The wide range variety of Hispanic foods is rapidly gaining popularity all over the world, especially in North America and Asia. Due to this growing popularity, food manufacturing firms are looking to come up with variety in their product lines. The range of Hispanic food is far larger than expected, making retailers and mainstream marketers experiment with traditional Hispanic food and other varieties in response to their consumer’s regional area and eating preferences.
The ongoing growth of the Hispanic American 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.
Similarly, Hispanic food marketers are coming up with new varieties especially with the product line which contains an aura of authenticity. This variety is attracting ‘foodies’ all over the globe. 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.
The global Hispanic Foods market is categorized into three segments based on their Mexican, Authentic and Nuevo product types.
1. Mexican Products
- Refined Beans
- Tex- Mex Cuisine
2. Authentic Hispanic Foods
- Products imported from Hispanic countries
- Products prepared locally using traditional recipes
3. New Latino Foods
- Fusion of American foods and Hispanic food
- Traditional food with Hispanic flavors
The growing demand of non-Hispanic Americans for Hispanic foods and the rapid increase of the Hispanic population in countries such as U.S, Canada, and Mexico has made North America the dominating region in the market of Hispanic Foods. The second greatest region is Asia-Pacific, with the exception of Japan which is considered as an emerging region in the Hispanic foods market due to their rising trend in purchasing processed and prepackaged foods, following countries such as India, China, and South Korea.
Source: Transparency Market Research