Tapping into the Hispanic food industry marketplace
With the United States encompassing the second-largest Hispanic population in the world accounting for 18 percent of the population — trailing only that of Mexico — it makes good business sense for every company’s radar to be focused on the growing Hispanic marketplace.
Propelled by a U.S. Hispanic community that has grown 592 percent since 1970 and is expected to comprise nearly a third of the general populace by 2050, restaurant operations from coast to coast are targeting this exploding market in a big way — and hoping to tap into its estimated $1.3 trillion spending power.
In particular, Hispanic millennials — those consumers between the ages of 18 and 34 — are “worthy of attention” and account for increasing percentages of the population in major U.S. cities, according to research from Nielsen. With 21 percent of U.S. millennials identifying themselves as being Hispanic, Nielsen says, the group seeks “convenient, on-the-go foods and beverages more than their boomer counterparts.”