Mexican Food Market by Type and Geography - Forecast and Analysis 2022-2026

Mexican Food Market Forecast 2022-2026

The Mexican food market share is expected to increase by USD 113.85 billion at a CAGR of 6.65% from 2021 to 2026. The Mexican food market report offers information on several market companies, including Chick-fil-A Inc., Chipotle Mexican Grill Inc., Del Taco Restaurants Inc., El Meson Sandwiches, Food Concepts International, Gruma SAB de CV, Grupo Bimbo SAB de CV, MTY Food Group Inc., Pappas Restaurants Inc., and YUM Brands Inc. among others. This market research and growth report also includes an in-depth analysis of the key market growth drivers, trends, and challenges during the forecasted period.

What will the Mexican Food Market Size be During the Forecast Period?

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Market Dynamic

The growing demand for convenience foods is notably driving the market growth, although factors such as stringent regulations may impede market growth. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Driver

Urbanization and higher disposable incomes are the key drivers of the market and have driven the demand for convenient foods globally. With over half the world population residing in urban areas in 2020, job opportunities and rural-to-urban migration have increased. This, along with women's significant workforce participation, has fueled the need for easy-to-prepare food products, leading to a surge in demand for convenience and fast foods like Mexican cuisine. It offers not just delicious flavors but also notable health benefits. Tortilla chips provide essential sodium for maintaining water balance, while corn, a key ingredient, is rich in vitamin B, pantothenic acid, and folate, supporting metabolism, reducing fatigue, and promoting physical activity.

As urban populations expand, food habits change, and there's a growing preference for international cuisines. Evolving lifestyles, shifting food preferences, rapid urbanization, and the rise of nuclear families are driving the global fast-food industry's growth. Increased exposure to diverse cultures encourages people to explore various cuisines like tortillas, creating opportunities for the fast-food sector worldwide.

The popularity of this food is on the rise in developed and developing countries, especially among the working population seeking convenient on-the-go options. The growing purchasing power in the Asia-Pacific and South America regions further fuels the growth of the market. Consequently, food companies are expanding their offerings to meet the rising demand for convenience foods, driving the global market's growth. The demand for Spanish food is also increasing, attracting investments from international players.

Key Challenge

Stringent government regulations on the manufacturing of Mexican food present a significant challenge to the global market. These regulations encompass various aspects such as food safety reviews, business operations, insurance, and fire safety. Additionally, financial obligations including licensing, permits, and mandatory food safety training are enforced worldwide. To mitigate the risks associated with consumer exposure to contaminated foods, food manufacturers must make substantial investments. Several food safety management system standards, such as ISO 22000, FSSC 22000, IFS Food, and BRC Food Standards, play a crucial role in ensuring compliance. IFS Food, specifically designed for manufacturers with their own brand labels, includes specific requirements related to customer specifications, enhancing transparency, cost reduction, and resource optimization. FSSC 22000 signifies the presence of a robust and effective food safety management system, often mandated by purchasers throughout the supply chain, covering a wide range of food products' processing, manufacturing, and handling. Manufacturers of this food need to adhere to regulations governing the quality and safety of their products in the market. For instance, in European Union countries, compliance with regulations set by the European Food Safety Authority (EFSA) is mandatory.

In India, the Food Safety and Standards Authority of India (FSSAI) establishes parameters for food product certifications and safeguards public health through regulatory oversight. Complying with these regulations presents a significant challenge for companies, as any deviation from labeling and guidelines specified by regulatory bodies can negatively impact the brand image of manufacturers. The FSSAI, for example, has published rules and regulations in India that define permissible limits for heavy metal usage in food products. Consequently, food and beverage companies must regularly test their products to ensure compliance and prevent excessive levels of heavy metals.

Who are the Major Market companies?

This market forecast report offers in-depth insights into key company profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. The report analyzes the market's competitive landscape and offers information on several market companies, including:

• Chick-fil-A Inc.
• Chipotle Mexican Grill Inc.
• Del Taco Restaurants Inc.
• El Meson Sandwiches
• Food Concepts International
• Gruma SAB de CV
• Grupo Bimbo SAB de CV
• MTY Food Group Inc.
• Pappas Restaurants Inc.
• YUM Brands Inc.

This statistical study encompasses successful business strategies deployed by the key companies. This market is fragmented, and the companies are deploying both organic and inorganic growth strategies to compete in the market.

Key Regions

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58% of the market's growth will originate from North America during the forecast period. North America is set to experience consistent growth from 2021 to 2026, with year-on-year growth rates ranging between 6.46% and 7.44%. The increasing popularity of Mexican cuisine, particularly among millennials, is a major driver of the market in the Americas. The preference for home cooking among consumers, driven by its economic and health benefits, further contributes to market growth. To meet the growing demand, market players are introducing new products like convenient burrito kits for quick home preparation. Rapid urbanization, a well-established food industry, and extensive company presence propel the market in North America. The United States leads the market in the region, benefiting from rising disposable incomes and busy lifestyles that drive the demand for convenient food products like tortillas and burritos. The market also benefits from the growth of the fast-food industry and the presence of prominent companies offering popular brands. The increasing Hispanic population in the region further fuels the demand for tortillas and burritos.

Market Segmentation

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The global market has experienced steady growth, primarily driven by increasing per capita consumption in developed regions like North America and Europe. Flavored tortilla chips have gained popularity due to changing taste preferences. To cater to different tastes, market companies have introduced a variety of flavors such as cinnamon, cheddar, and jalapeno. Small regional players are gaining market share by offering creative and artisanal products that cater to customers' demand for authenticity.

Tortilla chips, a significant segment of the global market, have seen advancements in processing technologies, resulting in less oily and 100% oil-free options that appeal to health-conscious consumers. Tortilla mix, made from corn or wheat flour, is enhanced with functional ingredients and additives like enzymes to improve dough characteristics, fermentation, and baking properties. Retail stores like Walmart offer a range of tortilla mix products, including PepsiCo's Quaker White Flour Tortilla Mix.

Mixed grain-based tortilla mixes are popular among consumers looking for guilt-free snacking options with low fat, salt, and sugar content. Pre-cooked tortillas, made from dough with conditioners and preservatives, offer convenience and a longer shelf life. These ready-to-eat snacks are favored by busy individuals and nuclear families seeking quick and consistent meal options. With rising disposable incomes and the demand for healthy snacks, manufacturers are focusing on developing and launching healthier options in the market, including pre-cooked tortillas.

Market Analyst Overview

The Mexican food market offers a diverse array of options, from quick service restaurants to cafes & bars, catering to varied consumer preferences. While fast food options remain popular, there's a growing trend towards healthier alternatives due to concerns about obesity and high-carbohydrate snacks. Recently, some state governments have implemented measures like the ban on fast-food sales to minors to address these challenges.

However, traditional Mexican cuisine continues to thrive, with its vibrant flavors and cultural significance. Additionally, the emergence of Mexican cloud kitchens and chained cloud kitchens presents new opportunities, leveraging technology and hybrid models to enhance customer service and value. Amidst this, Lebanese cuisine has found a niche, appealing to the Lebanese community and enthusiasts of hummus, pita, falafel, and harissa. This dynamic market reflects the blend of tradition, innovation, and strategy driving its growth.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive the market growth and forecasting during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• Market Growth Analysis across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on companies
• Market forecasting of factors that will challenge the growth of the key market companies

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