Initially estimated to be worth $124.5 Mn in 2023, the global vegetarian tacos market is projected to grow to a total value of $308 Mn by 2033.
Demand for ready-to-eat foods has increased, contributing to the expansion of Mexico’s food industry. The global trend toward urbanisation has increased disposable income. This explains the rising popularity of quick and easy foods like Mexican. Many working people in developing countries adore Mexican food for the same reason that fast food is so common in the rich world. As a result, the demand for ready-to-eat Mexican cuisine is growing over the world.
Vegetarian tacos are expected to see a CAGR of 10.6% thanks to these reasons, with the United Kingdom, the United States, Germany, and Japan emerging as major manufacturers.
The rising demand for vegetarian tacos around the world can be directly attributed to the increasing demand for other Latin American dishes. Opportunities for growth in the vegetarian tacos market are emerging as both the Hispanic population and the popularity of Mexican cuisine expand across the United States. In recent years, there has been an exponential increase in the number of Americans who have a strong preference for Mexican cuisine. Mexican staples like vegetarian tacos are booming thanks to rising interest in healthful, flavorful, and convenient fast food.
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The rising desire for quick and healthy meals is a major factor in the expansion of the vegetarian tacos industry.
Ready-to-eat (RTE) foods, such as prepackaged vegetarian tacos, have seen a rise in popularity as busy people seek out quick and easy meal options. Consumers’ need for downtime has resulted in a rise in the popularity of ready-to-eat meals. The rise in both the number of people living alone and the prevalence of parties also contributes to the need for food that is easy to prepare and consume. The market could be bolstered by the increasing preference for fresh, wholesome meals.
The fluctuating cost of food commodities and raw materials is a serious problem for restaurants of all stripes. In October 2020, the Food Price Index reported by the Food and Agriculture Organization (FAO) rose to an average of 100.9 points, up 3.1% from September and 6.0% from October 2019. These price swings disrupt manufacturing, which in turn creates a mismatch between supply and demand.
Key Takeaways
- In 2022, the quick-service restaurants (QSRs) end-user segment dominated the global vegetarian tacos market in terms of revenue due to the increasing popularity of exotic cuisines.
- In 2022, North America dominated the global vegetarian tacos market because of its residents’ strong purchasing power and appetite for experimental cuisine.
- Asia-Pacific is expected to grow at the quickest rate during the forecast time frame.
- Demand for vegetarian tacos is on the rise due to several different variables, including rising living standards in urban areas, an increase in disposable money, and an ageing population.
Vendor Analysis
The competitive landscape in vegetarian tacos industry is very fragmented due to the presence of many different companies, both established and new, all with varying strengths and weaknesses. Investment in increased production and technological capacity is being made by businesses in order to create and introduce new vegan product versions.
Chipotle Mexican Grill Inc: The establishment serves a variety of Mexican dishes, including vegetarian tacos, salads, and more.
Food Concepts International: Seasonal, vegetarian, gluten-free, and other options are just some of the seasonal and vegetarian cuisine that the company provides.
Chick-fil-A Inc: Mexican dishes, such Pineapple chicken tacos, are among the options provided by the company.
Top Companies in the Market
Chick-fil-A Inc., Chipotle Mexican Grill Inc., Del Taco Restaurants Inc., El Meson Sandwiches, Food Concepts International, Gruma SAB de CV, Grupo Bimbo SAB de CV, MTY Food Group Inc., Pappas Restaurants Inc., and YUM Brands Inc.
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