The ‘Global Hispanic Food Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global Hispanic food market, assessing the market on the basis of its segments like food type and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 224.2 billion
- Forecast CAGR (2023-2028): 7.70%
- Forecast Market Size (2028): USD 347.2 billion
Increasing Hispanic population worldwide and rising adoption of new cuisines are driving the growth of the Hispanic food market. More consumers are becoming adventurous with their food options and are experimenting with new and diverse cuisines. The flavourful and wide variety of Hispanic foods available are thus appealing to a wide demographic of consumers globally. The growing population of Hispanics and their expansion in various countries is leading to the development of authentic Hispanic restaurants and grocery stores, and increasing the demand for the Hispanic food market.
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Various Hispanic food types have become widely known, with countries adopting their own versions of popular dishes such as tacos, burritos, tortillas, and salsa. The easy to prepare nature of Hispanic foods is also increasing their popularity and adoption amongst home chefs. These foods are immensely adaptable and can be adjusted to suit personal preferences of consumers. For example, tacos and burritos can be customised to have any type of filling, ranging from vegetables and vegan options to meat and seafood. The spiciness level can also be adjusted, with many restaurants offering custom spiciness for Hispanic food types. The development and growing popularity of fast food chains specialising in Hispanic foods is also aiding the Hispanic food market expansion at a global level.
Hispanic Food Industry Definition And Major Segments
Hispanic food refers to the various food dishes and cuisine that can be traced to origins in Spanish-speaking countries in Central America, the Caribbean, and South America, including Spain, Mexico, and Puerto Rico. These foods include various regional recipes, and often include spicy flavour notes, with dishes that are vegetarian and non-vegetarian.
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Based on food type, the market is divided into:
- Tex-Mex Cuisine
- Refried Beans
- Burritos
- Tacos
- Salsa
- Tortilla
- Chilaquiles
- Others
By region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Hispanic Food Market Trends
Depiction of Hispanic foods in mass media, proliferation of Hispanic media, and rising popularity of various Hispanic food types on social media are the key trends in the global Hispanic food market. With rising awareness regarding the different Hispanic foods available, more consumers are experimenting with these foods, both in restaurants and in home preparations. Trends of fusion cooking are also extending to Hispanic foods with various professional and home chefs mixing Hispanic foods with other cuisines and ingredients.
Availability of Hispanic foods through different distribution channels is also providing impetus to the Hispanic food market. Prepared foods can be availed at various restaurants and also home delivered for greater convenience. Meanwhile, ready-to-prepare Hispanic foods and Hispanic food meal making kits are simplifying the cooking process for at home preparations. As Hispanic food can be easily adapted to vegan and vegetarian diets, the increasing adoption of these diets is bolstering the demand for Hispanic food.
By region, North America is anticipated to grow rapidly in the global market for Hispanic food, fuelled by the rising demand for Tex-Mex cuisine, sizable immigrant population from Spanish regions, and early adoption of international cuisines. The presence of multiple key players in the region is also enhancing accessibility, supporting further growth of the market for Hispanic food in North America.
Key Market Players
The major players in the global Hispanic food market report are AmigoFoods, Campbell Soup Company, B&G Foods Inc., Conagra Brands Inc., Taco Bell IP Holder, LLC, Patron Mexican Bar and Grill, The Kraft Heinz Co., YUM Brands Inc, Food Concepts International (Abuelo), and PepsiCo, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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