Market Research Future (MRFR) projects the tortilla market to capture a decent CAGR of 5.10% from 2020 to 2027 (review period). The market value by 2027 should be around USD 48.51 billion, says Market Research Future.
Primary Drivers and Deterrents
Tortillas are some of the top favored food products in Latin America and North America, while also gaining traction in various other countries. The global market for tortilla has been garnering massive demand worldwide owing to the rapidly mushrooming Hispanic population, especially in the United States. In Mexico, more than 96% of the total tortillas produced are sourced from corn and on the other hand, flour tortillas also enjoy significant demand in the global market. Not to mention, tortilla chips are witnessing a rapidly surging demand among consumers, giving a significant boost to the global industry.
A detailed consumer sentiment review reveals that over 50% of the consumers purchase tortilla products every week while more than 60% of the total buyers opt for trade stores such as supermarkets and hypermarkets. The demand for the latter can be accredited to the easy availability and accessibility to a variety of items at reasonable prices.
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The tortilla industry, depending on product type, can be considered for tortilla chips, tostadas, pre-cooked tortilla, corn tortilla, tortilla mix, flour tortilla, frozen tortilla, taco shells, and more. The highest share has been secured by the pre-cooked tortilla segment while it is the tortilla mix segment that will achieve the fastest growth rate during the given period.
The tortilla market, with respect to source, has been divided into corn source as well as wheat source. Majority of tortilla is sourced from corn and as a result, the segment is anticipated to rule the global market in the ensuing years. With that said, wheat sourced tortilla will also show promising growth in the next couple of years.
Claim-wise, the key segments can be gluten made tortilla coupled with gluten-free tortilla. With the expanding population affected by lactose intolerance, the demand for gluten-free tortilla is expected to soar rapidly in the years ahead.
Store-based as well as non-store based are the key distribution channels considered in the report. In the lead is the store-based distribution channel, as consumers prefer the convenient shopping experience offered by these retail outlets.
As the highest stakeholder in the global market, North American will hold an approximate valuation of USD 22.45 million by 2027. With more and more consumers are exploring new cuisines, in line with the rising immigration rate, the demand for tortilla has risen considerably in the region. Some of the significant macroeconomic growth boosters can be the expanding population, high domestic income, and the high urbanization rate in the region. Most of the top manufacturers are focused on carrying out extensive research and development activities to produce tortilla to adhere to the regulatory standards while also focusing on catering to the consumer taste.
The second-biggest market size belongs to Latin America, with the region expected to procure a growth rate of 5.07% during the analysis period. Busy and hectic lifestyles, deteriorating consumer health, rising prevalence of an urban lifestyle and the rapid surge in the employment rate contribute to the consumption rate of tortillas in the region.
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Tyson Foods, Inc. (U.S.), Gruma SAB de CV (Mexico), Grupo Bimbo SAB de CV (Mexico), General Mills, Inc. (U.S.), Azteca Foods Inc. (U.S.), Ole Mexican Foods Inc. (U.S.), Grupo Liven, S.A. (Spain) are the biggest tortilla brands in the worldwide industry.
Following the COVID-19 outbreak, companies have been focusing on rearranging their supply chains while trying to recover from the financial restrains brought on by the pandemic. The pandemic led to remote working, as well as closure of several commercial activities, which negative affected sales of food products like garlic extracts. However, players have remained resilient and continue to adopt strategic initiatives such as acquisitions, exhaustive R&D, product innovation, and mergers.
In May 2021, Utz Brands is all set to acquire Festida Foods, the biggest producer of tortilla chips for the former’s On The Border brand, for USD 41 million. This acquisition will entail Utz acquiring every asset that is associated with operations of Festida Foods, covering the manufacturing unit base in Grand Rapids, Michigan. Festida Foods is a well-known manufacturer of tortilla chips, along with pellet snacks and corn chips for branded food brands across the United States.
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