Understanding Impact of COVID-19 on Hispanic Foods Market
The word Hispanic refer to the nation, culture, people adhering ancient relation with Spain. It is a colony of Spanish people in America and Asia particularly covering Latin America and Philippine region. They are majorly illustrated as the Spanish speaking, Hispanic food eating people, who participate in Hispanic festivals and holidays. There are wide-ranging food products in the Hispanic community which is gaining popularity all over the world especially, North America and Asia. Nachos, pickles, tortillas, peanut butter, burritos, salsa, pretzels, tacos are some of them who made recognition as international food and entrance in international restaurants. Due to popularity for Hispanic food among Americans attracted many food manufacturing firms to come up with the variety of product lines. It is encountered that scope of Hispanic food is far large than Hispanic food consumer and this provide retailers and mainstream marketers to experiment with traditional Hispanic food with other varieties as per consumers regional area and eating preferences.
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Hispanic Foods Market: Market Dynamics and Restraints
Ongoing growth of the Hispanic American population, in quantities and as a share of the total population; the rising interest of the majority population regarding the desire for new dining experiences; and the creative efforts of the vendors to accomplish buyer’s desire has enhanced the growth of Hispanic Foods across the globe. Growing distribution channels are positively affecting the market of Hispanic foods. Availability of Hispanic foods in packages has also enhanced its market all over the world and provided a growth opportunity for Hispanic food to cover the broad range of customers. Major Hispanic food marketers are coming up with new varieties especially with the product line which contains aura of authenticity. This variety is attracting ‘foodies’ all over the globe. Also, marketers are coming up with the combination of their product with the latest trend, especially joining the trend of ‘free from’ type of foods. This strategy provides them the opportunity to capture trend following consumers as well.
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Hispanic Foods Market: Market Segmentation
The global Hispanic Foods market is categorized into three segments based on their Mexican, Authentic and Nuevo product types.
Based on Mexican Hispanic Foods, the global Hispanic Foods market is segmented into:
- Tortillas
- Tacos
- Salsa
- Refined Beans
- Burritos
- Tex- Mex Cuisine
- Nachos
- Others
Based on Authentic Hispanic foods, the global Hispanic foods market is segmented into:
- Products imported from Hispanic countries
- Products prepared locally using traditional recipes
Based on Nuevo Latino foods the global Hispanic foods market is segmented into:
- Fusion of American foods and Hispanic food
- Traditional food with Hispanic flavors
Hispanic Foods Market: Regional Outlook
Regarding geography, the global Hispanic foods market has been categorized into seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. The Hispanic Foods market is expected to register healthy CAGR during the forecast period.
The growing appetite of non-Hispanic Americans for Latino cuisine pooled with the rapid increase in Hispanic population in countries such as U.S, Canada and Mexico made North America followed by Latin America dominating region in the market of Hispanic Foods. The other region is Asia-Pacific excluding Japan which is accounting as an emerging region in Hispanic foods market because of the rising trend of in taking processed food, packaged food, urban lifestyle, tight schedule and restaurant eating trend in developing countries such as India, China, Soth Korea, etc.
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Hispanic Foods Market: Key Players
Some of the key players of global Hispanic Foods market are Grupo Lala, Abuelo’s, Taco Bell, AlegroFoods, PepsiCo, Amigofoods, Patrón, B&G Foods, Pappasito’s Cantina, Baja Fresh Mexican Grill, On The Border Mexican Grill & Cantina, Barcel USA, Olé Mexican Foods, Campbell Soup, Not Just Mexican, Churromania, My Mexican Pantry, ConAgra, La Preferida, Concha y Toro, Kraft Heinz, Del Taco, Juanita’s Foods, El Meson Sandwiches, Jose Cuervo, Frito-Lay, Rowland Coffee Roasters, General Mills, Hormel, Goya, Herdez, Gruma, Grupo Modelo, and Grupo Bimbo Bakeries.
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