A recent study from Iowa State University (ISU) found that ethnic foods account for $1 out of every $7 being spent on groceries. Overall, Mintel estimates ethnic food sales in the U.S. exceeded $2.2 billion in 2009 and predicts the trend will increase sales by 20% into 2014.
The largest segment of the ethnic foods market, Mexican/Hispanic foods, is responsible for 62% of sales. While Hispanics are by no means the sole purchasers of these foods, it should be noted the buying power of the Hispanic demographic is growing at a steady clip: the Selig Center for Economic Growth at the University of Georgia estimates the group’s buying power stood at $978 billion in 2009 and projects it to rise to $1.3 trillion by 2014.