Asia Pacific Tortilla Companies
Asia Pacific tortilla refers to the popular flatbread originating from the region. Made from wheat or corn flour, it serves as a versatile staple in Asian cuisine, used for wraps, tacos, and more.
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The Asia Pacific tortilla market has been experiencing significant growth, driven by the increasing popularity of Mexican and Tex-Mex cuisines across the region. Key players in this market are strategically positioning themselves to tap into the growing demand for tortilla products, catering to diverse consumer preferences and culinary trends. This analysis provides an overview of the competitive landscape, covering key players, strategies, market share factors, emerging companies, industry news, current investment trends, and a notable development in 2023.
Key Players:
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)
Strategies Adopted:
The Asia Pacific tortilla market employ various strategies to maintain and enhance their market positions. Strategies encompass product diversification, regional expansion, marketing initiatives, and a focus on meeting specific dietary preferences. For instance, Mission Foods has been investing in expanding its product portfolio by introducing gluten-free and whole-grain tortilla options, catering to the health-conscious consumer segment. Such strategies ensure that companies remain competitive and aligned with the evolving tastes and preferences of consumers in the region.
Market Share Analysis:
The Asia Pacific tortilla market involves evaluating multiple factors that impact competitive positioning. Key considerations include product quality, brand recognition, pricing strategies, distribution networks, and the ability to cater to diverse regional tastes. Companies that effectively navigate these factors are better positioned to capture and retain a significant share of the market. Additionally, factors such as effective marketing campaigns, responsiveness to local preferences, and compliance with regional regulations contribute to market differentiation and influence consumer choices.
News & Emerging Companies:
The Asia Pacific tortilla market has witnessed the emergence of new and innovative companies, reflecting the region's adaptability and potential for growth. In 2023, emerging players like Asia Pacific Food Company entered the market with unique tortilla products, gaining attention for their focus on providing authentic flavors and adapting traditional recipes to suit local tastes. These newcomers contribute to the market's diversity, challenging established players and fostering innovation in the Asia Pacific tortilla sector.
Industry Trends:
The Asia Pacific tortilla market revolve around innovation, sustainability, and meeting the demand for diverse and healthier product options. Key players are investing in research and development to create tortilla products that align with clean-label and health-conscious trends, exploring regional partnerships for sourcing raw materials, and incorporating technologies to enhance production efficiency. Additionally, investments in marketing and promotional activities contribute to building brand awareness and increasing the adoption of tortilla products across diverse consumer segments.
Current investment trends also highlight the importance of understanding local preferences and adapting products accordingly. Companies are increasingly investing in market research to identify unique taste preferences and adjusting their product formulations to suit the varied culinary preferences within the Asia Pacific region. Furthermore, investments in digital marketing and e-commerce platforms contribute to meeting the growing demand for convenience and accessibility, especially in urban areas.
Competitive Scenario:
The Asia Pacific tortilla market is marked by robust competition among key players striving to establish themselves as leaders in this dynamic sector. Companies differentiate themselves through a combination of product innovation, brand recognition, and a keen understanding of local culinary preferences. The market is also influenced by factors such as global distribution networks, regulatory compliance, and the ability to adapt to changing consumer preferences, especially in an industry where authenticity and flavor play crucial roles.
Recent Development
The Asia Pacific tortilla market was the strategic partnership between Gruma S.A.B. de C.V. and a leading restaurant chain to introduce a customized line of tortilla products. This innovation marked a response to the increasing demand for tortillas that seamlessly integrate into regional cuisines. The customized line showcased a variety of tortilla options tailored to complement the specific flavors and dishes served by the restaurant chain.
Gruma's strategic collaboration underscored the importance of adapting product offerings to meet the unique demands of the Asia Pacific market. The development positioned the company as a partner in addressing the specific needs of the foodservice industry, contributing to the broader industry's ability to provide authentic and versatile tortilla products. This move not only showcased Gruma's commitment to customization and innovation but also contributed to shaping the future trajectory of tortilla usage in the diverse and dynamic culinary landscape of the Asia Pacific region.
Asia Pacific Tortilla Market Scenario:
Asia Pacific Tortilla Market is projected to register a CAGR of 6.2 % and reach a value of USD 2,997.2 million by 2030.
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.
Regional Analysis:
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.
Segments:
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.
Key Players:
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)
Target Audience:
- Asia Pacific tortilla manufacturers
- Foods industry
- Raw material suppliers
- End users
- Retailers and wholesalers
- E-commerce companies
- Traders, importers, and exporters
Key Findings:
- China is estimated to retain its dominance during the forecast period and is expected to grow at a substantial CAGR of 2.67%. However, Australia & New Zealand is projected to witness substantial growth at a CAGR of 2.88% during the forecast period of 2017-2023.
- Asia Pacific tortilla manufacturers find massive opportunity in China owing to the huge demand for tortilla as a convenience food from the food industry.
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:
Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Indonesia
- The Republic of Korea
- Thailand
- Vietnam
- Rest of Asia Pacific
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