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The Mexican food market size is forecast to increase by USD 104.8 billion at a CAGR of 6.2% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing number of sun seekers and food lovers discovering the vibrant flavors of this culinary tradition. Chilaquiles, a popular Mexican breakfast dish made with corn tortillas, scrambled eggs, and salsa, has gained popularity among consumers. Corn chips, a versatile snack, and mole, a rich and complex sauce, are other key components of Mexican cuisine that continue to captivate food enthusiasts. The trend towards convenience foods and online food ordering through portals and mobile apps is also fueling market growth. However, the market faces challenges from stringent regulations and the need for authenticity and sustainability in food production. Mexican food's rich flavors and diverse offerings make it a must-try for food lovers around the world.
Mexico, known for its vibrant culture and sun-soaked beaches, is a must-visit destination for travelers seeking new experiences. One of the most exciting aspects of Mexican culture is its diverse and rich food scene. From hearty breakfast dishes to zesty snacks, the Mexican food market offers a cornucopia of flavors that are sure to tantalize your taste buds. Chilaquiles, a popular Mexican breakfast dish, is a must-try for those who appreciate a hearty and flavorful start to the day. Made from corn tortillas cut into triangles and simmered in a sauce of tomatoes, chiles, and garlic, this dish is often topped with crumbled cheese, sour cream, and sliced radishes. For those who prefer a crunchy and savory snack, corn chips and salsa are a staple in the market.
The crispy, golden chips are perfect for scooping up the rich, zesty flavors of the various salsas available. From mild to spicy, there is a salsa for every palate. Mole, a complex and rich sauce made from a blend of chiles, nuts, fruits, and spices, is a staple in Mexican cuisine. This sauce is often used to flavor meats, such as chicken or pork, and is a must-try for those seeking a bold and flavorful dining experience. Cheese plays a significant role in Mexican cuisine, with a variety of cheeses used in dishes such as quesadillas, enchiladas, and chiles rellenos. From the tangy queso fresco to the rich and creamy queso fundido, there is a cheese to suit every dish and every taste preference. Pozole, a traditional Mexican red soup, is a hearty and flavorful dish made from hominy corn, pork, and a variety of herbs and spices. This dish is often served with radishes, onions, and lime, and is a must-try for those seeking a warming and satisfying meal. For those following a vegetarian diet, frijoles (refried beans) are a staple in Mexican cuisine.
These beans are cooked with oil, garlic, onions, and a variety of spices, resulting in a rich and flavorful dish that is a staple in many Mexican meals. Tacos, a Mexican staple, come in many varieties, including tacos al pastor, made with marinated and grilled pork, and minced beef tacos. These delicious handheld meals are wrapped in warm corn tortillas and are a must-try for those seeking a quick and delicious meal on the go. The history of Mexican cuisine is deeply rooted in pre-Hispanic rituals and sacrifices. Chicken and pork were often used in religious ceremonies and were prepared using a variety of herbs and spices to enhance their flavors. Vegetarian options, such as beans and squash, were also an important part of the Mexican diet. In conclusion, the market offers a diverse and rich culinary experience for sun seekers and food lovers alike. From hearty breakfast dishes to zesty snacks, there is a dish for every taste preference and every occasion. So, pack your bags and embark on a culinary journey to Mexico, where you are sure to discover new flavors and create unforgettable memories.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The tortillas segment is estimated to witness significant growth during the forecast period. Mexican food markets have experienced significant growth in recent years, particularly in holiday destinations favored by sun seekers and food lovers. The increasing popularity of Mexican cuisine, with its vibrant flavors and diverse offerings, has driven demand for authentic dishes such as Chilaquiles, a traditional breakfast dish made with corn tortillas, scrambled eggs, and salsa, as well as corn chips and various types of cheese.
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The tortillas segment was the largest segment and valued at USD 49 billion in 2018. Global food marketers have responded to this trend by introducing new products, including tortilla chips in a range of flavors like cinnamon, cheddar, and jalapeno, to cater to evolving taste preferences. Small, regional players have also gained market share by offering artisanal and creative Mexican food products, providing consumers with a taste of authenticity. The market is expected to continue growing as more people discover and embrace the rich flavors and traditions of this beloved cuisine. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is experiencing significant growth due to the rising popularity of Mexican cuisine among consumers. This trend is particularly strong among millennial consumers who prefer cooking at home for its affordability and health benefits. One of the key components of Mexican cuisine is hominy corn, which is used to make tortillas, tacos, and other dishes. Vegetarian options, such as those made with herbs and spices instead of minced beef, are also gaining traction. Unique ingredients, like pineapple and coriander leaves, add depth and complexity to Mexican dishes.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for convenience foods is notably driving market growth. Mexican food, as an intangible cultural heritage, continues to captivate global audiences with its rich flavors and vibrant colors. Traditional Mexican cuisine, rooted in pre-Hispanic origins, showcases the diversity of geographic territories and cooking styles across Mexico. Mountainous regions offer hearty stews and moles, while coastal states introduce seafood dishes infused with tangy seasonings.
The allure of Mexican food extends beyond taste, as it offers a connection to history and cultural traditions. Rapid urbanization and increasing disposable incomes have fueled the demand for Mexican food, making it a popular choice for convenience and easy preparation. Corn, a staple ingredient, provides essential nutrients such as vitamin B, while tortilla chips offer sodium for maintaining the body's water balance. Mexican food's health benefits and rich cultural significance make it an attractive and enduring culinary tradition. Thus, such factors are driving the growth of the market during the forecast period.
Growing popularity of food ordering through online portals and mobile apps is the key trend in the market. Mexican food markets offer a vibrant array of flavors, brought to life through the use of key ingredients such as garlic, cilantro, oregano, cumin, chilies, and various chili varieties, as well as cinnamon, cloves, and cocoa. Online ordering platforms streamline the process of procuring these ingredients for home cooks, providing a more efficient experience than traditional telephone orders.
During peak hours, these digital marketplaces ensure orders are not lost due to engaged phone lines. Furthermore, online sales enable restaurants to access valuable consumer feedback and increase order values, as customers are often more inclined to spend more when browsing digital menus. The convenience and appeal of mobile app-based food ordering systems have led many establishments to expand their customer base by offering takeaway options or delivering meals directly to consumers. Thus, such trends will shape the growth of the market during the forecast period.
Stringent regulations is the major challenge that affects the growth of the market. Mexican food markets in desert regions offer a diverse range of delicious dishes, including tamales, enchiladas, and various types of tacos. Corn is a staple ingredient in many Mexican dishes, such as hominy, which is used to make dishes like quesadillas and flautas. Other popular Mexican street foods include taquitos, tostadas, and tortilla chips. Strict regulations govern the manufacturing of Mexican food to ensure food safety and quality.
These regulations cover various aspects, such as business operations, insurance, fire safety, licensing, permits, and mandatory food safety training. Compliance with international food safety management system standards, such as ISO 22000, FSSC 22000, IFS Food, and BRC Food Standards, is essential to limit consumer exposure to contaminated foods and maintain market credibility. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
B and G Foods Inc: The company offers wide range of Mexican food under the brand name Grandmas Molasses.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 market is a vibrant and diverse culinary landscape, offering unique flavors and dishes that tantalize the taste buds of sun seekers and food enthusiasts alike. From pre-Hispanic origins to modern-day innovations, Mexican cuisine boasts a rich history and intangible cultural heritage. Chilaquiles, a breakfast dish made with corn tortillas, scrambled eggs, and salsa, sets the stage for a day filled with delicious discoveries. Corn chips, a staple snack, are a perfect companion to various dips and salsas, while mole, a complex sauce made with chocolate, chilies, and unique ingredients, adds depth and richness to dishes. Corn tortillas, a versatile base, are used to create a myriad of dishes, such as tacos, enchiladas, and tamales. Pozole, a hearty red soup, is a crowd-pleaser, with hominy corn, beans, and seasonings coming together in a flavorful symphony. Meat lovers can indulge in pulled chicken, minced beef tacos, or pork dishes, while vegetarians can enjoy dishes made with radishes, greens, and other vegetables. Unique ingredients like pineapple, herbs, and spices add vibrant colors and complex flavors to traditional Mexican dishes. The market is a testament to the diversity and richness of cooking styles that have evolved from geographic territories, including mountainous regions, coastal states, and desert regions. With a wide array of offerings, it's no wonder that Mexican cuisine continues to captivate and delight food lovers around the world.
Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
Market growth 2024-2028 |
USD 104.8 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.7 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 58% |
Key countries |
US, Canada, Norway, Finland, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
B and G Foods Inc., Campbell Soup Co., Chick fil A Inc., Chipotle Mexican Grill Inc., Churromania, Conagra Brands Inc., Concha y Toro, Corporativo Bimbo SA de CV, Del Taco Restaurants, Inc., El Meson Sandwiches, Food Concepts International, Gruma SAB de CV, Juanitas Foods, La Preferida Inc., MTY Food Group Inc., OTB Acquisition LLC, Pappas Restaurants Inc., Patron Mexican Bar and Grill, PepsiCo Inc., and YUM Brands Inc. |
Market dynamics |
Parent market analysis, market report, market forecast , 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 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 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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