From the period of 2022 to 2028, the Global Corn Tortilla Market is expected to reach USD 22.2 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 5.80%.
Corn Tortilla is a kind of bread made using corn flour and is a staple in Mexican and Spanish cuisines. The increasing popularity of Corn Tortilla is expected to drive its demand across the world. Rising disposable income, increasing globalization, and increasing demand for bread alternatives are other factors that will influence the Corn Tortilla Market potential over the forecast period. However, the presence of alternatives to Corn Tortilla is expected to hinder the Corn Tortilla Market growth over the years to come. Lack of awareness about the nutritional benefits of Corn Tortilla is also expected to have an adverse impact on the market potential.
Key Highlights from the Report
- On the basis of processing Type, the market is segmented into Taco Shells, Chips, Wraps, and Tostadas. Tostadas and taco shells are expected to lead the Corn Tortilla Market growth over the forecast period. The increasing popularity of Mexican cuisine across the world is expected to drive demand for taco shells and tostadas on a global scale.
- On the basis of sales channel, the market is segmented into Online, Supermarket/Hypermarket, Convenience Stores, and Others. The supermarkets and hypermarkets segment is anticipated to hold a dominant outlook over the forecast period owing to the high availability of multiple brands and consumer preferences. Sales via online channels and convenience stores are also expected to see good growth over the forecast period.
- Asia Pacific is the fastest regional segment in terms of growth and revenue over the forecast period. The Asia Pacific Corn Tortilla Market is anticipated to be driven by the increasing popularity of Mexican and Spanish cuisine and rising demand from the growing population. Increasing urbanization, rising disposable income, and changing consumer preferences are some of the major factors that will influence the Corn Tortilla Market potential in this region. India is expected to be a popular market in this region.
Increasing Demand for Convenience Foods
Convenience foods have gained massive popularity over the past few years and this trend is expected to be strong over the forecast period as well. Increasing disposable income of the population and rising working population is expected to boost the demand for Corn Tortilla and other convenience foods over the forecast period.
High Availability of Alternatives to Restrain Growth
While Corn Tortilla is gaining popularity there is no shortage of alternatives that can easily be substituted for them across the world. This factor is expected to slow down sales of Corn Tortilla on a global scale and affect the overall growth potential. Moreover, competitive pricing of these alternatives will also act as a constraining factor for the Corn Tortilla Market growth over the coming years.
The Corn Tortilla Market in North America accounts for a major market share and is predicted to maintain this stance over the forecast period as well. The Corn Tortilla Market in this region held a market share of 36.9% in the global landscape in 2021. The sales revenue in this region stood at US$ 5.8 billion in 2021 for the Corn Tortilla Market. Increasing demand for Corn Tortilla in Mexico and the United States is projected to prominently drive the Corn Tortilla Market growth over the forecast period. Rising demand from consumers and high availability of multiple Corn Tortilla manufacturers is also expected to boost Corn Tortilla Market potential in this region. On the other hand, the increasing popularity of corn tortillas is expected to boost its demand in the Asia Pacific region through 2028.