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The burritos market size is projected to increase by USD 17,289.6 million and the market size is estimated to grow at a CAGR of 7.12% between 2023 and 2028. This burritos market report extensively covers market segmentation by end-user (foodservice sector and retail sector), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
One of the key factors driving the burritos market growth is the growing popularity of Latin American cuisines. There is an increasing popularity of Mexican food across the world and the Hispanic population base is growing in the country US, which creates new opportunities for the global burritos market. In addition, the number of consumers who prefer Mexican foods is growing rapidly across the world. Moreover, the growing demand for foods with fresh ingredients and exotic flavors is driving the growth of Mexican food items like burritos. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
The Burritos Market shows an accelerated CAGR during the forecast period.
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A key factor shaping the burritos market growth is the extensive marketing activities and campaigns. The increase in marketing and promotional campaigns by companies of packaged burritos as well as burrito chains is one recent trend driving the expansion of the global burritos market. In addition, most consumer goods marketers are now implementing social media campaigns for their product promotions or new product launches.
Moreover, burrito marketers are also engaging in the same trend to promote their product offerings in the mass market, with a large target customer. For example, Chipotle Mexican Grill has started focusing on increasing its market presence across North America. Therefore, its wide geographical operations help the company to serve a larger customer base in the domestic market. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Product recalls are one of the key challenges hindering the burritos market growth. One of the primary challenges for the growth of the global burritos market is the growing instances of product recalls by the players in the market. In addition, a product recall not only impacts the revenue stream of a company but also results in customers losing trust in the company/brand.
Moreover, a product recall might also cause an additional financial burden to a company in the form of settlement of litigations filed against the company. For example, In May 2020, Conagra Brands, Inc., Russellville, Arkansas, and Marshall, Missouri establishments, recalled approximately 276,872 pounds of not ready-to-eat chicken and Turkey bowl products because the products may contain extraneous material, specifically small rocks. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The extensive marketing strategies will fuel the offline segment which in turn drives the market growth during the forecast period. The offline distribution segment comprises traditional methods of selling and distributing burritos through physical brick-and-mortar establishments. In addition, this segment encompasses various offline channels, including restaurants, food stalls, food trucks, and other dedicated burrito outlets. The main advantage of this segment, customers can walk into these establishments and order burritos directly from the menu or customize their burritos with a selection of fillings, toppings, and sauces. Furthermore, these establishments provide a convenient dining experience, allowing customers to enjoy their burritos on-site or take them away as a grab-and-go option. Furthermore, these establishments have a widespread presence in multiple countries with extensive marketing, providing customers with consistent quality and taste across different locations. Hence, such extensive marketing and presence of this segment will increase the market growth during the forecast period.
The food service sector segment is estimated to witness significant growth during the forecast period. Major food service chains such as Chipotle Mexican Grill and Taco Bell, which offer Mexican foods, are planning to open new stores and expand their presence globally, which will significantly contribute to the market growth. In addition, several factors such as the aforementioned factors, increasing urbanization, changing consumer lifestyles, and the high purchasing power of consumers is fuelling the growth of this segment.
The food service sector segment was the largest segment and was valued at USD 25,554.46 million in 2018.
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Moreover, with the changing consumer demographics, there has been a growing demand for food customizations, which will also prove to be a driver for the growth of the market in the coming years. Furthermore, the growth in infrastructure such as new airports and highways in developing countries gives scope to the major burrito chains to establish new outlets. In addition, containment-related policies implemented by governments across the world in the wake of the COVID-19 pandemic such that several restaurateurs have been able to change their business models to provide their customers with more versatile and pandemic-friendly dining choices. This has contributed to a boom in takeaway and delivery services, which has fuelled the growth of this segment which in turn drives the market growth during the forecast period.
North America is estimated to contribute 53% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as improved living standards and the rise in the number of middle-class families are fuelling the demand for burritos in the region. Moreover, in North America, most consumers, both men and women, have busy schedules and therefore lead hectic lifestyles Therefore, they are left with less time for at-home meal preparation. As a result, most consumers prefer to head out to food service outlets like burrito shops to have their breakfast. Furthermore, many people prefer burritos for breakfast in the region, mainly in the US, and hence, many food service chains have started offering burritos as a part of their menus. In addition, the increasing popularity of Mexican cuisine among consumers is one of the major growth drivers of the burritos market in the Americas. Hence, such factors drive the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global burritos market witnessed a significant slowdown due to disruptions in the supply chain of food products owing to the suspension of transportation and manufacturing activities. in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in transportation and manufacturing units. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The burritos market report also includes detailed analyses of the competitive landscape of the market and information about 19 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The burritos market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Burritos Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.12% |
Market Growth 2024-2028 |
USD 17,289.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.12 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 53% |
Key countries |
US, Mexico, Germany, the UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., Amys Kitchen Inc., Camino Real Kitchens, Chick fil A Inc., Chipotle Mexican Grill Inc., Cofax Coffee, Conagra Brands Inc., El Chile Toreado, El Metate San Francisco, Hormel Foods Corp., Jack in the Box Inc., La Taqueria Taco Bar and Grill, Lucha Libre Taco Shop, Nestle SA, Papalote Mexican Grill, Ruiz Food Products Inc., Taqueria Can Cun, Taqueria La Cumbre, and YUM Brands Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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