The latest market report published by Credence Research, Inc. “Global Hispanic Food Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global hispanic food market generated revenue of around USD 215.9 billion in 2022 and is anticipated to grow a CAGR of over 6.10% during the forecast period from 2023 to 2030 to reach around USD 326.78 billion in 2030.
The growing popularity of hispanic foods across the world is projected to serve as a major growth driver promoting the growth of the market over the forecast period. The growing inclination towards worldwide cuisines and accepting other cultures are also directly and positively impacting the sales of the global hispanic foods market. Moreover, the growing number of touring expeditions and the rapidly growing hotel and restaurant industries are also assisting in the marketing of lip-smacking and traditional dishes will further serve as the emerging driver of the hispanic foods market over the forecast period.
The global hispanic food market is bifurcated into Types and Geography. Based on types, the market is categorized into tortillas, tacos, burritos, enchiladas, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, North America dominated the global hispanic food market and accounted for a major market revenue share in terms of value. This is majorly due to the increase in oil and gas exploration activities in the regional market resulting in the adoption owing to factors such as rapid adoption of gluten-free food lifestyle, rise in burrito chain restaurants across U.S., Canada, and Mexico, increasing demand for convenient, healthy and international food products, and the presence of key players across the U.S. Additionally, increasing marketing expenditure on product advertisements and promotion to draw customers is another factor supporting the growth of the market in this region.
The Hispanic Food Market Key Growth Trends have been nothing short of impressive in recent times. The market has been expanding rapidly, fueled by the growing interest in Hispanic cuisine and its unique flavors. One of the key growth trends is the increasing popularity of street food-style dishes that are affordable, tasty, and easy to grab on-the-go. Another trend is the rising demand for healthier options such as fresh vegetables and seafood-based dishes that cater to health-conscious consumers. Additionally, there has been a surge in interest among non-Hispanic consumers who want to explore new culinary experiences and experiment with different types of spices and seasonings commonly found in Hispanic cuisine.
The Hispanic Food Market major players analysis is an in-depth examination of the key companies dominating this sector. It involves a comprehensive evaluation of market trends, growth drivers, challenges, and opportunities that impact these leading players’ performance. This analysis encompasses various aspects such as product innovation, pricing strategies, distribution channels, and customer engagement to understand how these factors affect their market share. The report scrutinizes the competitive landscape of the Hispanic food industry by assessing the top players’ strengths and weaknesses. Some of the significant companies included in this study are La Costeña Group, Goya Foods Inc., PepsiCo Inc., Nestle S.A., Mars Inc., among others.
The Hispanic food market has been experiencing significant growth worldwide due to several factors.
- One of the primary drivers of market growth is the increasing Hispanic population in many countries, particularly in the United States, which has a large Hispanic population. This demographic shift has led to an increase in demand for Hispanic foods and flavors, as Hispanics often prefer to consume foods that are familiar to them.
- Additionally, the popularity of Hispanic cuisine among non-Hispanic consumers has been on the rise in recent years. Many people enjoy the bold and flavorful dishes that are characteristic of Hispanic cuisine, such as tacos, enchiladas, and ceviche. This trend has led to an increase in the availability and variety of Hispanic food products in supermarkets and restaurants.
- Moreover, the growing interest in health and wellness has also contributed to the growth of the Hispanic food market. Many traditional Hispanic dishes are made with fresh ingredients, such as vegetables, fruits, and lean meats, and are often prepared using healthier cooking methods, such as grilling or roasting. This has led to an increased demand for healthier Hispanic food options, such as low-fat versions of popular dishes.
- Furthermore, the globalization of the food industry has also played a role in the growth of the Hispanic food market. Many people around the world are now exposed to Hispanic cuisine through travel, social media, and food blogs, which has increased their interest in trying Hispanic foods and flavors.
- Overall, the Hispanic food market is expected to continue experiencing significant growth worldwide due to the increasing Hispanic population, the popularity of Hispanic cuisine among non-Hispanic consumers, the growing interest in health and wellness, and the globalization of the food industry.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global hispanic food market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global hispanic food market segmentation based on type.
- Major countries in each region with their import/export statistics
- The global hispanic food market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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