Asia Pacific Tortilla Market is Adoption of Healthy Convenience Food Has Encouraged at a Higher CAGR :

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Asia Pacific Tortilla Market.

Market Insights

The Global Asia Pacific Tortilla Market is witnessing a robust growth owing to ongoing investments and plans for market expansion in developing countries across the globe. Market Research Future Reports has come up with its latest reports on global tortilla market stating that the market has been encouraged by substantial adoption of healthy convenience food across the world by a large number of population. As per the MRFR analysis, the Asia Pacific tortilla market is probably to reach USD 2,001.18 Million by the end of the year 2023 at a CAGR of 2.52% during the forecast period. The year 2023 is expected to remain stable for the tortilla market growth owing to widening applications and strengthening buyer power.

The tortilla is a baked bread that is prepared from corn or wheat. The nutritious worth of tortilla makes it a potential to consume either than bread. It is broadly consumed as a convenience food owing to its ease of preparation. The tortillas are thus, available in various types which includes frozen, tortilla mix, pre-cooked, and tortilla chips.

Global Asia Pacific tortilla Market: Drivers & Trends

Recently, there has been a high inclination of consumers towards the adoption of healthy convenience food, which has, either way, encouraged the demand for bread alternatives in the Asia Pacific countries. The replacement caused by a tortilla, where the sale of the corn-based tortilla is experiencing a surge. Additionally, even the key manufacturers are highly focusing on bringing innovations into a tortilla to generate high revenues. These factors have majorly driven the Asia Pacific tortilla market to expand exponentially in recent years, which also promises to gain more prominence during the forecast period.

The demand for convenience food products has embarked the Asia Pacific tortilla market to surge at considerable CAGR throughout the forecast period. Also, the swelling consumption of unique and healthy food products is supporting the growth of the tortilla, which, in turn, is igniting global Asia Pacific tortilla market. The best thing about this product is that the nutritional properties of these ingredients hence, rise the overall nutritional value of tortilla. Therefore, raising health awareness is one of the contributing factors to the growth of Asia Pacific tortilla market.

Furthermore, the increasing popularity of various savory snacks is also supportive of the growth of tortilla in Asia. This factor is also incrementally being favorable of the global Asia Pacific tortilla market. As per the research, one of the significant factors identified to contribute to the growth of Asia Pacific tortilla market is the escalating population in this region. The influence of western culture in Asia is actively driving the market of Asia Pacific tortilla market. To expand their market, the manufacturers of the tortilla are highly focusing on fortifying tortillas with fiber and flaxseeds to surge its nutrient value. This strategy has gained the attention of mass consumers. Hence, an increase in the sale has been observed in since past years and thus made the market to spur at an exponential rate.

On the flip side, a particular gap in the demand and supply of corn is likely to hinder the prices of the corn-based tortilla. Even, many countries, globally are experiencing wider fluctuations in the supply of corn owing to changing climatic conditions, which has led to an uncertain divergence in prices of corn. This might affect the production of tortilla, and such factors could hinder the growth of the Asia Pacific tortilla market.

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Key Players

In the reports of MRFR, some of the key players profiled in the Asia Pacific tortilla market are Tyson Foods, Inc. (U.S.), Gruma SAB de CV (Mexico), Grupo Bimbo SAB de CV (Mexico), General Mills, Inc. (U.S.), Azteca Foods Inc. (U.S.), Ole Mexican Foods Inc. (U.S.), Grupo Liven, S.A. (Spain)

Asia Pacific tortilla Market Segmentation

According to MRFR’s reports, the Asia Pacific tortilla market has been segmented by product types, which consists of tortilla mix, pre-cooked tortilla, frozen tortilla, and tortilla chips. Whereas, the pre-cooked tortilla segment is projected to have the maximum market proportion and planned to expand at a CAGR of 2.92% during the forecast period.

The Asia Pacific tortilla market has been segmented based on sources such as corn, and wheat. Among them, the sources corn is likely to witness the highest growth at a CAGR of 2.43% from 2017 to 2023. It is practical that the wheat source segment is also growing exponentially at a CAGR of 3.23% during the forecast period.

Furthermore, based on the claim, the market has been segmented into gluten-free, low-carb, and others. Wherein, the low-carb segment is expected to be the fastest growing segment at a CAGR of 3.03% over the review period.

By the mode of the distribution channel, the store-based distribution channel is leading the market and is grasping a leading share of 90% of the market based on the one-stop shopping experience.

Regional Outlook

On the geographical note, in the Asia Pacific region, China is likely to retain its leading position for the market of tortilla over the forecast period owing to healthy economic growth and increasing consumption of tortilla. China is valued to reach USD 580.96 million by 2023. However, other regions such as Australia & New Zealand are expected to cultivate at a sensible CAGR of 2.88% during the forecast period 2017-2023.