Foodservice market for Latin foods reaches $18 billion
The Latin foodservice market for Latin foods was
worth $18 billion in 2005 and is expected to hit $25 billion by 2015, according
to market research from Packaged Facts. As the fastest growing ethnic food category, Latin
is second only to Asian. Growth in both Latin dining establishments and Latin menu items
is expected to escalate, along with the growing buying power of Hispanics, which is expected to reach $1 trillion
by 2010.
Packaged Facts observes that Latin-themed quick-service restaurants (QSRs)
have been growing twice as fast as QSRs overall. In non-commercial,
onsite, and institutional foodservice, 67% of operators now menu Latin
foods. Even tortillas have taken off, with 2007 sales expected to reach $7
billion.
