. These companies have adopted the strategy of acquisitions, merges and product launch, to cater the growing demand for convenience food. The players in the global tortilla market are implementing various growth strategies like marketing, bulk-online discount schemes to gain a competitive advantage over their competitors in this market. For instance, in July 2020, Frito-Lay a division of PepsiCo, is planning to invest around US$200 million to expand its snack manufacturing operations in Perry, Georgia which will include the addition of two new manufacturing lines; one of which will be for producing Frito-Lay tortilla chip products. In 2020, Old El Paso launched Tortilla Pockets, which aims at providing a mess-free food lunch time. While Corbion in 2019, launched a labelling solution especially for tortilla, which claims to provide all of the product quality and efficiency that its customers have come to expect while also catering to the need for a cleaner ingredient label. In June 2019, Fast-casual Mexican restaurant chain Tortilla is increasing its expansion plans with a step to open four restaurants in the United Kingdom bringing brands' total estate to 49 sites.
As the covid-19 outbreak resulted in lockdown in major parts of the globe, which had a significant effect on supply chain, production and transportation of goods. But the demand for tortilla grew significantly during this period, as the demand for canned food items grew. According to GRUMA, S.A.B.de.C.V., a leading producer of tortilla reported that the net sales in the United States grew by 10% in U.S. dollars and 24% in Mexican pesos, driven by the demand for tortillas in supermarkets and grocery stores during COVID-19 pandemic, as the trend for more people eating tortillas at home increased.