Trying to stay on top of buying trends to estimate who might be purchasing our cup holders in the near future, we came across the following information.
The Hispanic food and beverage market, already at $7 Billion, is expected to touch the $10 Billion mark in sales by 2014 according to market research. The publishers of the study, Packaged Facts, attribute this ever growing craving and appetite to the non-Hispanic Americans who discover the taste of Latino cuisine and come back to it again and again. Add to this the increase in the United States’ Hispanic population, and you have a market for food the demand for which will only multiply with time.
Population growth is not the only reason why markets and companies should pay attention to the Hispanic population. The buying power of the community, as more and more Latin Americans move towards better paying jobs, is certain to rise in the next few years. According to the study by Packaged Facts, the Hispanic population will see a cumulative growth in buying power of up to 31% year on year from 2008 to 2013. The numbers, in absolute terms, will reach $1.3 Trillion in 2013 as compared to $984 Billion in 2008. Studies indicate that Hispanic shoppers tend to spend more on food items consumed at home, reflecting the importance of family in the community.
The study by Packaged Facts finds that the Hispanic F & B market comprises of three segments: Mainstream Mexican – the food that is very much a part of the American Culture with the standard ingredients and cooking such as salsa, nachos, tortillas, tacos, Tex-Mex cuisine; Authentic Hispanic – the food and products brought in from Hispanic countries or made domestically using traditional recipes); and Nuevo Latino – the food that has a distinctive south-of-the-border flair, a fusion of very American foods with spicy Hispanic ingredients, and new creations that bring together different Hispanic flavors.
For those who indulge in adventures with the palate, the food enthusiasts, the authentic Hispanic and Nuevo Latino cuisines are gaining popularity every day. And since food enthusiasts rule the roost, the manufacturers are compelled to expand and experiment with the variety of food on offer.
Increased awareness and distribution through retail and food outlets with increased visibility, has led to greater availability of Hispanic food throughout the country. Campaigns on television and the internet along with the regular media have helped create a welcome curiosity, with more and more markets and communities relishing the tastes and flavors of Latin America.