Global Burritos Market 2017-2021
A burrito is a type of Mexican food, which is wheat flour tortilla rolled or wrapped with a filling into a closed-ended cylinder, in contrast to a taco, where the tortilla is simply folded around the filling. The global packaged foods market is driven by factors such as convenience of packaged foods in terms of preparation and consumption, changing lifestyles. However, factors like risks of food contamination, stringent government regulations pertaining to the manufacture and sale of packaged foods, and emergence of local brands can limit the growth rate of the market over the next five years.
Technavio’s analysts forecast the global burritos market to grow at a CAGR of 5.64% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global burritos market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Burritos Market 2017-2021
Technavio recognizes the following companies as the key players in the global burritos market: Amy's Kitchen, Chick-fil-A, Chipotle Mexican Grill, Ruiz Foods, and Yum! Brands.
Other Prominent Vendors in the market are: Camino Real Kitchens, Del Taco, Tavistock Freebirds, JACK IN THE BOX, and Ramona's Food Group.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is extensive marketing activities and campaigns. A recent trend influencing the growth of the global burritos market is the increase in the promotional and marketing initiatives of the vendors of packaged burritos as well as burrito chains. Most consumer good marketers are now implementing social media campaigns for their product promotions or new product launches.”
According to the report, one driver in the market is growing popularity of Latin American cuisines. The popularity of Mexican food across the US is increasing and the Hispanic population base is growing in the country, which create new opportunities for the global burritos market. The number of consumers who prefer Mexican foods is growing rapidly in the US. Also, the growing demand for foods with fresh ingredients and exotic flavors is driving the growth of Mexican food items like burritos. Major restaurant chains in the US such as Yum! Brands (Taco Bell), Chipotle Mexican Grill, and others, which control a significant portion of the market's share, sell mainstream Mexican food. In addition, the increase in the number of Western and fast-food service restaurants in developing countries will also support the market's growth during the forecast period.
Further, the report states that one challenge in the market is fluctuations in raw material prices. A major challenge for almost all the types of foodservice outlets is the fluctuation in the prices of food commodities and raw materials. Also, in 2015, the prices of meat and vegetables surged to 3%-5% compared to 2014. The sudden spike in the prices of food commodities due to irregular climate and El Niño affected the profit margins of many restaurants across the globe. Such fluctuations in prices often create problems in production; thereby, causing demand and supply gap in the market. Foodservice outlets need to increase their budget to ensure that the hygiene standards are kept high during cooking and the quality of food is consistent. Health-conscious customers opt for affordable good-quality foods.
Amy's Kitchen, Chick-fil-A, Chipotle Mexican Grill, Ruiz Foods, Yum! Brands, Camino Real Kitchens, Del Taco, Tavistock Freebirds, JACK IN THE BOX, and Ramona's Food Group.
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