U.S. Hispanics, a Crucial Growth Driver in the Food, Beverage and Restaurant Sector

Latinum Network recently produced a report called  the “The U.S. Hispanic Market –An Emerging Growth Opportunity in the Mature U.S. Economy”. The result of the investigation done by Latinum Network showed that Hispanics have become the most important U.S. demographic growth driver in the Food, Beverage and Restaurants Sectors.

Click here to enlarge the image.

Below are some of the reports conclusions:

Hispanics are the primary demographic opportunity for the $566-billion Food, Beverage, and Restaurant industry

Over $9B of new value in Food and Beverage was created by Hispanics in the otherwise dormant or declining categories such as fish and seafood, fresh fruit juice and dairy products between 2005 and 2008.

$5.9B of new value was created by Hispanics in growing categories where they represent approximately 20% of growth such as vegetable juices and fruit drinks, meats including pork, ham and mutton and frozen meals. It appears that busy Hispanic professionals are increasingly turning to frozen meals to feed their children.

Click here to enlarge the image.

While health & wellness trends reduced non-Hispanic consumption of beef, ethnic preferences buoyed Hispanic buying of beef.

Hispanics are eating out more while others are cutting back, driving growth in fast food and full-service. In particular, Hispanics are increasingly likely to eat out during the work day, driving new sales in fast-food breakfasts and full-service lunches.

The increasing rate of Hispanic home ownership is driving growth in household goods, while non-Hispanics are doing the opposite – reducing real estate holdings and their purchase of household goods.

Hispanic teens are driving the majority of new growth in deodorant and feminine hygiene and at least 20% of growth in cosmetics and shaving needs.

Strong Growth Component for the U.S. Economy

For example, the growth rate of the frozen meals category between 2005 and 2008 among Hispanic consumers was 30,1%, while the Non-Hispanic growth rate was only 18,2%. This means that Hispanics created an additional demand of $645millions in a 3 years period for that kind of products.


Click here to enlarge the image.

 

Source: Latinum Network


Trackback from your site.

Editorial Staff

Portada Staff

MORE FROM PORTADA

Latcom’s CEO Valentín Bueno: “Out-of-Home Advertising is Unique Because It Is Democratic”

Latcom’s CEO Valentín Bueno: “Out-of-Home Advertising is Unique Because It Is Democratic”

We talked to Valentín Bueno, CEO at Latcom, about why out-of-home advertising is growing more than any other advertising media. Out-of-home advertising has always been important, but technological advancement creates more and better opportunities for engaging consumers, which means the industry needs to adapt just as other advertising media. 


Tampico’s Marta Gerdes: “The Key to Marketing is Staying True to the Brand’s Essence While Keeping the Consumer at the Forefront”

Tampico’s Marta Gerdes: “The Key to Marketing is Staying True to the Brand’s Essence While Keeping the Consumer at the Forefront”

Tampico has updated its branding for the first time in about 25 years. A new, refreshed image will help Tampico reach its consecrated consumers, as well as the new generations.


JC Penney, MillerCoors, Wilson, and Oath Share 4 Essential Principles for Effective Shopper Marketing

JC Penney, MillerCoors, Wilson, and Oath Share 4 Essential Principles for Effective Shopper Marketing

The term 'Shopper Marketing' has been around for some time, but there's still not as much attention focused on "shoppers" as there is on "consumers", which could mean a missed growth opportunity. We talked about Shopper Marketing to JC Penney's Ana Lucía Soto, MillerCoors' Turiya Luzadder, Wilson's Ángel Carmona, and Oath's Maya Abinakad and Denise Brien.