Market Insights: A Selection From The Report
Product Categories Driving Growth
Packaged Facts projects that eight Hispanic food and beverage categories will experience double-digit CAGRs during the 2010-2014 forecast period. The categories, and their respective CAGRs, are Picante (16%); Nectars/Juices/Drinks (13%); Meat: Fresh, Frozen, and Canned (13%); Fruits/Vegetables: Canned, Dried, Frozen, and Jarred (12%); Cheese (12%); Milk/Milk-Style Beverages (11%); Bakery Items (10%); and Yogurt/Cultured Dairy Drinks (10%).
Factors Affecting Market Growth
There are several reasons that the market for Hispanic foods and beverages has been growing and they will continue to drive the market in the next few years as well. The key factors include the expanding Hispanic population, which also includes the expanding buying power of this demographic. Added to that is the increasing popularity of Hispanic foods and beverages among non-Hispanic consumers as well as the increasing availability of the products.
The Hispanic population in the United States is the largest minority group with an estimated 2010 population of 49.7 million16 percent of the total population. Through the end of the half century, the Hispanic population is projected to grow at a CAGR of 2.49 percent, nearly three times that of the overall population.
The 28.2 million Mexicans living in the United States constitute a significant majority of the
Hispanic population (64%). Puerto Ricans, the second-largest Hispanic segment, represent
9% of the Hispanic population. No other national segment accounts for more than 4% of the
Hispanic Food and Beverage Market to Continue Aggressive Growth Through 2014
New York, June 9, 2010 The expanding appetite for Latino cuisine among non-Hispanic Americans, combined with the rapid increase in the United States Hispanic population, will be a boon for the $7 billion Hispanic food and beverage market, helping to drive sales to $10 billion in 2014, according to Hispanic Food and Beverages in the U.S.: Market and Consumer Trends in Latino Cuisine, 4th Edition, the latest market research study by publisher Packaged Facts.
Along with population growth, buying power within the Hispanic population is expected to increase significantly in the next four to five years. Packaged Facts projects that the buying power of Latinos will reach $1.3 trillion in 2013 up from $984 billion in 2008, representing a cumulative growth rate of 31%. In addition, Hispanic shoppers spend significantly more than other groups on food consumed at home, due to the importance of family mealtime and larger family units.
Packaged Facts separates the Hispanic food and beverage market into three segments: Mainstream Mexican (tortillas, salsa, tacos, burritos, nachos, refried beans, Tex-Mex cuisine, and other products that have become part of the American culture); Authentic Hispanic (products either imported from Hispanic countries to the United States or products made domestically that use traditional recipes); and Nuevo Latino (products with south-of-the-border flair, including traditional American foods made with Hispanic ingredients, as well as unique new creations that meld a variety of Hispanic flavors and food traditions).
In particular, Authentic Hispanic and Nuevo Latino are garnering substantial sales boosts from Americas population of adventurous food enthusiasts known as foodies. The demand has caused new Hispanic food products to pour forth from manufacturers seeking to increase variety to meet the ever restless American appetite for the new and different. Foodservice operators are likewise creating innovative and exciting dishes to keep pace with consumer demand.
All three segments of Hispanic food are becoming increasingly available throughout the U.S. due to expanded distribution through both retail and foodservice outlets and expanded awareness of these products as a result of mass communications on television and the Internet about Hispanic foods and cooking techniques, says Don Montuori, publisher of Packaged Facts. The fact that the Hispanic population is expanding beyond traditional enclaves in California, the Southwest, Florida, and major metropolitan areas like New York and Chicago to communities which previously had either no Hispanic presence or only a small one further benefits the market.
As the 4th edition of a popular Packaged Facts title,Hispanic Food and Beverages in the U.S.: Market and Consumer Trends in Latino Cuisineinvestigates the primary factors driving sales in the market. In addition to covering packaged products sold through various retail outlets and developments in the retail marketplace relevant to Hispanic foods and beverages, this report includes qualitative and quantitative information on foodservice sales through a variety of channels such as fast-food outlets, sit-down restaurants, mobile units, and more. Foodservice coverage focuses on those outlets that are owned and operated or founded by immigrants from Latin American countries or Hispanic-Americans and which feature exclusively or predominantly Hispanic menus. The report also includes coverage of the expanding presence of Hispanic foods and beverages in traditional American foodservice outlets.
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