ROCKVILLE, Md. – Growing sales of Hispanic foods and beverages represent a prime opportunity for marketers to optimize their product reach, according to the sixth edition of market research firm Packaged Facts’ Hispanic Food and Beverages in the US report.
In 2015, the market for Hispanic foods and beverages grew 4 percent to reach $18 billion. Packaged Facts said this reflects a compound annual growth rate of almost 4 percent between 2011 and 2015. Driving this trend is the spending power of a Hispanic population that is growing along with an overall trend of demand for unique, exotic and authentic flavors.
“Hispanics are experiencing an increase in purchasing power and as a result an increase in their influence on retail grocery offerings and on foodservice offerings,” David Sprinkle, research director for Packaged Facts, said in a statement. “But beyond mere purchasing power or even swelling population percentages, the foods and beverages that are part of the Hispanic heritage continue to make inroads into the diets of all American consumers because of a growing interest in and acceptance of new flavors, spices, and dining experiences.”
Packaged Facts found that for at least a third of the US population, Hispanic foods are part of the American mainstream and another third reported that Hispanic foods and beverages are familiar presences. Another 20 percent to 30 percent of consumers either have not shown an interest in trying new foods or have outright rejected Hispanic foods, the research firm noted.
To capitalize on the growing acceptance and demand for Hispanic foods and beverages, Packaged Facts advised marketers to:
- Provide those already accepting Hispanic foods and beverages with new taste experiences, especially those that have the aura of authenticity;
- Find ways to integrate their products into the other trends that the middle group of consumers are concerned with, especially the growing demand for free-from foods;
- Offer milder, more mainstream versions of their products to the hold-outs with a goal of getting them to at least try to step outside their comfort zone and try new foods and flavors.