Global Hispanic Foods Market projected to reach $90.1 billion by 2033, driven by diverse cultural experiences
From GlobeNewswire: 2024-08-07 22:00:00
The Global Hispanic Foods Market is projected to grow from $48.1 billion in 2023 to $90.1 billion by 2033, with a 6.48% CAGR. Hispanic cuisine encompasses diverse Spanish-speaking countries with rich culinary traditions. The market is driven by the popularity of Hispanic cuisine, a shift towards healthier lifestyles, and a demand for diverse cultural experiences, including gluten-free options. The import of Hispanic food items is increasing to meet global demand for Hispanic flavors and cuisines.
The Hispanic Foods Market is divided into products imported from Hispanic countries and products prepared locally using traditional recipes. Products imported from Hispanic countries dominate the market, reflecting the growing appeal of Hispanic food and culture worldwide. The tacos segment is expected to grow rapidly due to their adaptability and versatility in accommodating various dietary preferences. Tacos are popular for their customizable fillings and ease of preparation, making them a favorite among consumers.
North America is expected to have the largest share in the Hispanic Foods Market due to factors like the popularity of gluten-free diets, expansion of burrito chains, and a growing demand for international cuisine. The increasing Hispanic population in North America and the rising demand for Latino cuisine among non-Hispanic Americans are driving market growth. In contrast, the Asia Pacific region is expected to grow rapidly, fueled by urbanized eating habits and the production of Hispanic food items to meet consumer demand.
Major players in the Hispanic Foods Market include General Mills, Gruma, Grupo Lala, Taco Bell, and more. These companies focus on product innovation, partnerships, and mergers to stay competitive in the market. A new Hispanic Food Hall and Tequila Bar is set to open, offering travelers and visitors an authentic taste of Hispanic cuisine. The market is forecasted to witness significant growth, driven by a global appreciation for Hispanic flavors and cuisines.
Read more at GlobeNewswire: Global Hispanic Foods Market Size To Worth USD 90.1 Billion