The latest market research report by Technavio on the global packaged tacos marketpredicts a CAGR of close to 5% during the period 2017-2021.
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Technavio has published a new market research report on the global packaged tacos market from 2017-2021. (Graphic: Business Wire)
The report segments the global packaged tacos market by product filling (non-veg filling and veg filling) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global packaged tacos market, according to Technavio food and beverage researchers:
- Changing lifestyle and urbanization: a major market driver
- In 2016, the global packaged tacos market by non-veg filling held a major share of more than 65% of the market in terms of revenue
- The Americas dominated the global packaged tacos market with more than 54% share in 2016
- AJINOMOTO, B&G Foods, General Mills, Hain Celestial, McCormick Company, and Yum! Brands are the leading players in the market
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Changing lifestyle and urbanization: a major market driver
Changing lifestyle and urbanization is one of the major factors driving the global packaged tacos market. Growing urbanization indicates a rise in per capita and disposable personal incomes that in turn lead to changes in lifestyle and diet. Consumers are actively looking for healthier food products. The food market in most developed economies such as Japan, the US, Canada, and others, and in some developing nations is getting influenced by the shift in consumption pattern. Manufacturers have also increased investments across various sectors. The rise in disposable income and improving economic conditions in many countries are fueling the demand for healthy and tasty convenience foods.
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Americas: largest packaged tacos market
The increasing popularity of Mexican cuisine among consumers is one of the major growth drivers of the packaged tacos market in the Americas. Apart from this, the growth of the market is also fueled by the increasing number of consumers, especially the millennial consumers involved in cooking at home. The number of consumers that are resorting to home cooking is increasing as it is economical and healthy when compared to restaurant foods. The demand for packaged tacos is expected to increase during the forecast period.
According to Manjunath Reddy, a lead analyst at Technavio for research on food, "The players in the market are developing new products to cater to the rising demand from consumers. The economic downturn in certain countries in the Americas has made consumers conscious about their expenditure that has led to most of the consumers choosing more economical products and services. This factor has increased the trend of cooking at home, which is expected to fuel the market growth during the forecast period."
Competitive vendor landscape
The global packaged tacos market is very dynamic. Several regional, as well as global players, are present in the market. The competition in the market is expected to increase during the forecast period because of the entry of new players and the launch of new products by key players in the market. The market is also expected to witness increasing investment activities by players to meet the rising competition. Players in the market are also involved in strategic mergers and acquisitions as well as strategic partnerships with other stakeholders in the market. Investments by players in research and development of innovative products and flavors are expected to help the market growth during the forecast period.
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