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The packaged tacos market size is projected to increase by USD 1.16 billion with growth at a CAGR of 7.81% between 2023 and 2028.
The report includes a comprehensive outlook on the packaged tacos market offering forecasts for the industry segmented by Type, which comprises non-veg and veg. Additionally, it categorizes Distribution Channel into offline and online and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Increasing demand for convenience food products is notably driving the market growth. Rapid urbanization across the world has increased disposable incomes. As of 2020, 56.2% of the world's population was urban. With rapid urbanization, job prospects improve, and people from rural areas migrate to urban areas. Moreover, the popularity of Mexican food is increasing in many developed and developing countries as on-the-go foods are widely preferred by the working population in such countries. The rise in consumer purchasing power in APAC and South America is also driving the growth of the market. Thus, the growing demand for convenience foods is encouraging vendors to expand their Mexican food offerings, which will drive the growth of the global packaged tacos market during the forecast period.
The Packaged Tacos Market shows an Accelerated CAGR during the forecast period.
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The growing popularity of food ordering through online portals and mobile apps is an emerging trend shaping the market growth. Online orders are more efficient than telephone orders as they eliminate communication errors. Online platforms are even more useful for takeaway restaurants during peak ordering hours as orders are not lost due to engaged phone lines. Other advantages associated with online platforms are access to the feedback received from consumers on the online platforms and an increase in order values, as consumers tend to spend more when ordering online than when ordering through telephones, mainly because of attractive digital menus.
Moreover, online portals are becoming the popular food-ordering channel. Besides, mobile ordering has become popular, especially among millennials, due to the convenience of this channel, like ordering food anytime, on the move. The mobile app-based ordering of food will fuel packaged tacos sales during the forecast period, as most of the food service chains that offer packaged tacos take orders through mobile apps and online portals. Therefore, such factors will positively impact the growth of the global packaged tacos market during the forecast period.
Distribution challenges in the packaged tacos market are a significant challenge hindering the market growth. Retail stores like supermarkets and large discount or convenience stores have become essential distribution modes for packaged taco manufacturers and vendors. However, this presents some serious challenges for the manufacturers. For instance, pressure on the manufacturers regarding the prices and profit margins of the product, as retail stores operate at a lower profit margin. Also rising demands from retailers to manufacturers for frequent and smaller product deliveries to reduce warehousing costs.
Similarly, channel shifts by consumers have also forced manufacturers to develop new skills in category management. Shoppers have shown more inclination toward convenience stores, which has forced manufacturers to find an appropriate balance between price and volume. Therefore, all such factors will negatively affect the growth of the packaged tacos market during the forecast period.
Offline distribution channels include supermarkets, hypermarkets, mini-markets, kiosks, and convenience stores. The expansion of the organized retail sector globally, urbanization, and the increased demand for convenience food products trigger the sales of packaged tacos through the offline distribution channel. The increase in the number of supermarkets adds to the growth of the global packaged tacos market through offline distribution channels. Furthermore, redesigning of distribution channels, expansion of the organized retail sector, and an increase in the number of physical stores such as hypermarkets and supermarkets will drive the growth of the offline segment of the global packaged tacos market during the forecast period.
The market share growth by the non-veg segment will be significant during the forecast period. Non-vegetarian tacos usually contain meat as a primary ingredient. Common choices for meat fillings include seasoned ground beef, shredded chicken, pork, or grilled steak. These proteins are often accompanied by various toppings such as cheese, lettuce, tomatoes, salsa, and sour cream to create a flavorful and satisfying taco.
The non-veg segment was the largest and was valued at USD 1.11 billion in 2018
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The rising popularity of non-vegetarian tacos can be attributed to several factors, including the diverse and dynamic flavours they offer. Non-vegetarian tacos often showcase a variety of meats, such as seasoned beef, chicken, or pork, which appeal to a broad range of taste preferences. Additionally, the cultural fusion and global appreciation of Mexican cuisine have led to an increased demand for authentic and inventive non-vegetarian taco options, further driving their popularity in various food markets. These factors will drive the growth of the non-vegetarian segment of the global packaged tacos market during the forecast period.
North America is estimated to contribute 34% 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. The packaged tacos market in North America is expected to witness steady growth during the forecast period. Improved living standards and the rise in the number of middle-class families are propelling the demand for packaged tacos in the region. In North America, most men and women consumers have busy schedules and lead hectic lifestyles. As a result, they are left with less time for at-home meal preparation. Hence, most consumers prefer to head out to food service outlets like packaged taco shops to make meal preparation easier.
Additionally, many people prefer packaged tacos for breakfast in the region, mainly in the US, and hence, many retail chains have started offering packaged tacos as a part of their product list. The increasing popularity of Mexican cuisine among consumers is one of the significant growth drivers for the packaged tacos market in North America.
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 packaged tacos market report also includes detailed analyses of the competitive landscape of the market and information about 9 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 packaged tacos 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.
Packaged Tacos Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.81% |
Market Growth 2024-2028 |
USD 1.16 billion |
Market structure |
USD Concentrated |
YoY growth 2023-2024(%) |
7.57 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., B and G Foods Inc., General Mills Inc., Land O Lakes Inc., McCain Foods Ltd., McCormick and Co. Inc., The Hain Celestial Group Inc., Tyson Foods Inc., 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, 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 Type
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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