Non-Hispanic Americans' growing appetite for Latino cuisine combined with the rapid increase of the United States' Hispanic population is expected to boost sales of Hispanic foods and beverages from nearly $7 billion in 2009 to $9.5 billion by 2014, says a new report from Rockville, Md.-based market researcher Packaged Facts.
The market is also being driven by the Hispanic population's increased buying power, expected to reach $1.3 trillion in 2013, up from $984 billion in 2008 - a 31 percent jump. In addition, the report said, Hispanic shoppers spend significantly more than other groups on food consumed at home, due to both the importance of family mealtime and larger family units.
The report divides the Hispanic food and beverage market into three segments: Mainstream Mexican, Authentic Hispanic and "Nuevo Latino," which includes unique new products that meld a variety of Hispanic flavors and traditions. Although all three pieces are expected to grow, Packaged Facts said the Authentic Hispanic and Nuevo Latino categories in particular are getting a big boost from "foodies," whose search for new and different tastes has resulted in the introduction of many new products both at retail and in the foodservice sector.
"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," adds Packaged Facts publisher Don Montuori.
For more information or to purchase a copy of the report, visit www.packagedfacts.com