Tortilla Market: Product Type (Tortilla Mix, Pre-Cooked Tortilla) Source (Corn, Wheat) Claim (Gluten-Free, Low-Carb) Distribution Channel (Store Based and Non-Store Based) Region - Forecast till 2023
Pune, India -- (SBWIRE) -- 02/02/2018 -- Market Overview:
Tortillas have gained a lot of demand in the past few years due to increased need for healthy and diverse eating options. Market Research Future, a firm which specializes in market reports related to Food, Beverages & Nutrition sector among others, recently published a report on this market. The Global tortilla market is projected to reach USD 48.51 billion by 2023 while expanding at a growth rate of 5.10%.
Versatility and a generally pleasing flavor profile of tortillas has been instrumental in creating high demand levels and opening diverse geographical markets for the products. As it is a plausible alternative to bread, its demand has further surged. Creation of gluten free and low carb options of tortillas has also been successful in tapping the health and wellness sector. Spread of Hispanic population on the global level has also played a significant role in growth of this industry.
The market for tortilla chips has been divided into product types such as tortilla mix, pre-cooked tortilla, frozen tortilla and tortilla chips. On the basis of source into corn and wheat. The segment is further segmented on the basis of claim into gluten-free and low-carb and lastly on the base of distribution channel into store based and non-store based. Gluten-free claim is anticipated to grow at a CAGR of 6.20% followed by low-carb claim over the forecast period while tortilla mix has observed to have a highest growth at a CAGR of 5.65% over the forecast period 2017-2023. On the basis of the distribution channel, store based distribution channel dominates the market in which convenience store is holding a leading share of 30% based on one stop shopping experience. Pre-cooked tortilla market is projected to dominate the market and is projected to hold a major share of 40.24% in the global market.
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As per the MRFR analysis, the global market for tortilla has been witnessing continuous growth during the forecast period as a savory snack. Tortilla has gained popularity in potential application as bread replacer in the food industry. It has gained application in wide range of food dishes in different regions. In terms of value and volume, North America is estimated to dominate the tortilla market by holding the major share of 59.24%. Also, Latin America is projected to grow at a rate of 5.07% during the forecast period. Consumption of tortilla in Europe is also expected to grow swiftly at a CAGR of 5.07% during the given period due to growing health conscious population and growing inclination towards tortillas as a healthy alternative to bread.
The industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. However, with companies aiming to capture a considerable share of the market segment as early as possible, they implementing and experimenting with various advantage points.
Some of the leading players in the global tortilla market are Tyson Foods, Inc. (U.S.), Gruma SAB de CV (Mexico), Grupo Bimbo SAB de CV (Mexico), General Mills, Inc. (U.S.) to name a few.
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Latest Industry News:
Nov 2017 Gruma S.A.B. de C.V. has opened a new tortilla plant in Dallas. The plant is expected to produce at full capacity more than 10 billion wheat and corn tortillas a year, as well as tortilla chips and flat breads, under the Mission, Guerrero and Calidad brands to supply customers in Oklahoma, New Mexico, Arkansas, Louisiana, Kansas and northern Texas.
July 2017 Grupo Bimbo S.A.B. de C.V. has reached an agreement to acquire Chicago-based East Balt Bakeries from One Equity Partners for $650 million. The acquisition is expected to give Grupo Bimbo additional reach in the global food service segment. East Balt produces and supplies buns, English muffins, rolls, tortillas, bagels, artisanal bread and other baked foods to quick-service restaurants around the world.
Sep 2017 General Mills is introducing white corn tortillas under its Old El Paso brand in the UK to cater to allergy-conscious consumers amid a growing market for Mexican food. The tortillas use corn as the key ingredient rather than wheat, and have already been launched in Sainsbury's and Asda supermarkets in 220 gram packs of ten.