The Asian Food Market Worldwide
1- Market overview
The Asian food market generally includes Chinese, Vietnamese, Japanese, Thai, Korean, Indonesian and Indian foods.
Asian foods have boomed in the Western countries because they are considered to be more nutritious foods than fast foods like pasta, pizza, Mexican food like tacos, burritos or hamburgers, hot-dog etc.
Because of the use of ingredients like vegetables, soy, rice, fish, even asian street food is perceived as healthier than “western” fast food, even if it’s fried, cooked in oil etc.
The Asian food market is a really fragmented one with players that are mainly independent restaurants and grocery stores rather than some chained restaurants.
2- Key Figures
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The Global Asian Food market accounted for US$ 139.5 Billion in 2020 and is expected to reach US$ 231 Billion by 2028, growing at a CAGR of around 7.2% between 2021 and 2028.
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Since the early 2000s, Asian food’s sales have grown by nearly 500% around the world, which makes it the fastest growing ethnic food market.
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In the US, Asian fast food restaurants outpace other ethnic foods with an increase of 135%.
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Only around 10% of the sales at Asian fast foods come from chained restaurants. Independent restaurants’ revenue amounted to $135 billion annually worldwide.
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Still there are key players on the market : Panda Express, Pei Wei Asian Diner, Eurofood Group, Inn’s Bruck.
Source : Zion Market Research
3- Consumers’ trends
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The market’s dramatic growth is highly linked to two factors : the Asian’s population growth and economic development and the emigration of Asians to Western countries.
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The market is also driven by younger generations’ taste for spicier and bolder flavors with “exotic” sauces and mixes.
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Asian fast food restaurants have pushed demands in Western Countries because of the variety, the quick service and the affordable prices.
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Many “superfoods” coming from Asia are more and more incorporated in households’ kitchens for their health’s benefits and nutritious incomes : ginger, yuzu, spirulina, curcuma etc.
