Market Scenario
Global Covid-19 Analysis on Tortilla Market 2020, as per the MRFR report, is poised to reach USD 48.51 billion at a CAGR of 5.10% by 2023.
A positive aspect of driving the development of the industry is the broad range of tortillas. The tortilla’s nutritional value makes it a possible bread replacer. In addition, technical advancements play a crucial role in developing the tortilla industry, with tremendous production growth and product creativity. Tortillas’ flexibility and generally appealing taste profile have been influential in generating high demand and opening different regional markets for the products. Since it is a plausible alternative to bread, it has further increased its demand.
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The development of tortillas’ gluten-free and low-carb alternatives has also been effective in leveraging health and well-being. Globally, the spread of the Hispanic community has also played an essential role in developing this sector. Factors such as rapid urbanization, high buying power among the consumers, and increasing participation of women in the workforce drive the demand for convenient and easy to prepare food goods. This aspect has fuelled the market for tortilla and tortilla products such as tortilla chips, taco shells, tostadas, flour tortillas, and corn tortillas.
Less focus on clean labeling, particularly concerning the protection of organic products, may influence tortilla demand, thus affecting the growth of the global market for tortilla products. In addition, the growth of the global market over the projected period is also expected to be driven by rising flavored alternatives such as sweet potato tortilla, low carb flour tortilla, two sizes of flour tortillas with added calcium and vitamin D, among others.
Competitive Dashboard
The major players in the Covid-19 Analysis on Tortilla Market include Tyson Foods, and Azteca Foods, Grupo Bimbo amongothers.
Market Segmentation
The demand for tortilla chips has been categorized into commodity categories such as tortilla mix, pre-cooked tortilla, frozen tortilla, and tortilla chips. The demand for pre-cooked tortillas is estimated to lead the demand and is predicted to have a massive 40.24 percent share throughout the global market.
Dependent on the origins of maize and wheat. It is witnessed that the wheat source is the fastest rising segment at a CAGR of 5.71 percent over the forecast period.
The section is then segmented based on argument into gluten-free and low-carb. The gluten-free claim is anticipated to rise at a CAGR of 6.20 percent, followed by a low-carb claim over the forecast period. The tortilla mix is set to witness the fastest growth at a CAGR of 5.65 percent over the review period.
Lastly, based on the foundation of the sales system, Covid-19 Analysis on Tortilla Market is segmented into retail-based and non-store based. The retail-driven distribution channel leads the industry based on the distribution channel, of which the convenience store has a leading 30 percent share based on a single stop shopping experience.
Regional Overview
Based on value and volume, North America is expected to lead the tortilla Industry by holding the leading share of 59.24 percent. The North America field accounted for the most significant share in the global tortilla market. North America, the tortilla market, is predominantly being driven by rising demand for convenience food items among the customers. In addition, the excellent success of the retail industry and the marketing of goods played a crucial role in growing tortilla sales in the area through supermarkets, hypermarkets, and grocery stores.
During the forecast period, Latin America is also expected to rise at a rate of 5.07 percent.
Consumption of tortilla Industry in Europe is also projected to rise rapidly at a CAGR of 5.07 percent during the given timeframe due to an increasingly health-conscious population and rising inclination towards tortillas as a healthier alternative to bread.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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