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Hispanic Market A Major Growth Area For Food, Restaurant Companies

April 15, 2010: 03:31 AM EST
With food and restaurant sales declining among non-Hispanic consumers over the last four years, it’s not surprising that companies are looking to the Hispanic market as a growth engine, according to the marketing company Latinum Network. Sales from non-Hispanics slipped by $17.7 billion (2.4 percent) from 2004 to 2008, but sales from Hispanics soared 18 percent($14.8 billion). The increase is not accounted for just by population growth, either. Hispanics are spending a lot more, and that makes the market the only growth area for key food, beverage and restaurant segments, including crackers (sales up 12 percent among Hispanics) and candy and gum (up 8.2 percent). The trend doesn’t sit well with nutritionists concerned about obesity among Hispanics who, along with blacks, have a significantly higher incidence of obesity than whites.
Melanie Warner, "Why Food Companies Are Going Loco Over Hispanic Marketing", BNET, April 15, 2010, © CBS Interactive Inc
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