The growth of the Hispanic market is big news. It is hard to ignore the facts: annual buying power of $450 billion, a population that represents 15% of the U.S. population and has grown 58% between 1990 and 2000 (U.S. Census Bureau, 2000). The Hispanic market is becoming one of the most sought after consumer groups for U.S. businesses. While food companies are starting to take notice, challenges exist. For example, there is no single Hispanic market. Mexicans, Cubans, Puerto Ricans, Central and South Americans all have distinctive tastes and preferences.
In one of Goldsmit's MBA courses the class was required to write a business plan. Goldsmit saw this as an opportunity to explore the possibility of marketing aguas frescas (fresh waters). Although U.S. companies were producing Mexican beverages, the products were not authentic products that Mexicans living in the U.S. would be willing to purchase.