At 4.1% CAGR, South & Central America Tortilla Market is Projected to be Worth US$ 2,596.33 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America tortilla market was valued at US$ 1,879.15 million in 2023 and is expected to reach US$ 2,596.33 million by 2031, registering a CAGR of 4.1% from 2023 to 2031. Increasing preference for gluten-free products and surging clean-label and organic trend are among the critical factors attributed to drive the South & Central America tortilla market growth.

The prevalence of Celiac disease is rising in different countries across the globe. According to the data published by Epidemiology, Presentation, and Diagnosis of Celiac Disease in 2021, cases of celiac disease are found across the globe, contrary to earlier beliefs that it affects people in Western and Northern Europe. Celiac disease can cause thyroid/Type 1 diabetes or damage the intestine lining in some patients. The gluten-free diet can help reduce celiac disease's effect by promoting intestinal healing. Therefore, consumers are tremendously preferring gluten-free diets.

Increasing consumption of healthy food products to prevent health issues such as chronic pulmonary disease, diabetes, heart disease, obesity, and metabolic syndrome is expected to boost the demand for gluten-free food items such as tortillas. Gluten-free tortillas are manufactured from rice flour, corn flour, or tapioca flour. Many people try new diets such as keto or paleo diets. In addition, individuals adopt a gluten-free diet due to their existing medical conditions. Further, manufacturers are focusing on developing and launching gluten-free products in response to their increasing demand among consumers. For instance, in 2021, Mission Foods unveiled its better-for-you tortilla offerings with two new varieties-almond flour tortillas and cauliflower tortillas. Both are certified gluten-free and vegan-friendly. Thus, the increasing preference for gluten-free products is expected to create a huge opportunity for the tortilla market during the forecast period.

On the contrary, the health consciousness and dietary preferences hamper the growth of South & Central America tortilla market.

Based on source, the South & Central America tortilla market is segmented into wheat, corn, and others. The corn segment held 61.3% market share in 2023, amassing US$ 1,151.56 million. It is projected to garner US$ 1,636.09 million by 2031 to register 4.5% CAGR during 2023-2031.

By product type, the South & Central America tortilla market is segmented into tortilla chips/tostada chips, taco shells, tortilla wraps, others. The tortilla chips/tostada chips segment held 62.2% market share in 2023, amassing US$ 1,169.72 million. It is projected to garner US$ 1,571.86 million by 2031 to register 3.8% CAGR during 2023-2031. The tortilla chips/tostada chips segment is further sub segmented into corn chips and other chips.

Based on category, the South & Central America tortilla market is bifurcated into organic and conventional. The conventional segment held 83.1% market share in 2023, amassing US$ 1,560.64 million. It is projected to garner US$ 2,143.85 million by 2031 to register 4.0% CAGR during 2023-2031.

Based on distribution channel, the South & Central America tortilla market is segmented into supermarkets and hypermarkets, convenience stores, online retail, others. The supermarkets and hypermarkets segment held 51.2% market share in 2023, amassing US$ 963.02 million. It is projected to garner US$ 1,301.63 million by 2031 to register 3.8% CAGR during 2023-2031.

By country, the South & Central America tortilla market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 51.7% share of South & Central America tortilla market in 2023. It was assessed at US$ 972.27 million in 2023 and is likely to hit US$ 1,315.04 million by 2031, registering a CAGR of 3.8% during 2023-2031.

Key players operating in the South & Central America tortilla market GRUMA SAB de CV, PepsiCo Inc, Aranda's Tortilla Co Inc, and General Mills Inc, among others.

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