Tortilla Market by Product and Geography - Forecast and Analysis 2020-2024
Global Tortilla Market: About this market
Technavio’s tortilla market analysis considers sales from tortilla chips, pre-cooked tortilla, and tortilla mix products. Our study also finds the sales of tortilla in APAC, Europe, MEA, North America, and South America. In 2019, the tortilla chips segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing per capita consumption in developed regions such as North America and Europe will play a significant role in the tortilla chips segment to maintain its market position. Also, our global tortilla market report looks at factors such as growing demand for convenience foods, a rise in the number of initiatives to improve agricultural output, and expansion in retail landscapes. However, fluctuations in food commodity prices, stringent regulations, and the high number of product recalls may hamper the growth of the tortilla industry over the forecast period.
Global Tortilla Market: Overview
Growing demand for convenience foods
Factors such as high participation of women in the workforce and rapid urbanization are driving the demand for convenience and easy to prepare food products such as tortillas. In addition, they are healthy and provide the body with the required amount of sodium essential for maintaining the water balance in the body. They help in the reduction of body fatigue and regulate metabolism as tortillas contain folate and pantothenic acid. Thus, the growing demand for convenience foods will lead to the expansion of the global tortilla market at a CAGR of over 6% during the forecast period.
Rising demand for gluten-free tortillas
Gluten is a protein present in several types of grains. Consumers are increasingly looking for gluten-free tortillas owing to the awareness about the health implications of gluten. Leaky gut caused due to gluten consumption leads to the infusion of bacterial proteins and other toxic compounds into the bloodstream, thereby causing autoimmune attacks. Gluten consumption can lead to hypothyroidism, type 1 diabetes, and inflammation of the gut. Many food manufacturers are offering gluten-free tortillas in their portfolio to cater to the demands of customers who want to avoid gluten. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global tortilla market during the forecast period 2020-2024, click here.
With the presence of several major players, the global tortilla market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading tortilla manufacturers, that include Arevalo Foods Inc., Azteca Foods Inc., Bunge Ltd., Cargill Inc., Easy Food Inc., General Mills Inc., GRUMA SAB de CV, Grupo Bimbo SAB de CV, PepsiCo Inc., and Tyson Foods Inc.
Also, the tortilla market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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