Technavio analyzes that the Hispanic Food Market in Americas is expected to grow at a CAGR of 4.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.8 billion.There are various factors that contribute to the growth of the market. The Hispanic food market in the Americas is experiencing significant growth due to shifting consumer preferences towards healthier and more convenient food options. Modern lifestyles have led to an increased demand for quick and nutritious meals, which the Hispanic food industry is well-positioned to cater to. Traditional dishes, such as those based on beans, rice, and vegetables, are being reimagined with healthier ingredients and preparation methods. Additionally, the convenience of ready-to-eat and ready-to-heat options is driving sales in this market segment. Overall, the Hispanic food industry in the Americas is poised for continued growth as it adapts to changing consumer demands.
The Hispanic Food Market in the Americas experiences significant growth, particularly in the tortillas segment. This trend is driven by the increasing per capita consumption in developed countries like the US. Taste preferences are evolving, leading to increased sales of flavored tortillas. Global vendors are responding by introducing new products to cater to regional differences. Initially, tortilla chips were limited to specific flavors; however, market vendors now offer a wide range, including cinnamon, cheddar, and jalapeno. Small regional players are gaining market share by providing authentic, artisanal products. The tortillas segment holds a substantial share in the Hispanic Foods Market in the Americas. Flour tortillas, black beans, and other Hispanic staples, such as chicken thigh and chicken breast, are complemented by offerings like Easy Chicken Enchiladas, tortillas, enchilada sauce, cream cheese, and salsa. These ingredients and dishes contribute to the Mexi-Cali vibe and add flavor to the market.
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Hispanic Food Market in Americas Segmentation
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The Americas' Hispanic food market is vibrant and diverse, featuring dishes that celebrate life's blessings. Red and green chiles, such as Guajillo and Pasilla, add spice to stew-like soups, while Holiday feasts include Elote - grilled corn smothered in sour cream, mayonnaise, lime, garlic, Cotija cheese, and chili powder. Street food abounds, with Chicken tacos grilled to perfection, topped with Corn-Jicama salsa and wrapped in Flour tortillas. Black beans add protein, while Michelada and Chicken thigh or breast bring a Mexi-Cali vibe to the table. Soaking chiles and preparing Elote are essential parts of the culinary experience.
The Hispanic food market in the Americas encompasses vendors engaged in processing and packaging red, green, and white chiles, such as Guajillo and Pasilla, to create spicy, stew-like soups and other dishes. These offerings are often associated with holiday celebrations and symbolize life's blessings. Additionally, popular street food items like Elote (Mexican Street Corn) and corn contribute to the market's growth. The global packaged foods and meats market, a subset of the food processing industry, is projected to expand due to increasing consumer preference for minimally processed foods, which offer health benefits including the provision of essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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