Baking & Snack - April 2004 - 33
MARKET UPDATE
Hispanic
Influences
Bakeries celebrate Hispanic heritage
and culture with products that appeal to
America's fastest growing minority group.
BY HOLLY BRADLEY
here's no doubt that the interest in ethnic foods and flavor
profiles has increased over the
past few years; however, the one
segment that bakeries must pay close
attention to when considering new
product development is Hispanics.
T
GROWING BY LEAPS AND
BOUNDS. According to the US
Census Bureau, the Hispanic population reached 38.8 million in July
2002. Now representing 13.5% of
the US population, Hispanics have
become the largest minority group
in the country. Census Bureau officials confirmed that from April 1,
2000, to July 1, 2002, the Hispanic
population increased by 9.8%,
almost four times the 2.5% growth
rate of the US population as a whole.
It is estimated that by 2020, one out
of five US residents will be Hispanic.
The US Hispanic population exceeds
the entire population of Canada by
almost 6 million.
Statistics provided by Information
Resources, Inc. show that Hispanic
spending is outpacing population
growth. In 2003, Hispanic buying
power increased to $675 billion with a
projected growth rate of 12% per year.
Hispanics also outpace US shoppers
on spending for food at home.
So what do all these extraordinary numbers mean for bakeries?
It's simple, if you're not developing
products that appeal to the Hispanic
market, you're missing out on an
opportunity to reach close to 20% of
your consumer base.
CONSUMER UNDERSTANDING.
In a technical paper titled "Formulation and Production of Hispanic
Bread Goods" presented at the 80th
annual American Society of Baking
technical conference, Ron Savelli,
vice-president sales and marketing,
Caravan Products Co., Totowa, NJ,
defined "Hispanic" as a broad term
that is not limited to a country of
origin or primary language.
"Generally it refers to the cultures
of Mexico, Latin America, Central
America and parts of South America.
While these are collectively viewed as
Hispanic, they have very specific and
different cultures," he said.
More than 50% of US Hispanics
are of Mexican descent. According to
Mr. Savelli's presentation, one-third
of the Hispanic population is under
the age of 18, and the median age is
26, which is 10 years younger than
the US population in general.
SMART MARKETING. When targeting Hispanic consumers, it is
important to remember that there is
not a specific mass Hispanic market,
according to Mr. Savelli; however,
there are shared characteristics that
can be used in marketing strategies.
Baking & Snack - April 2004
Table of Contents for the Digital Edition of Baking & Snack - April 2004
Contents
Baking & Snack - April 2004 - 1
Baking & Snack - April 2004 - 2
Baking & Snack - April 2004 - 3
Baking & Snack - April 2004 - Contents
Baking & Snack - April 2004 - 5
Baking & Snack - April 2004 - 6
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