The United States Hispanic Novelties Market has witnessed substantial growth in recent years, driven by a rising Hispanic population and their increasing purchasing power. This segment offers a diverse range of products, from cultural souvenirs to traditional crafts, attracting both Hispanics and non-Hispanic consumers. The market’s positive growth trajectory indicates promising prospects for the future.
The sales of Hispanic novelty items in the United States are expected to reach US$ 80.9 million in 2023, with a compound annual growth rate (CAGR) of 9.7% from 2023 to 2033.The US market for Hispanic novelty items is expected to be valued more than US$ 205.8 million by 2033.
Its strong, vivid flavours offer customers a singular sensory experience, propelling the market at a historical 7.5% CAGR from 2018 to 2022.
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Numerous ethnic groups and nations make up the sizable Hispanic population in the United States. As a result, there is an increasing market for goods that honour and represent this diversity. Hispanic novelties serve the population’s diverse cultural needs by providing a taste of various customs and flavours.
Furthermore, Hispanic culture has a strong influence on mainstream American food culture, with Mexican, Puerto Rican, and other Latin American cuisines being widely popular. This cultural influence extends to novelties, with consumers embracing Hispanic-inspired treats and desserts as part of their culinary experience.
Online channels are expected to dominate the Hispanic novelties market in the forecast period. The growing demand for home delivery options due to busy lifestyles in the United States is expected to boost online sales. This is prompting manufacturers and suppliers of Hispanic novelties to introduce their products on online platforms to expand their business.
Online retail channels offer the convenience of doorstep delivery for busy consumers. Therefore, e-commerce has become an effective marketing strategy that has increased the demand for sleep aid products such as Hispanic novelties.
Consumers today often prefer to shop online due to the ability to compare prices and access special offers, making it essential for manufacturers to have a presence on e-commerce platforms to succeed in the market.
Key Takeaways from the Report:
- The United States Hispanic novelties marketis expected to reach a valuation of US$ 205.8 million by 2033.
- The marketis projected to grow at a CAGR of 7% over the forecast period.
- Among the product category, Raspados is projected to have the leading market valuation of US$ 45.2 million by 2033.
- Among the distribution channels, the retail/household format is showing lucrative growth as it is projected to reach US$111.0 million by 2033.
- Based on flavors, fruit flavors are estimated to have a significant value CAGR of 5% during the assessment period.
“Manufacturers of Hispanic novelties focus on product innovation and expanding their online presence to cater to the growing demand of health-conscious consumers. Millennials and Gen Z consumers prefer leveraging e-commerce platforms for increased convenience making it invaluable for brands to have a strong omni-channel presence.” – says a lead analyst at Future Market Insights (FMI)
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Who is Winning?
Tropicale Foods LLC, Pepito’s Paletas, Masterpaletas, La Brisa Ice Cream Operating Company, Palacana, Paletas Morelia, Raspados Loly’s, Simple Truth Organic™ (Kroger), lanewyorkina and Others are the leading players operating in the market.
These companies are expanding product portfolios, employing strategies like advertising, partnerships, acquisitions, agreements, and mergers to maintain market relevance and drive growth in the United States Hispanic novelties market
For instance,
- In January 2021, TropicaleFoodsannouncedtheacquisitionofPaleteriaLaMichoacana(PLM),aportfoliocompanyofCanumCapitalPartnersandGreyrockCapital
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the United States Hispanic novelties market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The United States Hispanic novelties market by product type (paletas, chamoyadas, limber, raspados, nieve de garrafa, cremoladas, granizados, other products (cholados, etc.)), by flavor (fruits, herbs & spices, dry fruits & nuts, beans, flower) by distribution channel (foodservice, travel retail, ice-cream parlor, retail/ household, online sales) & region forecast to 2023 to 2033
The United States Hispanic Novelties Market Outlook by Category:
By Product Type:
- Paletas
- Chamoyadas
- Limber
- Raspados
- Nieve de Garrafa
- Cremoladas
- Granizados
- Other Products (Cholados, etc.)
By Flavor:
- Fruits
- Berry
- Banana
- Orange
- Coconut
- Others
- Herbs & Spices
- Cinnamon
- Mint
- Peppermint and Others
- Dry Fruits & Nuts
- Cashew
- Almond
- Hazelnuts and Others
- Beans
- Chocolate
- Coffee and Others
- Flowers (Lavender, Rose, Hibiscus)
By Distribution Channel:
- Foodservice
- Cafes
- Quick-service Restaurants
- Full-service Restaurants
- Bakeries & Patisseries
- Travel Retail
- Ice-cream Parlour
- Retail/ Household
- Hypermarket/ Supermarket
- Convenience Store
- Grocery Store
- Specialty Store
- Discount Store
- Departmental Store
- Online Sales
- Mass Merchandiser
- Company Website
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About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and recommendations for strategy – the Food & Beverage team at Future Market Insights (FMI) assists clients all over the world with their specific business intelligence requirements.
For more than a decade, the team has analyzed the food and beverage business in 50+ countries with over 1,000 publications and 1 million+ data points; reach out to find out more about how we can assist.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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