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The Hispanic foods market share is expected to increase by USD 518.91 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.4%. The growth of the market depends upon evolving lifestyles and increased consumer demand for healthy and convenient food options, a steady stream of new product launches, and the expansion of the retail landscape.
This Hispanic foods market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers Hispanic foods market segmentation by type (tortillas, tacos, burritos, enchiladas, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The changing lifestyles and rise in demand for healthy, convenient food are notably driving the Hispanic foods market growth, although factors such as stringent regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the Hispanic foods industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hispanic Foods Market Driver
The changing lifestyles and rise in demand for healthy, convenient food are notably driving the Hispanic foods market growth. With rapid urbanization, job prospects improve, and people from rural areas migrate to urban areas. The demand for convenience and easy-to-prepare food products has increased due to rapid urbanization and the high participation of women in the workforce. Hence, the demand for convenience foods and fast foods, such as Hispanic food, is increasing globally. The health benefits of Hispanic food are significant. Tortillas provide the required amount of sodium essential for maintaining the water balance in the body. Corn, a major ingredient of Hispanic food items, is rich in vitamin B. It contains pantothenic acid and folate that help in the regulation of metabolism, reduces fatigue, and keep people physically active. The growth of the urban population is spurring new food habits and increasing the preference for international cuisines. Evolving lifestyles, changing food preferences, rapid urbanization, and the rising number of nuclear families are a few factors that are driving the growth of the global fast-food market, which includes the global Hispanic foods market. Exposure to international cultures and lifestyles encourages people to experiment with various types of food, such as tortillas. It offers growth opportunities to the global Hispanic foods market. The rising consumer purchasing power in South America and European countries is also driving the growth of the global Hispanic foods market. Thus, the market in focus will grow during the forecast period.
Key Hispanic Foods Market Trend
The key trend driving the Hispanic foods market growth is the rising demand for gluten-free tortillas. Gluten is a protein present in several types of grains. Owing to the awareness of the health implications of gluten, consumers are increasingly looking for gluten-free tortillas. Consumers avoid gluten consumption for the following reasons: gluten causes inflammation of the gut in almost 80% of consumers; gluten consumption might lead to hypothyroidism and type 1 diabetes, and gluten causes intestinal cells to die prematurely due to inflammation. Several food manufacturers are offering gluten-free Hispanic food in their portfolios to cater to the demands of customers who want to avoid gluten. This will create growth opportunities for the global Hispanic foods market during the forecast period.
Key Hispanic Foods Market Challenge
The major challenge impeding the Hispanic foods market growth is the stringent regulations. IFS Food Standard is a recognized food safety standard for assessing the quality of manufacturers' products and processes. It is highly relevant for manufacturers producing their own brand labels, as it contains specific compliance requirements related to customer specifications. It helps end-users in maximizing transparency, reduces costs, and optimize resources. FSSC 22000 indicates the robustness and presence of a manufacturer's effective food safety management system, and purchasers often mandate it within the supply chain. It covers the processing, manufacturing, and handling of a wide range of food products. Manufacturers of Hispanic food must abide by regulations regarding the quality and safety of Hispanic food products that are offered in the market. In EU countries, manufacturers are required to comply with the rules set by the European Food Safety Authority (EFSA). In India, the FSSAI lays out the parameters for the certification of food products and is responsible for protecting and promoting public health through regulations and the supervision of food safety. Complying with these regulations is a serious challenge for vendors. Any deviation from the labelling and guidelines specified by regulatory bodies can adversely affect the brand image of manufacturers. The FSSAI has published rules and regulations and specified the permissible limits for the usage of heavy metals in food products. Food and beverage companies are required to frequently check their food products produced at the site to ensure that the food products do not contain an excess of heavy metals. Thus, the stringent regulations will hamper the growth of the market in focus during the forecast period.
This Hispanic foods market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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55% of the market’s growth will originate from North America during the forecast period. The US is the key market for the Hispanic foods market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increasing popularity of Hispanic cuisine among consumers will facilitate the Hispanic food market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The COVID-19 pandemic directly affected the growth of the regional Hispanic foods market in 2020. After an initial rise in demand, amid massive hoarding by consumers, the demand for Hispanic food dropped sharply as numerous restaurants and retail stores were closed, social events were suspended, and people were compelled to stay indoors in 2020, which resulted in the decline of demand for Hispanic food in North America. After the partial removal of lockdowns and the gradual increase in commercial and social activities in 2021, the demand for Hispanic food in North America started to recover and is expected to grow steadily during the forecast period.
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The Hispanic foods market share growth in the tortillas segment will be significant during the forecast period. The increasing per capita consumption in developed countries of North America and Europe is the major growth driver for the tortillas segment. Changing taste preferences have increased the sales of flavored tortillas. As taste preferences vary across regions, global vendors have introduced new products.
This report provides an accurate prediction of the contribution of all the segments to the growth of the Hispanic foods market size and actionable market insights on the post-COVID-19 impact on each segment.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the Hispanic foods market encompasses successful business strategies deployed by the key vendors. The Hispanic foods market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The Hispanic foods market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the Hispanic foods market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Hispanic Foods Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.4% |
Market growth 2022-2026 |
USD518.91 million |
Market structure |
Fragmented |
YoY growth (%) |
5.87 |
Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 55% |
Key consumer countries |
US, Mexico, China, Japan, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
B&G Foods, Inc., Campbell Soup Co., Corporativo Bimbo SA de CV, Delicioso UK Ltd., El Cielo, El Patron, Food Concepts International, Gruma SAB de CV, Hormel Foods Corp., Juanitas Foods, La Casa de Jack Ltd., Mercadagro International Corp., MexGrocer.com LLC, MTY Food Group Inc, Ole Mexican Foods Inc., Pappas Restaurants Inc., Siete Family Foods, Sigma Alimentos SA de CV, Spanish Deli Pty Ltd., and YUM Brands Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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