Asia Pacific Tortilla Market Scenario:
The tortilla is a baked bread, which is primarily prepared either from corn or wheat. The nutritious value of the tortilla makes it a potential replacer for bread. It is extensively consumed as a convenience food owing to its ease of preparation. They are available in different types including tortilla mix, pre-cooked, frozen, and tortilla chips.
High consumers’ inclination towards the adoption of healthy convenience food has encouraged the demand for bread alternatives in the Asia Pacific countries. Thus, the sale of corn-based tortilla is experiencing a surge. Additionally, to expand their market share, the manufacturers are highly focused on bringing innovations into their product line to generate high revenues.
Manufacturers are found to fortify tortillas with fiber and flaxseeds to increase its nutrient content. This strategy has found to gain the attention of mass consumers, thereby further increasing its sale. Consumers evolving appetites and rising demand for healthier alternatives are supporting the sale of the product in this region. The common trend used by tortilla manufacturers to extend their consumer base was found to be the addition of chia, flax, daikon radish, and broccoli seeds into the product, which has gained consumers attention towards their offerings and increased its sale.
However, the gap in the demand and supply of corn is likely to hamper the prices of corn-based tortilla. Several countries are experiencing the phase of fluctuations in the supply of corn due to climatic conditions. This has led to an uncertain rise and fall in the prices of corn. These sudden changes in the supply of corn due to abnormal climatic conditions affect the production of tortilla which indeed leads to fluctuation in the prices of the product. These factors are likely to hamper the growth of the Asia Pacific Tortilla Market.
The Asia Pacific tortilla market is segmented into China, India, Japan, Indonesia, Thailand, Vietnam, Australia & New Zealand, Republic of Korea, and Rest of Asia Pacific. Among these, China is projected to retain its dominance over the forecast period owing to healthy economic growth and increasing consumption of tortilla. China is estimated to reach USD 580.96 million by 2023. However, Australia & New Zealand are projected to grow at a moderate CAGR of 2.88% during the forecast period 2017-2023.
The Asia Pacific tortilla market is segmented on the basis of product types such as tortilla mix, pre-cooked tortilla, frozen tortilla, and tortilla chips. The pre-cooked tortilla segment is projected to account maximum market proportion and is projected to grow at a CAGR of 2.92% during the forecast period. Moreover, China is dominating the market consumption of pre-cooked tortilla.
The Asia Pacific tortilla market has been segmented on the basis of sources such as corn, and wheat. Among both, the sources corn is estimated to witness the highest growth at a CAGR of 2.43% during the forecast period of 2017-2023. However, it is observed that the wheat source segment is growing exponentially at a CAGR of 3.23% over the forecast period.
Furthermore, based on the claim, the Asia Pacific tortilla market has been segmented into gluten-free, low-carb, and others. The low-carb segment is anticipated to be the fastest growing segment at a CAGR of 3.03% over the review period. Increasing obese population is the major factor driving the growth of this segment. On the basis of the distribution channel, store-based distribution channel is dominating the market, which is holding a leading share of 90% of the market based on the one-stop shopping experience.
Some of the key players profiled in the Asia Pacific tortilla market: 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)
Country Analysis of Asia Pacific Tortilla Market Development and Demand Forecast to 2023 Market
As per the MRFR analysis, the Asia Pacific tortilla market is expected to reach USD 2,001.18 million by end of the year 2023 at a CAGR of 2.52% during the forecast period.
The reports also cover country-level analysis: