Global Hispanic Food Market Report and Forecast 2024-2032

Global Hispanic Food Market Outlook

The global hispanic food market size reached a value of approximately USD 241.46 billion in 2023. The market is further expected to grow at a CAGR of 7.6% between 2024 and 2032, reaching a value of USD 467.14 billion by 2032.

Key Trends in the Market

Hispanic food refers to the cuisine and food dishes from Spanish-speaking nations in South America, Central America, and the Caribbean, including Puerto Rico, Mexico, and Spain. They encompass unique regional recipes and are growing in popularity worldwide, with a variety of flavours and textures used for vegetarian and non-vegetarian preparations.

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• The consumption of Hispanic foods is rising due to the growing knowledge about the various health benefits offered by the Hispanic dishes. Many of the food products are good sources of vitamins and minerals, proteins, soluble fibre, and capsaicin, among others.

• The key Hispanic food market trends include growing requirement for convenient and easy to cook meal solutions due to hectic work schedules. The popularity of Hispanic foods is therefore increasing as various Hispanic dishes are relatively easy to cook and do not require much preparation.

• Increasing popularity of Hispanic foods on social media platforms such as TikTok and Instagram is also expected to boost the Hispanic food market growth over the forecast period. Food bloggers and influencers are increasingly becoming interested in the cuisine due to its highly flavourful dishes.

Hispanic Food Market Analysis

On the basis of type, the market is divided into Tex-Mex cuisine, refried beans, burritos, tacos, salsa, tortilla, and chilaquiles, among others. Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global Hispanic food market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

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• AmigoFoods

• Campbell Soup Company

• B&G Foods Inc.

• Conagra Brands Inc.

• Taco Bell IP Holder, LLC

• Patron Mexican Bar and Grill

• The Kraft Heinz Co.

• YUM Brands Inc

• Food Concepts International (Abuelo)

• PepsiCo, Inc.

• Others

Global Hispanic Food Market Share by Type

Tacos are anticipated to account for a significant portion of the market for Hispanic foods over the forecast period. This is due to the versatile nature of the tacos that allows the consumer to opt for their preferred type of filling. Tacos can be filled with meat and seafood as well as with vegetarian and vegan fillings such as potatoes, beans, and rice, among others, keeping in line according to the various dietary restrictions. Furthermore, tacos are relatively simple to prepare, and flavours can be adjusted to suit the consumer.

Global Hispanic Food Market Share by Region

North America is projected to witness significant growth in the market for Hispanic food over the upcoming years, this growth can be attributed to immigration from Hispanic regions and widespread likeability of the food. Many of the Hispanic dishes can be cooked on a budget with affordable ingredients, this in turn is booting the Hispanic food market in North America. Additionally, Hispanic dishes offer various health advantages such as lower glucose and blood cholesterol levels, are excellent sources of unsaturated fats, and help in relieving and managing congestion of allergies and the common cold.

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Competitive Landscape

AmigoFoods is one of the world’s largest online grocery stores offering a wide range of freshly grown and hard to find foods and beverages. They were founded in 1912 and are headquartered in Florida, United States.

Campbell Soup Company is a food and beverage company that was established in 1869 and is based in New Jersey, United States. This brand powerhouse focuses on two major divisions; snacks, and meals and beverages.

B&G Foods Inc. is a food and beverage services company that was founded in 1889 and is headquartered in New Jersey, United States. Their diverse family of brands includes a wide range of products, from snacks to spices.

Other market players include Conagra Brands Inc., Taco Bell IP Holder, LLC, Patron Mexican Bar and Grill, The Kraft Heinz Co., YUM Brands Inc, Food Concepts International (Abuelo), and PepsiCo, Inc., among others.

Key Highlights of the Report