(MENAFN- GlobeNewsWire - Nasdaq) The Global Hispanic Foods market Size was Valued at USD 48.1 Billion in 2023 and the Worldwide Hispanic Foods Market Size is Expected to Reach USD 90.1 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: General Mills, Gruma, Grupo Lala, SOMOS, Patrón, Taco Bell, Baja Fresh Mexican Grill, On The Border Mexican Grill & Cantina, ConAgra, Bikano, Olé Mexican Foods, AmigoFoods, B and G Foods Inc., Campbell Soup Co., Food Concepts International, Grupo Bimbo SAB de CV, MTY Food Group Inc., The Kraft Heinz Co., YUM Brands Inc., and Other Key Players.
New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Hispanic Foods Market Size is to Grow from USD 48.1 Billion in 2023 to USD 90.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.48% during the projected period.
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The rich and varied culinary traditions of Spanish-speaking nations, particularly those in Latin America and Spain, are collectively referred to as "Hispanic food." It consists of a range of recipes that frequently include flavors from herbs and seasonings combined with fresh ingredients like beans, vegetables, and spices. Tortillas, rice, beans, and various meats like chicken, pork, and beef are typical ingredients. Every region has its signature dishes, such as Spanish paella, Mexican tacos, or Colombian arepas, which are a vibrant fusion of European, African, and indigenous influences. All things considered, Hispanic cuisine is renowned for its strong tastes, vibrant presentations, and rich cultural heritage. There is a notable and encouraging opportunity to increase food assistance program participation in the Hispanic food market. One of the key drivers of the Hispanic food market is the growing popularity of Hispanic cuisine in both developed and emerging countries. This trend is accompanied by a shift towards healthier food lifestyles, significantly contributing to market growth. The Hispanic food industry is also benefiting from a broader trend towards global cuisines, as consumers increasingly appreciate various cultures and recognize the value of diversity in the food industry. Additionally, there is a rising demand for gluten-free tortillas as consumers become more aware of the health risks associated with gluten-based products. The market is further expanding due to the increasing number of people embarking on travel adventures and the dynamic growth of the hotel and restaurant industry. Overall, the demand for Hispanic foods is expected to rise dramatically, driven by the increasing adoption of healthier lifestyles and a growing appreciation for diverse culinary experiences. However, one significant barrier is a lack of knowledge, which restricts access to information that is appropriate for the target language and culture.
Browse key industry insights spread across 250 pages with 110 Market data tables and figures & charts from the report on the " Global Hispanic Foods Market Size, Share, and COVID-19 Impact Analysis, By Authentic Hispanic Foods (Products Imported from Hispanic Countries, and Products Prepared Locally Using Traditional Recipes), By Type (Tortillas, Tacos, Burritos, Enchiladas, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The products imported from hispanic countries segment dominates the market with the highest market share of the hispanic foods market during the projected period.
Based on the authentic hispanic foods, the hispanic foods market is divided into products imported from hispanic countries, and products prepared locally using traditional recipes. Among these, the products imported from hispanic countries segment dominate the market with the highest market share of the hispanic foods market during the projected period. The global food industry is principally driven by the growing appeal of Hispanic food and culture across the globe. Numerous food manufacturers have created and introduced unique Hispanic food product lines especially suited for Asian markets and other non-Hispanic regions as a result of this increase in interest. This calculated action not only meets the increasing demand but also exposes new audiences to a range of classic Hispanic flavors and cuisines. As a result, the import of Hispanic food items and finished products has increased significantly as consumers around the world come to appreciate the rich and varied culinary heritage of Hispanic culture.
The tacos segment is anticipated to grow at the fastest pace in the hispanic foods market during the projected period.
Based on the type, the hispanic foods market is categorized into tortillas, tacos, burritos, enchiladas, and others. Among these, the tacos segment is anticipated to grow at the fastest pace in the hispanic foods market during the projected period. One of the main factors contributing to tacos' enormous appeal is their adaptability. A vast array of fillings, such as meat, seafood, and vegetarian or vegan options like rice, beans, and potatoes, are available for customers to select from. Tacos can accommodate a wide range of dietary requirements and preferences because of their versatility. Tacos can also be easily customized to suit individual preferences in flavor and preparation, as they are relatively simple to make. Because of their adaptability and simplicity, tacos are a popular choice among a wide variety of individuals.
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North America is expected to hold the largest share of the hispanic foods market over the forecast period .
North America is expected to hold the largest share of the hispanic foods market over the forecast period. This growth is being attributed to a number of factors, including the quick uptake of gluten-free diets, the expansion of burrito chain restaurants throughout the United States, Canada, and Mexico, and the growing desire for quick and healthful international cuisine. Another important factor is the existence of large industry players in the United States. Furthermore, North America is a leader in the Hispanic food market due to the rising demand for Latino cuisine among non-Hispanic Americans and the rapidly expanding Hispanic population in the United States, Canada, and Mexico. This growth is further stimulated by increased marketing expenditures in promotions and advertising.
Asia Pacific is predicted to grow at the fastest pace in the hispanic foods market during the projected period. Urbanized eating habits are spreading swiftly, and packaged and processed foods are in high demand. Additionally, local producers are stepping up and providing Hispanic food items. This quick expansion is also being facilitated by the region's dynamic economies, particularly those of South Korea, China, and India. The Asia Pacific area is becoming a major player in the growing global market as a result of these factors combined.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the hispanic foods market are General Mills, Gruma, Grupo Lala, SOMOS, Patrón, Taco Bell, Baja Fresh Mexican Grill, On The Border Mexican Grill & Cantina, ConAgra, Bikano, Olé Mexican Foods, AmigoFoods, B and G Foods Inc., Campbell Soup Co., Food Concepts International, Grupo Bimbo SAB de CV, MTY Food Group Inc., The Kraft Heinz Co., YUM Brands Inc., Others.
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Recent Developments
In April 2024, A new Hispanic Food Hall and Tequila Bar is set to open at Centennial Airport. This exciting addition will offer a diverse selection of authentic Hispanic cuisine, providing travelers and visitors with a taste of traditional flavors.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Hispanic Foods Market based on the below-mentioned segments:
Global Hispanic Foods Market, By Authentic Hispanic Foods
Products Imported from Hispanic Countries Products Prepared Locally Using Traditional Recipes
Global Hispanic Foods Market, By Type
Tortillas Tacos Burritos Enchiladas Others
Global Hispanic Foods Market, By Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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