Consumers are feeling the heat of Latin flavors and asking for more.
This year, Hispanic food and beverage sales are expected to reach $8.4 billion (from $5.7 billion in 2006), reports Packaged Facts, a New York-based market research group.
Consumers are feeling the heat of Latin flavors and asking for more.
This year, Hispanic food and beverage sales are expected to reach $8.4 billion (from $5.7 billion in 2006), reports Packaged Facts, a New York-based market research group.
Part of the reason? The Latin population in the U.S. is predicted to swell by almost 70 percent through 2050, according to The Nielsen Co. Further, American Latinos will be 25 percent of the overall U.S. population by 2050 predicts the New York-based marketing information provider.
Also feeding Hispanic cuisine's rise are non-Hispanic consumers who exhibit an increasing preference for spicy, Latin flavors, experts say. According to Packaged Facts, salsa and hot sauce now outsell ketchup. In addition, chipotle, lime, cilantro and mojito flavors, all of which have a Hispanic connotation, can be found with growing regularity throughout grocery aisles.
Three processors fueling the trend are Albuquerque Tortilla Co. Inc., Albuquerque, N.M., Truco Enterprises, Dallas, and Real Mex Foods, Buena Park, Calif. All three have plans to expand their lines of frozen value-added Hispanic entrees either in geographic distribution, line extensions or both.
"Prepared foods seem to be the biggest growing category for Albuquerque Tortilla Co.," says Chris Martinez, vice president of sales and marketing.
Carlos Angulo, president of Real Mex Foods adds, "Once upon a time, Hispanic products were ground beef tacos and maybe a cheese quesadilla. And now the real focus is on sauces and how your prepare meats. It's getting more sophisticated."
Meanwhile, Truco Enterprises co-founder and President David Silver says the company's On the Border branded Hispanic food products have seen double-digit sales growth over the last four years.
All three of the food companies profiled here are meeting consumer's Hispanic food cravings head on with state-of-the-art processing lines, convenient and microwaveable meals for busy families and authentic flavors and dishes. Refrigerated & Frozen Foods talked with executives from each company to find out the latest developments in this hot food category.