Hispanic food, beverage sales to $8.4 billion by 2011
August 16, 2007
by FoodBusinessNews.net Staff
NEW YORK — The Hispanic food and beverage market is forecasted to grow to nearly $8.4 billion in 2011 from $5.7 billion in 2006, according to market research publisher Packaged Facts.
"The yearning to experiment with all foods Hispanic has practically become a Latin fever in the United States," said Tatjana Meerman, 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."
According to the new report "Hispanic Foods and Beverages in the U.S.," non-Hispanic Americans are becoming more and more interested in foods with bolder flavors, which is driving the growth of "mainstream Mexican" products such as nachos, salsa and tacos in addition to "Nuevo Latino" products, which includes traditional American foods made with Hispanic ingredients. Packaged Facts attributes this interest in part to the growth of fast food chains such as Taco Bell.
Packaged Facts also predicts five Hispanic food and beverage categories will have double-digit growth during the 2007 to 2011 period. These categories are entrees/hand-held items; fruits/vegetables; meat; milk/milk-style beverages; and yogurt/cultured dairy products.
The Hispanic population in the U.S. currently includes 44.3 million people and is expected to account for 15.5% of the total U.S. population by 2010. Additionally, Hispanic shoppers spend almost 25% more than other groups on food consumed at home as a result of larger families and an emphasis on the importance of mealtime.