The 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 Frozen, Tortilla Mix, Pre-Cooked 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.
Due to the increasing popularity for various savory snacks, the market is growing at an incremental pace in the Asia Pacific. One of the major factors identified to contribute to the growth of tortilla market is the escalating population. The influence of culture is strongly seen to be driving the market of tortilla especially in Asia. Inclination towards adoption of healthy lifestyle has encouraged the demand for bread alternatives globally. Owing to this, the sale of corn-based tortilla is experiencing a surge. Additionally, in order to expand their market, the manufacturers of tortilla are highly focusing on bring innovations into their product line in order to generate high revenues. Manufacturers are found to fortify tortillas with fibre and flaxseeds to increase its nutrient content. This strategy has found to gain attention of mass consumers thereby further increasing its sale.
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Latest Industry Updates:
March 2018 Gauma SAB de CV Opened a new tortilla plant in Dallas. The new plant is expected to produce more than 10 billion wheat and corn tortillas, tortillas chips and flat breads.
Feb 2016 Groupo Bimbo acquired East Balt Bakeries.
Feb 2014 Azteca Foods Inc, a pioneer of frozen tortilla has announced the launch of new products featuring healthier for you assortment.
Nov 2013 Tyson extended its value added foods portfolio by acquiring the assets of Circle Foods.
Top Key Players Analysis:
Major manufacturers are found to have a high focus on strategic acquisitions and business expansions. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Acquisitions are also done to mark the company’s presence and expand their business line. Moreover, the companies are focusing to launch new product and their product promotions to strengthen their marketing base. The promotional strategy aids in retaining the existing customers and also to regenerate new customer base.
The key players profiled in Asia Pacific tortilla market report are General Mills, Inc. (U.S.), Tyson Foods, Inc. (U.S.), Gruma SAB de CV (Mexico), Grupo Bimbo SAB de CV (Mexico), Azteca Foods Inc.(U.S.), Ole Mexican Foods Inc. (U.S.), and Grupo Liven, S.A. (Spain) among many others.
The Asia Pacific tortilla market has been divided into type, source, claim, distribution channel, and region.
On The Basis Of Product Type: Pre-Cooked Tortilla, Tortilla Mix, Frozen Tortilla, Tortilla Chips
On The Basis Of Source: Corn and Wheat
On The Basis Of Claim: Gluten-Free and Low-carb
On The Basis Of Distribution Channel: Store & Non-store
China is estimated to retain its dominance during the forecast period and is expected to grow at a substantial CAGR of 2.67%. However, Australia and New Zealand is projected to witness a substantial growth at a CAGR of 2.88% during the forecast period of 2017-2023.
Asia Pacific tortilla manufacturers find massive opportunity in China owing to the huge demand for tortilla as a convenience food from the food industry.
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The Asia Pacific Tortilla Market is segmented into India, Japan, China, Australia & New Zealand, Indonesia, Republic of Korea, Thailand, Vietnam and Rest of Asia Pacific. China is accounting for more than one third of market proportion in the year of 2017 in the Asia Pacific Tortilla market and it is estimated to retain its dominance throughout the forecast period of 2017-2023. The growth of the China is expected to be driven by the increasing consumption of tortilla both in China. Also, the increasing busy lifestyles of the consumers is propelling the sales of tortilla in other Asia Pacific countries.
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