Market Overview:
The increasing sale of the tortilla is driven by the increasing demand for convenience food products. The tortilla is either consumed directly or serves as a base for various other food products. The increasing consumption of unique and healthy food products is supporting the growth of the product. On the basis of the raw material, the tortilla is mainly produced using corn or wheat. The nutritional properties of these ingredients increase the overall nutritional value of tortilla. The raising health awareness is also one of the contributing to the growth of Asia Pacific tortilla market.
Market Forecast:
The Asia Pacific tortilla market is observing a remarkable growth owing to rising demand for processed and convenience foods and shifting preference towards healthy foods among the health-conscious consumers. Additionally, increasing demand for protein & vitamin-rich food products from consumers has uplifted the consumption of tortilla & related products in this region.
Increasing number of western and fast food service restaurants in the developing countries such as India and China is creating an opportunity for tortilla market in these regions. The increasing demand for a tortilla in these regions has opened the doors for tortilla manufacturers to bring innovations in the product offerings and increase their market share. Product innovation as per the consumer preferences such as adding new regional flavors may help the manufacturers to capture and fuel the growing demand for the Asia Pacific Tortilla Market Size.
However, availability of economical substitute to tortilla such as flatbread, pita, chapati, changing climatic conditions, and reducing crop productivity may hamper the market growth over the review period. Nevertheless, all these factors are boosting the Asia Pacific tortilla market to grow at a CAGR of 2.52% during the forecast period of 2017-2023.
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Downstream Analysis:
Among the product type, the pre-cooked tortilla segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 2.83% during the given period due to increase in the demand for pre-cooked convenience food from the population. Additionally, the pre-cooked tortilla is easy to consume and does not require high processing time.
Among the sources of tortilla, corn segment is accounting for approximately 60% market share followed by wheat accounting for 35% of the Asia Pacific tortilla market. The segment is projected to register a healthy CAGR of 2.26% during the forecast period 2017-2023.
Among the claims of tortilla, the low-carb segment is anticipated to retain its dominance throughout the forecast period. The segment is projected to register a healthy CAGR of 2.85% during the forecast period 2017-2023.
Based on the distribution channel, store-based distribution channel is dominating the market. However, non-store based distribution channel is projected to be the fastest growing segment at a CAGR of 4.98% during the forecast period.
Competitive Analysis:
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple products launch by tortilla market players. It further includes product portfolios and developments of leading players, which includes
• Tyson Foods, Inc. (U.S.)
• Gruma SAB de CV (Mexico)
• Grupo Bimbo SAB de CV (Mexico)
• General Mills, Inc. (U.S.)
• Azteca Foods Inc.(U.S.)
• Ole Mexican Foods Inc. (U.S.)
• Grupo Liven, S.A. (Spain)
Major manufacturers also are found to have a high focus on acquisitions in order to strengthen their business presence. They are also involved in the strategic business expansion, which is expected to further support the company to expand and reach out to consumers across the regions. New product launches are also done to expand their business portfolio. Additionally, the companies are inclined towards product launch and strengthening their marketing base. The promotional strategy aids in retaining the existing customers and also to regenerate new customer base.
Region Analysis:
The Asia Pacific tortilla market is segmented into China, India, Japan, Indonesia, Thailand, Vietnam, Australia & New Zealand, the Republic of Korea, and Rest of Asia Pacific. Among these, China is dominating the market over the review period. The market is projected to grow at a CAGR of 2.52% during the forecast period. This is attributed to the high consumption of tortilla as a convenience food in this region. However, among the Asia Pacific countries, Australia and New Zealand are expected to grow at a CAGR of 2.88% during the review period.
Market Segmentation:
The Asia Pacific tortilla market is segmented by product type, source, claim, distribution channel, and country.
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