Latest News- Hispanic Foods Market: Tortillas is expected to lead the Type segment during 2024-2028
The Hispanic Foods Market is being driven by Changing lifestyles and rise in demand for healthy, convenient foods
The Hispanic Foods Market is expected to grow at a CAGR of 6.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 527.7 million. In the contemporary marketplace, the significance of gluten-free options has gained considerable traction among consumers, particularly in the Hispanic foods sector. Approximately 80% of consumers exhibit intolerance to gluten, a protein found in certain grains, leading to gut inflammation. Moreover, gluten intake may potentially contribute to hypothyroidism, type 1 diabetes, and premature death of intestinal cells. Consequently, numerous food manufacturers have responded to this trend by incorporating gluten-free alternatives into their Hispanic food product lines, catering to the increasing demand for such offerings.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Tortillas, Tacos, Burritos, Enchiladas, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Hispanic Foods Market Research Report
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The Hispanic Foods Market caters to the Spanish-speaking population, offering a variety of authentic Hispanic dishes such as tortillas, pickles, peanut butter, salsa, nachos, burritos, pretzels, and tacos. Economists note the importance of this market due to the growing Hispanic population and their reliance on food assistance programs. Ensuring authenticity, the market provides raw materials and tours for global cuisines, including gluten-free tortillas. However, a lack of awareness and Spanish-language information in the supply chain can lead to food insecurity and federal responses. The market adapts to changing demographics and cultural diversity, offering a wide range of Hispanic dishes and addressing food insecurity concerns.
The Hispanic foods market, a segment of the global packaged foods and meats industry, encompasses vendors specializing in the processing and packaging of Hispanic cuisine from developing and developed regions. According to Technavio, the market size is determined by the consolidated revenue of these entities. Exclusions from the market include food processing equipment manufacturers and producers of packaged alcoholic and non-alcoholic beverages. Key growth drivers for the global packaged foods and meats market include the health benefits linked to minimally processed foods, such as vegetables, which are rich in essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C. Additionally, touring expeditions and cultural explorations have fueled consumer interest in authentic Hispanic cuisine, further bolstering market growth. However, challenges such as product recalls and fluctuating prices pose potential threats to market stability.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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