The United States Hispanic Novelties Market is expected to reach US$ 80.9 million in 2023, growing at a CAGR of 9.7% from 2023 to 2033. The Hispanic novelty market in the US is anticipated to reach a value of US$ 205.8 million by 2033.
Its bold and vibrant flavours provide a unique sensory experience to consumers, driving the market at 7.5% CAGR over the historical period 2018 to 2022.
The United States has a significant Hispanic population comprising several ethnicities and nationalities. This has led to a growing demand for products that reflect and celebrate this diversity. Hispanic novelties offer a taste of different traditions and flavours, catering to the cultural diversity of the population.
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.
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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:
The United States Hispanic novelties market is expected to reach a valuation of US$ 205.8 million by 2033.
- The market is projected to grow at a CAGR of 9.7% over the forecast period.
- Among the product category, Rosado’s 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 flavours, fruit flavours are estimated to have a significant value CAGR of 8.5% 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 an analyst at Future Market Insights (FMI).
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Who is winning?
Tropical Foods LLC, Pepito’s Paletas, Masterpaletas, La Brisa Ice Cream Operating Company, Palacana, Paletas Morelia, Raspados Lolly’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, Tropical Foods announced the acquisition of Paleteria La Michoacana (PLM), Portfolio Company of Canum Capital Partnersand Greyrock Capital Group.
Market Outlook by Categories:
By Product Type:
- Paletas
- Chamoyadas
- Limber
- Raspados
- Nieve de Garrafa
- Cremoladas
- Granados
- Other Products (Cholas’s, etc.)
By Flavour:
- 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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