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NEW YORK, NY - 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).
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