The global Asian food market was worth USD 139.5 billion in 2020 and is predicted to be worth USD 231 billion by 2028, growing at a 7.2% CAGR between 2021 and 2028. Asian cuisine includes Chinese, Thai, and Indian dishes. Because it is more nutritious than usual fast foods such as burgers, pizza, spaghetti, burritos, tacos, and sandwiches, it has grown in favor of a fast food option in Western countries.
Asian foods comprise Thai, Chinese, and Indian foods. Asia food has marked its presence within the nutriment segment in Western countries. it’s also considered to be more nutritious than conventional fast foods like pizza, burgers, pasta, taco, burritos, and sandwiches.
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Asian food consumption is projected to grow in the near future around the world. People choose unusual ethnic foods because they taste nice and are reasonably priced. One of the primary factors driving the rise of Asian food is the ongoing change in culinary preferences in various parts of the world. Growing income and changing culture of eating non-home-cooked cuisine are two additional variables positively impacting Asian food consumption in emerging economies. The demand for convenience foods has increased as more people in the area prefer pre-prepared cuisine. The packaged food and frozen food industries are being driven by rising demand for quick-to-prepare meals. The working population’s preference for convenience foods is expected to increase demand for quick and easy meals.
COVID-19 Impact Analysis
Following the shutdown of restaurants, hotels, and other food outlet facilities due to the onset of the pandemic, the global Asian Food market has seen a short-term fall in sales due to governments’ complete lockdown enforcement to limit COVID spreading.
The limits placed by several nations to contain COVID have halted manufacturing, causing disruption throughout the whole supply chain. However, global markets are gradually opening up to their full potential, and there is an increase in demand for Asian food. Various possibilities have been explored using data from secondary sources and current information about the situation.
Growth Factors in the Asian Food Market:
The demand for Asian food has increased as immigration rates have increased due to education, career possibilities, and an increase in tourism activities. Furthermore, with rising capital expenditure in creating healthy, Asian-based cuisine and rising demand for nutritious food, market research is expected to gain traction over the projection period. Asian food makers focus on product convenience, cuisine variations, food quality, and packaging styles.
Asian Food Market: Key Players & Competitive Landscape
Some of the key players dominating the global Asian food market are Pei Wei Asian Diner, Panda Express, and Moods Hospitality Pvt. Ltd. Other key players influencing the global market are Inns’ Bruck and Eurofood Group Plc.
The global Asian Food Market is segmented as follows:
Rest of Europe
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