The global vegetarian tacos market is expected to be valued at USD 124.5 Million in 2023 and to reach a valuation of USD 308.3 Million by 2033.
The growth of Mexico's food business is being fueled by the rising demand for ready-to-eat items. Increased purchasing power is a result of the global trend toward urbanisation. Therefore, there is a growing interest in fast and simple cuisines like Mexican. For the same reason that fast food is so popular in the developed world, many working people in developing countries also love Mexican cuisine. In this way, the global demand for vegetarian tacos is expanding because of the rising demand for convenience foods.
Owing to these factors, the demand for vegetarian tacos is estimated to grow at a steady 10.6% CAGR, with the UK, the USA, Germany, and Japan emerging as key producers.
Rising Interest in Convenient Snacks
Vegetarian tacos are a popular, spicy snack item all across the world, rivalling the popularity of potato chips and crisps. Customers' evolving lifestyles are the primary force behind the product's popularity and the development of the industry as a whole. A growing need for on-the-go snacks due to time constraints at work is also expected to boost sales of vegetarian tacos. A growing number of people throughout the world are opting for inexpensive, easy-to-carry snacks like these instead of more time-consuming and labour-intensive alternatives to regular meals. Market expansion in the vegetarian tacos industry is likely to be greatly aided by the efforts of market leaders to introduce new, healthier products in a wide range of flavours. For instance, Nature's Path Foods' organic vegetarian tacos brand Que Pasa introduced new jalapeno & lime flavours in September 2022. The chips are organic, non-GMO verified, gluten-free, vegan, and made from whole maize kernels that have been pounded with volcanic stones.
Snacking while riding in cars and watching TV is becoming increasingly common among young people. The rapid growth of the demand for vegetarian tacos over the projection period is mostly attributable to the rising demand for vegetarian tacos at multiplexes as quick snacks while watching movies and sporting events.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 10.6% |
| Market Size (2023) | USD 124.5 Million |
| Market Size (2033) | USD 308.3 Million |
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The global demand for vegetarian tacos grew at a CAGR of 10.9% between 2016 and 2022, and it's expected to expand at a CAGR of 10.6% between 2023 and 2033. The growth potential of the market could be looked at from short-term, mid-term, and long-term perspectives.
| Short-Term Outlook (2023 to 2025): | One of the main factors contributing to the expansion of the market is the rising demand for Mexican food among customers. The rising number of consumers, especially millennials, is also a key factor propelling the market and is expected to help the vegetarian tacos industry expand over the short term. |
|---|---|
| Mid-Term Outlook (2025 to 2028): | Due to increased urbanization and an increase in the proportion of women who are in the labor force, there has been an increase in the demand for food products that are simple to prepare and offer a high degree of convenience. As a result, there has been an increase in demand for cuisines that can be prepared quickly and easily, such as Mexican food. The expansion of the market is expected to be fueled by the aforementioned causes in the mid-term. |
| Long-Term Outlook (2028 to 2032): | The rising globalization of the food sector and the increase in consumer disposable income are the primary forces pushing the market forward in the long term. Companies in the vegetarian tacos industry are feeling pressure to broaden their customer base by launching novel food products, thanks to factors such as the rising purchasing power of the middle class and the proliferation of online food delivery apps and e-commerce websites. |
Growth is expected to be bolstered by a shift in consumer habits and an increase in food spending.
Rising household income and the growth of multi-person homes are the primary forces pushing consumers to dine out more frequently. Even if well-known brands like Domino's, Pizza Hut, McDonald's, KFC, and Burger King remain popular, the rapid expansion of a variety of food service outlets is gaining popularity in developed and developing economies around the world.
Since vegetarian tacos are becoming increasingly popular among young people, several companies are looking to expand into other markets. Increases in both domestic and international investment, as well as rising household incomes, a larger proportion of young people, an uptick in tourism, and altering consumer preferences, are all contributing to the expansion of this sector.
The proliferation of quick-service restaurants across both developing and developed nations.
Convenience is a major force propelling the sector, as it allows for the rapid delivery of meals in a short amount of time, which is especially attractive to millennial consumers. A shift in customer preferences toward convenience foods and vegetarian tacos has altered the competitive landscape internationally. The rising popularity of vegetarian tacos can be attributed in large part to the fact that they can be prepared quickly and with minimal effort. There are several factors that are likely to help the market expansion in the coming years, the most important of which is the rising purchasing power of consumers.
Rising health concerns
Users' growing concern over their health may temporarily slow the vegetarian tacos industry's expansion. Due to the prevalence of unsaturated fats in fast food products and the ensuing health issues with food safety standards, the global vegetarian tacos industry has been unable to expand. Increased restrictions concerning food safety and animal welfare are expected to be a significant constraining factor in this industry. In addition, it is predicted that consumers' lack of awareness about their own health, particularly obesity, is expected to act as a further restraint on the expansion of the market.
How Will the Market Expand Across the USA?
The global market for vegetarian tacos is being propelled in large part by the increasing prevalence of urbanisation and modifications in consumer behaviour. Rapid urbanisation is associated with rising standards of living, as measured by both per capita and discretionary earnings. The demand for healthier food options among consumers is growing. Investments by manufacturers have increased as well and in many different areas. Improved economic conditions and higher levels of discretionary cash are driving consumer demand for convenient, nutritious meals.
Among quick-service restaurant chains, Yum is universally regarded as the largest. KFC, Pizza Hut, Taco Bell, and Habit Burger are some of their best-known brands, and they're hugely popular among young people. Yum has recently revealed plans to increase its long-term unit-count predictions to 5%, which would result in the establishment of at least 100,000 extra restaurants across the globe.
Will the UK Continue Dominating the Vegetarian Tacos Market?
| CAGR (2023 to 2033) | 12.3% |
|---|---|
| UK Market Share | 9.4% |
| UK Market Valuation (2022) | USD 10.6 Million |
| UK Market Valuation (2033) | USD 36.9 Million |
The demand for convenient, on-the-go food and the openness to alternatives to typical snacks like sandwiches are at the centre of the dynamics that are driving the rapid expansion of the vegetarian tacos business in the United Kingdom. The increased number of single-person families and people leading busy lives are fueling demand for ready-to-eat meals, which is projected to help the market expand. The Tex-Mex restaurant franchises have also played a significant role in ensuring that Mexican cuisine has made an enduring mark on British consumers.
Tortilla, the largest fast-casual Mexican restaurant operator in the United Kingdom, has announced that it is expected to open sites in Gatwick Airport and Leeds Skelton Lake Services in September 2021, in partnership with global food travel experts SSP Group plc.
Why China is Considered an Attractive Heat recovery Generator Market?
| CAGR (2023 to 2033) | 8.9% |
|---|---|
| China Vegetarian Tacos Market Share | 10% |
| China Vegetarian Tacos Market Valuation (2022) | USD 11.23 Million |
| China Vegetarian Tacos Market Valuation (2033) | USD 28.7 Million |
Major Mexican corporations have been rapidly expanding their presence in the Chinese market, where they are selling everything from baked foods and cement to tile bathroom fittings. Mexican companies invested a total of USD 921 million in China between 1996 and 2010, despite their relatively little footprint on China's massive economy. The vegetarian tacos market in China has started blooming due to changes in customer preferences and increasing accessibility of Mexican cuisine.
The largest Mexican restaurant chain in the world has opened in the Chinese capital. Taco Bell's parent company, Yum China Holdings, Inc., made its historic first store opening in Beijing recently. The first Taco Bell in Beijing may be found in a prime international and multicultural neighbourhood close to the city's central business district. Taco Bell is a global chain of fast food restaurants known for its Mexican-inspired menu and affordable prices. The Beijing location symbolises the company's position as a culturally relevant lifestyle brand. Many of Taco Bell's signature menu items, like nachos, tacos, quesadillas, and burritos, are available at the new location, as they are at Taco Bell's other locations in mainland China. The rice bowl, seasoned bone chicken, and taco pizza are just a few of the new dishes that have been created specifically for the Chinese market.
Will India Emerge as a Lucrative Market?
| CAGR (2023 to 2033) | 10.6% |
|---|---|
| India Vegetarian Tacos Market Share | 3.5% |
| India Vegetarian Tacos Market Valuation (2022) | USD 3.9 Million |
| India Vegetarian Tacos Market Valuation (2033) | USD 11.9 Million |
Outside of North America, India is the largest and fastest-growing market. Residents in Bangalore are regarded to have the most varied and eclectic food preferences in India. This is hardly surprising given the city's openness to trying out new flavours. Some of the flavours are novel, while others are more familiar to Indian palates. Mexican cuisine is a prime example, where spices play a central role. This is thus driving the vegetarian tacos market in the country.
Taco Bell, the most well-known Mexican fast-food chain in the world, recently opened its hundredth outlet in India. India is the fastest-growing market for Taco Bell International and among the largest market outside the US, where the original Taco Bell opened in 1962, thanks to the country's discerning consumers' enthusiastic reception of the chain's signature robust flavours and crave-able items.
To mark the occasion, Taco Bell launched an exclusive 3-day promotion to all of its 100 outlets in India from August 31 to September 2. Customers were able to choose from the A la Carte Menu and the Specialty Sides Menu, picking from items like Tacos, Burritos, Chalupas, Nachos, and many more, all for the low, low price of just INR 100. Taco Bell's own app, as well as dine-in locations, and delivery services, were all able to take advantage of the promotion.
| Segment | Sales Channel |
|---|---|
| Top Sub-segment | Convenience Store |
| Market Share | 7.1% |
| Segment | Product Type |
|---|---|
| Top Sub-segment | Plant Based Chicken |
| Market Share | 38.9% |
Vegan food items can be purchased from a wide variety of sources, including traditional grocery stores, specialty health food stores, online retailers, and even convenience stores. Of these, the vast majority are sold in supermarkets. The main supermarket companies are also introducing a wide range of vegan food options. Signs prominently displayed around supermarkets inform customers of the availability of new plant-based product variants. Plant-based goods have seen increased sales in part because they have been given prominent placement on specialty grocery shelves.
E-commerce platforms have grown in popularity as a means for people to shop for goods since the pandemic began. As more and more people discover the convenience of shopping for groceries online, this trend is expected to continue.
Market companies are adapting their offerings to reflect the shifting tastes of their customers. The proliferation of fast-food outlets is also assisting businesses in generating revenue. Taco Bell is putting more resources into advertising in the media and forming strategic alliances with media producers in order to increase its global footprint. In addition, the firm has released a mobile app through which workers can select from a variety of career tracks.
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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The Vegetarian Tacos market is estimated to be worth USD 124.5 Million in 2023.
The Vegetarian Tacos market is expected to be valued at USD 308.3 Million by 2033.
The Vegetarian Tacos market expanded at 10.9% CAGR in the last five years, from 2017 to 2022.
The plant-based chicken segment accounted for nearly 38.9% market share in the global Vegetarian Tacos market in 2023.
| Expected Market Value in 2023 | USD 12.5 billion |
|---|---|
| Projected Market Value in 2033 | USD 22.8 billion |
| CAGR (2023 to 2033) | 6.2% |
| Expected Market value in 2023 | USD 4.1 billion |
|---|---|
| Projected Market Value in 2033 | USD 8.2 billion |
| Growth Rate (2023 to 2033) | CAGR of 7.3% |
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