Tortilla is a baked bread, which is primarily prepared either from corn or wheat. The nutritious value of tortilla makes it a potential replacer for bread. It is extensively consumed as a convenience food owing to its ease of preparation. They are available in different types including tortilla mix, pre-cooked, frozen, and tortilla chips.
High consumers’ inclination towards the adoption of healthy convenience food has encouraged the demand for bread alternatives in the Asia Pacific countries. Thus, the sale of the corn-based tortilla is experiencing a surge. Additionally, to expand their market share, the manufacturers are highly focusing on bringing innovations into their product line to generate high revenues.
Manufacturers are found to fortify tortillas with fiber and flaxseeds to increase its nutrient content. This strategy has found to gain the attention of mass consumers, thereby further increasing its sale. Consumers evolving appetites and rising demand for healthier alternatives are supporting the sale of the product in this region. The common trend used by tortilla manufacturers to extend their consumer base was found to be the addition of chia, flax, daikon radish, and broccoli seeds into the product, which has gained consumers attention towards their offerings and increased its sale.
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However, the gap in the demand and supply of corn is likely to hamper the prices of corn-based tortilla. Several countries are experiencing the phase of fluctuations in the supply of corn due to climatic conditions. This has led to uncertain rise and fall in the prices of corn. These sudden changes in the supply of corn due to abnormal climatic conditions affect the production of tortilla which indeed leads to fluctuation in the prices of the product. These factors are likely to hamper the growth of the Asia Pacific tortilla market.
Major key Players:
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
- Grupo Bimbo SAB de CV (Mexico)
- General Mills, Inc. (U.S.)
- Azteca Foods Inc.(U.S.)
- Tyson Foods, Inc. (U.S.)
- Gruma SAB de CV (Mexico)
- Ole Mexican Foods Inc. (U.S.) and
- 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.
The Asia Pacific tortilla market is segmented into China, India, Japan, Indonesia, Thailand, Vietnam, Australia & New Zealand, Republic of Korea, and Rest of Asia Pacific. Among these, China is projected to retain its dominance over the forecast period owing to healthy economic growth and increasing consumption of tortilla. China is estimated to reach USD 580.96 million by 2023. However, Australia & New Zealand are projected to grow at a moderate CAGR of 2.88% during the forecast period 2017-2023.
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The Asia Pacific tortilla market has been segmented on the basis of sources such as corn, and wheat. Among both, the sources corn is estimated to witness the highest growth at a CAGR of 2.43% during the forecast period of 2017-2023. However, it is observed that the wheat source segment is growing exponentially at a CAGR of 3.23% over the forecast period.
The Asia Pacific tortilla market is segmented on the basis of product types such as tortilla mix, pre-cooked tortilla, frozen tortilla, and tortilla chips. The pre-cooked tortilla segment is projected to account maximum market proportion and is projected to grow at a CAGR of 2.92% during the forecast period. Moreover, China is dominating the market consumption of pre-cooked tortilla.
Furthermore, based on the claim, the Asia Pacific tortilla market has been segmented into gluten-free, low-carb, and others. The low-carb segment is anticipated to be the fastest growing segment at a CAGR of 3.03% over the review period. Increasing obese population is the major factor driving the growth of this segment. On the basis of the distribution channel, store-based distribution channel is dominating the market, which is holding a leading share of 90% of the market based on the one-stop shopping experience.
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