Mintel Reports Ethnic Food Sales Will Reach Record High in 2009
A new Mintelreport shows sales of ethnic foods have climbed steadily since 2004, set to reach a record high of $2.2 billion in 2009. In addition, Mintel forecasts solid growth of nearly 20% from 2010-14.
Mexican/Hispanic foods represent the largest segment of the ethnic foods market with nearly two-thirds (62%) of sales. Asian and Indian food segments are driving the market's growth, with 11% and 35% growth, respectively, from 2006-08.
According to Mintel, income is one of the strongest predictors of ethnic food cooking. Ninety-two percent of respondents with household incomes more than $150k have cooked ethnic food in the past month. Young adults are also among the most adventurous when it comes to global cuisines. Some 91% of respondents aged 18-24 have cooked ethnic food in the same timeframe.
In addition to the growing diverse population, a resurgence in cooking and product innovation are helping to drive sales. Due to the economic downturn, the growing popularity of cooking shows, and a rise in international travel, more Americans are classifying themselves as 'cooking enthusiasts' and are having fun with cooking and experimenting with new flavors and foods.
Two-thirds of respondents prefer to cook their ethnic meals 'from scratch', while the remaining third of consumers prefer ethnic foods that require less time and preparation, therefore opting for meal solutions or heat-and-serve meals.