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

Mexican Food Market Analysis Forecast 2022-2026

The Mexican food market share is expected to increase by USD 113.85 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.65%.

This Mexican food industry research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (tortillas, tacos, burritos, enchiladas, and others) and geography (North America, Europe, APAC, South America, and MEA). The Mexican food market report also offers information on several market vendors, 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.

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

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Mexican Food Market: Key Drivers and Challenges

The growing demand for convenience foods is notably driving the Mexican food market growth, although factors such as stringent regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the Mexican food industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Mexican Food Market Driver

Urbanization and higher disposable incomes 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.Mexican food 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 Mexican 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 Mexican food market. Consequently, food vendors are expanding their Mexican food offerings to meet the rising demand for convenience foods, driving the global Mexican food market's growth.The demand for Spanish food is also increasing, attracting investments from international players.

Key Mexican Food Market Challenge

Stringent government regulations on the manufacturing of Mexican food present a significant challenge to the global Mexican food 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 Mexican 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 vendors, 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 Mexican Food Market Vendors?

The Mexican food market forecast report offers in-depth insights into key vendor 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 vendors, 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 of the Mexican food market encompasses successful business strategies deployed by the key vendors. The mexican food market is fragmented, and the vendors are deploying both organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

Which are the Key Regions for Mexican Food Market?

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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 Mexican food 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 vendor presence propel the Mexican food 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 Mexican food products like tortillas and burritos. The market also benefits from the growth of the fast-food industry and the presence of prominent vendors offering popular brands. The increasing Hispanic population in the region further fuels the demand for Mexican foods such as tortillas and burritos.

What are the Revenue-generating Type Segments in the Mexican Food Market?

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The global Mexican food 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 vendors 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 Mexican food 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 Mexican food market, including pre-cooked tortillas.

This report provides an accurate prediction of the contribution of all the segments to the growth of the Mexican food market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Mexican Food Market Report?

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

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