Tortilla, in its various forms, has gained significant global popularity. The Asia-Pacific tortilla market has been predicted to reach an evaluation of approximately USD 2 billion by 2023 and achieve a CAGR of 2.52% during the forecast period of 201to 2023. These figures have been disclosed in the Market Research Future’s recently published report on the subject.
Consumers’ increasing inclination toward healthier options, particularly convenient healthy options, have encouraged the demand for corn tortillas. Another result of the increasing demand for healthy and convenient food has been the innovation of the product to include a combination of healthy ingredients, thus increasing market growth. Use of ingredients such as chia seeds, flax seeds, spinach, and whole wheat. Additionally, low calorie and low-fat versions of tortillas are also available thus meeting the demand for a healthy alternative to bread and as a result facilitating market growth.
Made from corn or wheat, this flatbread is often used as an alternative to bread. Ease of use and preparation of tortillas, and the availability of different forms of tortilla such as tortilla chips, frozen tortillas, and pre-cooked tortillas, drives demand for this product and its variations.
Fluctuating supply of corn due to changing climatic conditions is likely to prove as a restraint for corn based tortillas, and affect prices of the final product. However, product innovation and will create new avenues for growth in the market during the forecast period.
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Major Key Players:
Several key players have been profiled in the Asia-Pacific tortilla market report. These include Grupo Liven S.A., Ole Mexican Foods Inc., Tyson Foods Inc., Gruma SAB de CV, Grupo Bimbo SAB de CV, General Mills, and Azteca Foods Inc.
Latest Industry News:
Japanese company, Ajinomoto Foods has made an agreement with Tyson Foods to acquire their Circle Foods operations for $ 48 million. Circle Foods, which was acquired by Tyson Foods in 2013, is a manufacturer of refrigerated and frozen Mexican food products such as tortillas and burritos.
China presently holds the largest market share among all other countries in this region and is expected to continue its dominance over the forecast period. The rapidly improving economic conditions, and rising disposable incomes have increased the demand and consumption of tortilla products in this country. China’s tortilla market is projected to value USD 580.96 million by 2023. Meanwhile, Australia & New Zealand are fast-growing regional market segments which are expected to witness a CAGR of 2.88% during the forecast period.
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The Asia-Pacific market has been broadly segmented by product type, claim, source, distribution channel and region.
By product type, the market has been segregated into tortilla mix, pre-cooked tortilla, frozen tortilla and tortilla chips. Of these, the pre-cooked tortilla segment has the most significant share and is expected to achieve a CAGR of 2.92% during the forecast period of 2017 to 2023.
By source, the market has been divided between corn and wheat. Corn is the largest segment and will witness a CAGR of 2.43% during the forecast period. However, the wheat segment is expected to experience a high CAGR of 3.23% over the forecast period.
By claim, the market has been segmented into gluten-free, low-carb and others. Among these, the low-carb segment is projected to grow the fastest with a CAGR of 3.03% during the forecast population. This growth is attributable to the increasing demand for low calorie and low-carb products for weight management purposes.
By distribution channel, the market has been divided between store-based and non-store based. The store-based segment has approximately 90% of the total market share due to tortillas commonly being available at hypermarkets and supermarkets with other grocery items and convenience foods.
By region, the market has been segmented into China, India, Japan, Indonesia, Thailand, Vietnam, Republic of Korea, and Australia & New Zealand.
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