11 Apr 10 Hispanic Leads the Food Growth in the United States

Written by: bikram

In a research conducted by a Hispanic market research firm Latinum Network, it was fund that Hispanic community in the United States accounted for more than 50% real growth between 2005 and 2008 in the US food, beverage, and restaurant market, which in dollar terms turned out to be $52 billion (inflation-adjusted spending).

During the same period, non-Hispanic communities generated $40 billion inflation-adjusted spending. Hispanic spent 57.7% of food, beverage, and restaurant sale growth in the said period.

Impact of Hispanic community on US food

• The community has generated $9 billion worth of value in declining categories like fresh fruit juice, dairy products, and fish and seafood between 2005 and 2008.
• Hispanics also creates new value worth $5.9 billion in growing categories like vegetable juices, fruit drinks, frozen meals, and meats including ham, mutton, and pork. The community accounts for 20% of growth in this category.
• In the time when other communities are cutting expenses on eating out, Hispanics go out more frequently.

This is piece of good news for marketer targeting Hispanics. Not only foods, category like cosmetics is also growing fast. Teens have shown more interest in using personal care products.

Tags: Community Accounts, Cosmetics, Dairy Products, Dollar Terms, Fish And Seafood, Food Beverage, Fresh Fruit Juice, Frozen Meals, Fruit Drinks, Hispanic Communities, Hispanic Community, Hispanic Market Research, Hispanics, Inflation, Market Research Firm, Marketer, Mutton, Personal Care Products, United States, Vegetable Juices