The
word Hispanic refer to the nation, culture, people adhering ancient
relation with Spain. It is a colony of Spanish people in America and
Asia particularly covering Latin America and Philippine region. They
are majorly illustrated as the Spanish speaking, Hispanic food eating
people, who participate in Hispanic festivals and holidays. There are
wide-ranging food products in the Hispanic community which is gaining
popularity all over the world especially, North America and Asia.
Nachos, pickles, tortillas, peanut butter, burritos, salsa, pretzels,
tacos are some of them who made recognition as international food and
entrance in international restaurants. Due to popularity for
Hispanic food among Americans attracted many food manufacturing firms
to come up with the variety of product lines. It is encountered that
scope of Hispanic food is far large than Hispanic food consumer and
this provide retailers and mainstream marketers to experiment with
traditional Hispanic food with other varieties as per consumers
regional area and eating preferences.
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Hispanic
Foods Market: Market Dynamics and Restraints
Ongoing
growth of the Hispanic American population, in quantities and as a
share of the total population; the rising interest of the majority
population regarding the desire for new dining experiences; and the
creative efforts of the vendors to accomplish buyer’s desire has
enhanced the growth of Hispanic Foods across the globe. Growing
distribution channels are positively affecting the market of Hispanic
foods. Availability of Hispanic foods in packages has also enhanced
its market all over the world and provided a growth opportunity for
Hispanic food to cover the broad range of customers. Major Hispanic
food marketers are coming up with new varieties especially with the
product line which contains aura of authenticity. This variety is
attracting ‘foodies’ all over the globe. Also, marketers are
coming up with the combination of their product with the latest
trend, especially joining the trend of ‘free from’ type of foods.
This strategy provides them the opportunity to capture trend
following consumers as well.
Hispanic
Foods Market: Market Segmentation
The
global Hispanic Foods market is categorized into three segments based
on their Mexican, Authentic and Nuevo product types.
Based
on Mexican Hispanic Foods, the global Hispanic Foods market is
segmented into:
- Tortillas
- Tacos
- Salsa
- Refined Beans
- Burritos
- Tex- Mex Cuisine
- Nachos
- Others
Based
on Authentic Hispanic foods, the global Hispanic foods market is
segmented into:
- Products imported from Hispanic countries
- Products prepared locally using traditional recipes
Based
on Nuevo Latino foods the global Hispanic foods market is segmented
into:
- Fusion of American foods and Hispanic food
- Traditional food with Hispanic flavors
Hispanic
Foods Market: Regional Outlook
Regarding
geography, the global
Hispanic foods market has been categorized into seven key regions
including North America, Latin America, Eastern Europe, Western
Europe, Asia-Pacific excluding Japan, Japan, and the Middle East &
Africa. The Hispanic Foods market is expected to register healthy
CAGR during the forecast period.
The
growing appetite of non-Hispanic Americans for Latino cuisine pooled
with the rapid increase in Hispanic population in countries such as
U.S, Canada and Mexico made North America followed by Latin America
dominating region in the market of Hispanic Foods. The other region
is Asia-Pacific excluding Japan which is accounting as an emerging
region in Hispanic foods market because of the rising trend of in
taking processed food, packaged food, urban lifestyle, tight schedule
and restaurant eating trend in developing countries such as India,
China, Soth Korea, etc.
Hispanic
Foods Market: Key Players
Some
of the key players of global Hispanic Foods market are Grupo Lala,
Abuelo's, Taco Bell, AlegroFoods, PepsiCo, Amigofoods, Patrón, B&G
Foods, Pappasito's Cantina, Baja Fresh Mexican Grill, On The Border
Mexican Grill & Cantina, Barcel USA, Olé Mexican Foods, Campbell
Soup, Not Just Mexican, Churromania, My Mexican Pantry, ConAgra, La
Preferida, Concha y Toro, Kraft Heinz, Del Taco, Juanita's Foods, El
Meson Sandwiches, Jose Cuervo, Frito-Lay, Rowland Coffee Roasters,
General Mills, Hormel, Goya, Herdez, Gruma, Grupo Modelo, and Grupo
Bimbo Bakeries.
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