Tortilla Market Size Worth $45.18 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners
The North America tortilla market is accounted to US$ 20.87 Bn in 2023 and is expected to grow at a CAGR of 3.6% during the forecast period 2023 – 2031, to account to US$ 27.67 Bn by 2031.
NEW YORK, Oct. 22, 2024 /PRNewswire/ -- According to The Insight Partners study on the Global tortilla market is witnessing significant growth owing to the increased popularity of Mexican cuisines and product innovations and strategic development initiatives by key market players. The report runs an in-depth analysis of market trends, key players, and future opportunities. Tortillas can be used in different cuisines, such as tacos, wraps, and chips, which is expected to propel the market growth in the coming years.
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Overview of Report Findings
Market Growth: The tortilla market is expected to reach US$ 45.18 billion by 2031 from US$ 33.09 billion in 2023; it is anticipated to register a CAGR of 4.0% during the forecast period. The global tortilla market has been experiencing significant growth driven by the growing popularity of Mexican cuisine. Mexican food has fascinated different regions because of its cultural significance and rich history. UNESCO 2010 officially recognized traditional Mexican cuisine as an Intangible Cultural Heritage of Humanity. This recognition has helped raise its awareness worldwide and has contributed to its growing popularity across the globe. The surge in popularity of authentic Mexican food is attributed to consumers' changing preferences. Many consumers prefer products that are healthy, inexpensive, and easy to prepare at home. Mexican food fulfills the demand of health and wellness-conscious consumers aiming to have fresh vegetables and beans in their diet. Moreover, ancient grains are becoming popular, and corn and amaranth are key ingredients in Mexican food items, including tortillas.
Increasing Preference for Gluten-Free Products: The prevalence of celiac disease is rising in different countries across the globe. According to the data published by Epidemiology, Presentation, and Diagnosis of Celiac Disease in 2021, cases of celiac disease are found across the globe, contrary to earlier beliefs that it affects people in Western and Northern Europe. Celiac disease can cause thyroid/Type 1 diabetes or damage the intestine lining in some patients. However, recent screening studies point to a potentially higher prevalence than 1% in the US. The gluten-free diet can help reduce celiac disease's effect by promoting intestinal healing. Therefore, consumers are tremendously preferring gluten-free diets. Further, manufacturers are focusing on developing and launching gluten-free products in response to their increasing demand among consumers. For instance, in 2021, Mission Foods unveiled its better-for-you tortilla offerings with two new varieties—almond flour tortillas and cauliflower tortillas. Both are certified gluten-free and vegan-friendly. Thus, the increasing preference for gluten-free products is expected to create a huge opportunity for the tortilla market during the forecast period.
Surging Clean-Label and Organic Trend: Consumers' interest in identifying the ingredients on the product packaging has triggered their inclination toward clean-label products. They are becoming aware of the adverse health impacts associated with consuming various artificial food ingredients, such as colorants, flavors, texturizers, and emulsifiers. An understandable and clear label with thorough ingredient information attracts consumers. Using clean-label ingredients also assists manufacturers in their marketing and branding strategies. Thus, the rising demand for natural, organic, and clean-label products is expected to introduce new trends in the tortilla market during the forecast period.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Competitive Strategy and Development
- Key Players: Major companies operating in the tortilla market include GRUMA SAB de CV, PepsiCo Inc, La Tortilla Factory Inc, Intersnack Group GmbH & Co KG, Aranda's Tortilla Company Inc, Paulig Ltd, General Mills Inc, Conagra Brands Inc, Goya Foods Inc, Moctezuma Foods SRO, Komali Tortillas GmbH, Greendot Health Foods Pvt. Ltd., Paul's Organics, Fresca Mexican Foods, Mi Rancho, Joy Food Products, Delibreads Europe S.L., Habanero Foods, Leighton Foods AS, and The Hain Celestial Group Inc.
- Trending Topics: Tortilla Chips, Tortilla Wraps, Taco Shells, Ready-to-Eat Food Products, Organic Tortilla, and Gluten-free Tortilla
Global Headlines on Tortilla
- "La Tortilla Factory launches new product line"
- "Paulig opens a new tortilla factory in Belgium to strengthen its position as the market leader of Tex Mex in Europe"
- "Tortilla maker introduces Carb Cutting offering"
Market Segmentation
- Based on source, the tortilla market is divided into wheat, corn, and others. The corn segment held the largest share of the market in 2023.
- By product type, the tortilla market is segmented into tortilla chips/tostada chips, taco shells, tortilla wraps, and others. The tortilla chips/tostada chips segment accounted for the largest share of the market in 2023.
- Based on category, the tortilla market is bifurcated into organic and conventional. The conventional segment accounted for a larger share of the market in 2023.
- In terms of distribution channel, the tortilla market is divided into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2023.
- The tortilla market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Tortillas are a vital part of everyday meals for numerous Mexicans and are utilized in a diverse range of traditional dishes such as tacos, enchiladas, and quesadillas. This cultural importance contributes to the high demand for tortillas throughout Mexico. The Mexican government plays a key role in supporting the agriculture and food sectors, particularly in the production of maize and wheat, which are essential for making tortillas. By implementing policies that foster the development of agriculture and ensure food security, the government indirectly contributes to the stability of the tortilla market by guaranteeing a consistent supply of raw materials.
Rising popularity of Mexican cuisine globally is driving the demand for tortillas. However, increasing instance of tortilla contamination and product recall can hamper the market growth. In July 2022, the Federal Agency for the Safety of the Food Chain (FASFC) recalled the Boni Selection Bio Tortilla Rolls from all grocery store shelves. FASFC found an excessive level of tropane alkaloids in the product. Toxic plant parts containing tropane alkaloids were accidentally mixed into edible plants during harvesting or processing. According to the news released in March 2022, Great Value brand chips sold by Walmart stores were under recall because there may be metal pieces in the product. Thus, such instances of product contamination and recalls hamper the tortilla for retail market growth.
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Conclusion
The demand for tortillas is increasing globally with a rising inclination toward Mexican cuisine, a rising number of Mexican restaurants, and a surging number of people exploring various global cuisines. Also, the increasing trend of eating out is propelling the demand for tortilla dishes such as tacos, burritos, and quesadillas, driving the sales of the tortilla market. The demand for organic tortillas is also increasing in the region as consumers prefer certified organic ingredients that are free from genetically modified organisms (GMOs), pesticides, and harmful chemicals.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, tortilla manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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