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 Drivers are a complex set of factors that fuel the growth and evolution of the Hispanic food market. One key driver is demographics, as the Hispanic population in the United States continues to grow at a rapid pace, representing an increasingly important consumer segment for food companies. Another factor is cultural identity, as many Hispanics place great emphasis on maintaining their culinary traditions and seek out products that reflect their heritage.
Another important factor is the increasing popularity of Mexican and other Latin American cuisines among non-Hispanic Americans. This trend has been fueled by a greater awareness and appreciation of ethnic foods, as well as an interest in healthy eating habits that emphasize fresh ingredients and bold flavors. Other key drivers include changes in consumer lifestyles and preferences, such as a desire for convenience and value, along with innovations in technology that enable easier access to Hispanic foods online or through mobile apps.
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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