The tortilla market is projected to be worth US$ 45,163.7 million in 2024. The market is anticipated to reach US$ 75,309.4 million by 2034. The market is further expected to surge at a CAGR of 5.2% during the forecast period 2024 to 2034.
The tortilla market is projected to be worth US$ 45,163.7 million in 2024. The market is anticipated to reach US$ 75,309.4 million by 2034.
The tortilla industry is well-known throughout Latin America. Latin America will lead the global tortilla market in 2021, thanks in part to the rapidly growing Hispanic population in the United States. More than 94% of tortillas made or prepared in countries such as Mexico use corn as the major base material.
When compared to other variants such as tortilla chips, taco shells, tostadas and corn tortillas, flour tortillas have a comparatively high value share of the global tortillas market. Tortilla chips, on the other hand, are expected to rise significantly in the next years.
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Research also suggests that, due to increasing demand for Mexican cuisine such as such as tortillas, nachos, enchiladas, tacos, and tamales, especially in North America and Latin America, tortillas, in the on-the-go snacks format, have been gaining traction. Busy lifestyles, deteriorating health conditions, and increasingly urban working population are some factors contributing to the consumption increase of tortillas, as per convenience.
Furthermore, an in-depth consumer sentiment analysis shows that more than 40% of consumers buy tortilla products on a weekly basis, and +50% buy from modern trade stores such as hypermarkets and supermarkets, owing to the product’s convenient availability at acceptable pricing. Tortilla flour-based products, which are one of the most popular Mexican cuisines, are increasing popularity among its target clients in the foodservice industry.
Traditional Tortillas in New Convenient, Flavored Formats to Push Global Adoption
The global tortilla market has witnessed a surge a surge in the launch of new products containing innovative flavors over the last couple of years. Moreover, organic or gluten-free new products are being increasingly adopted in Americas, primarily attributable to the rising demand for the product, with added health benefits. The launch of these new flavored products is expected to have a positive impact on the market, thereby fueling the growth of global tortilla market during the forecast period.
Moreover, significant growth in organized retailing in the form of hypermarket and specialty markets, which are more likely to make savory snacks popular among the consumers, will significantly drive the adoption of tortillas in the coming years.
Key Food Manufacturers Adding New Features to Tortillas to Expand Consumer Base
In new food formulations, key food manufacturers including Cargill and AB Mauri are leveraging the significant growth in the consumption of tortillas and have come up with new features added to tortillas. Cargill has developed a number of whole grain, low-fat tortilla prototypes in an effort to capture a slice of the growing U.S. market for healthy bread alternatives.
With their new patent technology, AB Mauri has developed reduced-fat tortillas, paving way for manufacturers to attract growing base of health conscious consumers. The company’s new patented technology enables manufacturers to develop reduced fat, reduced sodium, wheat-based tortillas. Already widely adopted in American market, AB Mauri has been strategizing on implementing the same patented technology in the European markets as well.
Moreover, FDA approvals for folic acid fortification of corn masa flour, allowing manufacturers to add up to 0.7 milligram of folic acid per pound of corn masa flour, has opened up new opportunities for manufactures to explore new food formulations. Key food manufacturer Bunge, offers corn masa flours and a wide variety of shortenings to help create products that meets all consumer demands.
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Market Segments Covered in Tortilla Industry Analysis
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Key Questions Answered in the Report
Currently Tortilla market is worth more than US$ 26,394.9 Mn (2021).
Tortilla consumption is expected to grow at a CAGR of around 3.4% during the period 2021-2031.
In terms of revenue, Tortilla grew at a CAGR of around 2.3% during 2016-2020.
The growing awareness of health consciousness among customers in the global market has propelled the industry’s expansion in the worldwide market. The utilisation of tortillas in the wrappers is another element driving this market’s global expansion.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 05, 2024
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