Latin Fever Expected to Drive Hispanic Foods and Beverages Market Up $2.7 Billion By 2011
Posted on: Friday, 10 August 2007, 18:08 CDT
NEW YORK, Aug. 10 /PRNewswire/ -- The growing Hispanic population, eager for authentic cuisine, and the non-Hispanic population, hungry for something spicier, will continue heating up the Hispanic food and beverage market, driving sales from almost $5.7 billion in 2006 to nearly $8.4 billion in 2011, according to Hispanic Foods and Beverages in the U.S., a new report from market research publisher Packaged Facts.
The Hispanic population, currently the largest U.S. minority group with 44.3 million individuals, is expected to occupy 15.5% of the total U.S. population by 2010. Hispanic shoppers spend nearly 25% more than other groups on food consumed at home, due largely to the importance of family mealtime and large family units, creating greater demand in the marketplace.
Driven in part by the success of fast-food chains, including Taco Bell, non-Hispanic Americans are increasingly interested in foods with bolder flavors, driving the growth of "Mainstream Mexican" products such as nachos, salsa, and tacos and emerging "Nuevo Latino" products, including traditional American foods made with Hispanic ingredients.
As the U.S. population becomes increasingly diverse, more Americans will be eating Latin-inspired foods. Packaged Facts projects that five Hispanic food and beverage categories will experience double-digit growth during the 2007-2011 forecast period: Entrees/Hand-Held Items, Fruits/Vegetables, Meat, Milk/Milk-Style Beverages, and Yogurt/Cultured Dairy Drinks.
"The yearning to experiment with all foods Hispanic has practically become a Latin fever in the United States," notes Tatjana Meerman, the publisher of Packaged Facts. "To catch this wave, food processors and chefs alike have to make a serious effort and investment to acquire the right ingredients. The good news is that Latin flavors are becoming more and more accessible and affordable."
Hispanic Foods and Beverages in the U.S. examines retail packaged foods and beverages sales in three market segments: Mainstream Mexican, Authentic Hispanic, and Nuevo Latino. The report examines new product trends, offers competitive profiles of industry leaders, and looks at consumer trends and behaviors. The report is available from Packaged Facts by visiting: https://www.packagedfacts.com/Hispanic-Foods-Beverages-1218503/. It is also available at MarketResearch.com.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, food and beverage, and demographics. For more information visit http://www.packagedfacts.com/, or contact Tom Ehart at 240-747-3014, or tehart@marketresearch.com.
Contact: Tom Ehart MarketResearch.com 240-747-3014 tehart@marketresearch.com
Packaged Facts
CONTACT: Tom Ehart of MarketResearch.com, +1-240-747-3014,tehart@marketresearch.com for Packaged Facts
Web site: http://www.marketresearch.com/http://www.packagedfacts.com/
Source: PRNewswire
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