MarketLooks: Hispanic Foods and Beverages
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Title: U.S. Market for Hispanic Foods and Beverages, 2nd Edition
Published: November 2004
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The following is the abstract from the full report:
The burgeoning Hispanic population is paving the way for significant changes is the foods and beverages sold through both retail and foodservice venues. Many U.S. consumers have accepted “Mainstream Mexican” foods as part of American culture. This segment continues to attract new Hispanic food users while the increasingly popular Latin food segment, which consists of tastes imported from the mainlands of Mexico, Central America, and Latin America, as well as the Caribbean islands, appeals to natives of these lands, as well as to adventurous Americans who want more than salsa with their chips. Learn how this rapidly growing food and beverages segment is changing how America eats and drinks.
|The Hispanic market is broken into three segments: Mainstream Mexican, Authentic Hispanic,|
and Nuevo Latino.
|Market Size and Composition|
|The U.S. market for Hispanic foods and beverages was estimated to be $4.4 billion in 2004, an|
increase of 7.5% from the previous year.
|Projected Market Growth|
|Hispanic foods and beverages are projected to grow beyond $7.0 billion in 2009, at a compound|
annual growth rate of 9.9% during the 2004-2009 forecast period.
|Most of the large international companies have acquired, licensed, or created brand names that|
|suggest Hispanic origins rather than using the often quite “American” name as a brand on such|
foods and beverages.
|The Competitive Situation|
|Most Mexican food chains are experiencing growth in both foodservice systemwide dollar sales|
and number of units.
|Marketing and New Products|
Convenience is a driver of new product development.
|Distribution and Sales Outlets|
|Today’s retailers are stocking more and more Hispanic foods because consumers are demanding|
|them. Even retailers previously conservative in targeting ethnic groups now have an international|
|The Hispanic population is the largest single multicultural segment in the United States today,|
|and will outpace all other demographic group growth rates during the next 20 years.|
|Brinker International, Inc.|
|Chipotle Mexican Grill, Inc.|
|Goya Foods, Inc.|