Hispanic Food Market

Global Hispanic Food Market Size (2024 to 2029)

Hispanic Food Market size was valued at USD 22.64 billion in 2024. The Hispanic Food market share value is expected to grow at a CAGR of 3.83% during the forecast period 2024-2029 to reach USD 27.32 billion by 2029. 

The term "Hispanic" refers to a cultural and linguistic affiliation with Spain. It encompasses people with a rich history tied to Spain and is characterized by their primarily Spanish-speaking heritage. Those who enjoy Hispanic cuisine also partake in the celebration of Hispanic festivals and holidays. The Hispanic community offers a wide variety of food products that are gaining popularity worldwide. International restaurants now feature items such as tortillas, pickles, peanut butter, salsa, nachos, burritos, pretzels, and tacos. In the United States, the Hispanic population has been steadily growing for years and is expected to continue doing so. With a large and expanding economic presence, economists, marketers, and advertisers are increasingly targeting this demographic group. This focus is expected to drive sales growth in the global Hispanic foods market during the forecast period from 2023 to 2028.

There is a significant and promising opportunity to enhance participation in food assistance programs within the Hispanic Foods Market. Leading marketers in this industry are actively innovating, particularly in product lines that emphasize authenticity. This diversity is attracting food enthusiasts from around the globe. Additionally, marketers are finding creative ways to integrate their products with contemporary trends, including embracing the 'free from' food movement. The growing demand for these innovative approaches represents untapped potential within the Hispanic Food market.

Global Hispanic Food Market Drivers:

The Hispanic food market growth is being driven by several key factors. One of the primary drivers is the growing popularity of Hispanic cuisine in both developed and developing regions. This trend is coupled with an increasing adoption of healthier food lifestyles, contributing significantly to market growth. The Hispanic food market is also benefiting from a broader trend towards global cuisines, as consumers show a rapid acceptance of international cultures and become more aware of the importance of inclusivity in the food industry. Additionally, there is a rising demand for gluten-free tortillas due to greater consumer awareness of the adverse effects of gluten-based products on health.Furthermore, the market is experiencing substantial growth due to the increasing number of people embarking on touring expeditions and the dynamic expansion of the hotel and restaurant industry. The Hispanic food market demand is anticipated to expand significantly due to factors such as the ongoing evolution of healthier lifestyles, rising demand for organic and convenient foods, continuous new product launches, and the rapid expansion of the hotel and retail landscape.

Global Hispanic Food Market Restraints:

The growth of the Hispanic Food Market is hindered by various factors. One significant challenge is the lack of awareness, which results in limited access to culturally sensitive and linguistically appropriate information. This poses difficulties throughout the forecast period. There are also constraints related to resources available for outreach, a lack of awareness about eligibility criteria, and a shortage of Spanish-language information regarding federal nutrition programs. These factors collectively prevent many eligible families from accessing nutritious food.

Moreover, despite the popularity of tacos, a staple in Spanish cuisine, there are noteworthy drawbacks. Tacos can be high in calories, carbohydrates, and sodium, classifying them as junk food. Their messy eating nature can lead to overconsumption in some individuals. Additionally, the preparation of tacos at certain fast-food outlets and street vendors may result in them being considered junk food. This is due to excessive frying of taco shells in oil and the toppings being rich in fat while lacking sufficient vegetables. These factors are limiting the expansion of the Hispanic food market.

Impact of COVID-19 on the Hispanic Food Market:

The global COVID-19 pandemic caused significant disruptions across various industries as governments implemented lockdown measures to contain the spread of the virus. Manufacturing facilities had to temporarily close, leading to production halts. Additionally, the worldwide availability of Hispanic Food was impacted due to shortages of raw materials and disruptions in the supply chain caused by import and export restrictions imposed by different countries. However, it's worth noting that the food and beverages sector experienced a substantial increase in demand during and after the pandemic. The USDA released its annual report on food insecurity, indicating that despite the economic challenges posed by the pandemic, the national rate of food insecurity remained relatively stable between 2020 (10.5%) and 2021 (10.2%) due to significant federal responses to address the crisis.

REPORT COVERAGE: 

This research report on the Global Hispanic Food Market has been segmented and sub-segmented based on authentic hispanic foods, mexican hispanic foods, and region.  

Global Hispanic Food Market - By Authentic Hispanic Foods:

• Products Imported From Hispanic Countries
• Products Prepared Locally Using Traditional Recipes

Based on Authentic Hispanic Foods, in 2022, the imported Hispanic foods segment took the lead in the Hispanic Food Market, and it is expected to experience the highest CAGR throughout the forecasted period. This is due to the global Hispanic food industry, which is on the rise due to the increasing popularity of Hispanic cuisine worldwide. Numerous manufacturers are innovating and introducing unique Hispanic food product lines, fueling the market's growth. Furthermore, both domestic and international hotels and restaurants are incorporating Hispanic dishes into their regular menus, which significantly contributes to the market's expansion.

On the other hand, products prepared locally are also expected to record a moderate growth rate due to the increasing demand for Hispanic food items.

Global Hispanic Food Market - By Mexican Hispanic Foods:

• Chilaquiles
• Tortillas
• Tacos
• Salsa
• Refried Beans
• Burritos
• Tex-Mex Cuisine
• Nachos
• Others

Based on the Mexican Hispanic Foods, Chilaquiles is expected to dominate the Hispanic Food market during the forecast period. Chilaquiles, a traditional Mexican dish, hold the distinction of being Mexico's most beloved breakfast item and the top-selling Hispanic food. This dish consists of triangular corn tortilla pieces that are fried or toasted, then drenched in either red or green spicy sauce. It is typically garnished with options such as shredded chicken, shredded beef, chorizo, and either scrambled or sunny-side-up eggs. Served alongside are fried beans, and it is crowned with fresh mozzarella, cilantro, and sliced onions. The market's expansion is closely linked to the rich historical and cultural significance of chilaquiles in Mexico. Furthermore, tortillas and tacos are also likely to generate profitable revenue during the entire projection period.

Hispanic Food Market – By Region:

• APAC
• Middle East
• Europe
• Latin America
• North America

Based on region, North America is poised to emerge as the largest segment in the global market, driven by several key factors. These include the swift adoption of gluten-free dietary preferences, the proliferation of burrito chain restaurants across the United States, Canada, and Mexico, a growing appetite for convenient and healthy international food products, and the presence of major industry players in the U.S. The rising demand for Latino cuisine among non-Hispanic Americans, coupled with the rapid expansion of the Hispanic population in countries like the United States, Canada, and Mexico, positions North America as the dominant region in the Hispanic food market. Furthermore, increased marketing investments in product advertising and promotions to attract customers serve as an additional catalyst for the growth of the Hispanic food market.

The Asia Pacific region is forecasted to experience the most rapid growth in the market. This acceleration is attributed to the swift uptake of urbanized food preferences, a strong demand for packaged and processed foods, and the existence of local players providing Hispanic food offerings. The region's progress is further bolstered by the dynamic economies of countries like South Korea, China, and India.

KEY MARKET PLAYERS:

Key market players of Hispanic Food Market are Taco Bell, Abuelo’s, Grupo Lala, PepsiCo, AlegroFoods, Patrón, Amigofoods, B&G Foods, Pappasito’s Cantina, Baja Fresh Mexican Grill

RECENT HAPPENNGS IN THE MARKET:

• In January 2022, SOMOS introduced meal kits and other products as alternatives to the fluorescent yellow hard-shell tortillas typically associated with Mexican cuisine.
• In December 2021, Bikano, a major player in the snack industry, revealed the launch of three delectable new products in the western snack category. These additions, such as Mexican Crunch and Fun Sticks, are designed to bolster Bikano's presence in the INR 16,000 crore western snack market, with the goal of expanding market share and revenue.