The US market for Hispanic foods and beverages is estimated to be worth about $8.2 billion this year, according to a new report from Packaged Facts.
The report, Hispanic Foods and Beverages in the US , adds that this is an increase of 3% from the previous year and an impressive 8.2% from the $7.5 billion in 2009.
According to the most recent census data , Hispanics are the most populous and fastest growing minority group in the US, with 52 million in 2011. Hispanics represented 16.7% of the US population in 2011, up from 16.3% in 2010.
The largest Hispanic population is in California in 2011 (14.4 million), while New Mexico had the highest percentage of Hispanics (46.7%).
The new report notes, however, that Hispanic foods and beverages now appeal to most households in America.
Indeed, Packaged Facts analysis of Experian Simmons data indicates that 72.5% of the people surveyed said they use Mexican food and ingredients. Usage rates are even higher for Hispanics, with 84% saying they use Mexican food and ingredients, 16% above the average.
Tortillas and taco kits are reportedly outselling hamburgers and hot dog buns, while salsa boasts almost twice the dollar sales of ketchup.
According to Packaged Facts, the market isn’t only the playground of traditional Hispanic food companies like the Gruma Corporation (the leading tortilla maker in the country with the Mission and Guerrero brands), but mainstream marketers such as General Mills, Kraft, Walmart, Kellogg, Heinz and others have jumped on the bandwagon as well.
The mainstream giants are not only producing Latin-flavored products but also with mainstream products whose market share they’d like to grow with the expanding Hispanic population, said the report.
The full report is available here: http://www.packagedfacts.com/Hispanic-Foods-Beverages-7228662/