The Latino cuisine market is still seeing double-digit growth, garnered by the rapidly expanding Hispanic population in the United Sates as well as increased interest by non-Latino fans of the food. The ingredients and boldly flavored dishes appeal to an American interest in something different and continue to be favorites of an Hispanic population that is growing out of metro areas to smaller markets.
- The $7 billion Hispanic food market is expected to reach $10 billion by 2014
- In addition to sales, the buying power within the Hispanic population is expected to reach $1.3 trillion in 2013, up from $984 million in 2008, an increase of 31%
- Hispanic shoppers spend significantly more on foods consumed at home due to larger family units and an emphasis on the importance of family mealtime
- The three “groups” of products—Authentic Mexican, Nuevo Latino and Mainstream Mexican are all expected to see sales growth. However, the most significant growth is predicted to be non-Hispanic consumption in the Authentic Mexican and Nuevo Latino categories