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Survey: ethnic foods sales forecasted to jump 20 percent in four years |
10.30.2009
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CHICAGO-Driven by increased interest in Asian and Indian flavors, ethnic food sales have climbed steadily since 2004 and are set to reach a record high of $2.2 billion in 2009, according to a new report from Mintel, based here. The market research firm also forecasts growth of nearly 20 percent from 2010-2014 for ethnic food sales.
Mexican/Hispanic foods represent the largest segment of the ethnic foods market with 62 percent of sales. According to Mintel, Mexican food has become so mainstream, it is hardly considered ethnic anymore. Nearly six in 10 respondents say they have cooked Mexican food in the past month, according to the report, which was released Oct. 15.
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However, according to Mintel, it's the Asian and Indian food segments that are driving the market's growth, with 11 percent and 35 percent growth, respectively, from 2006-2008.
"Since 2005, there are over one million foreigners becoming legal permanent residents in the U.S. each year," said David Browne, senior analyst at Mintel, in a statement. "This escalating group is influencing the American palate and piquing American's interest in new cuisines."
According to Mintel, income is one of the strongest predictors of ethnic food cooking. Ninety-two percent of respondents with household incomes of more than $150,000 have cooked ethnic food in the past month. Young adults are also the most adventurous when it comes to global cuisines - 91 percent of respondents aged 18-24 have cooked ethnic food in the past month.
In addition to the growing diverse population, a resurgence is cooking and product innovation are helping to drive sales, according to Mintel. Due to a rise in international travel and the growing popularity of cooking shows, more people are classifying themselves as "cooking enthusiasts", according to Mintel. And with the recent economic downturn, more people are dining at home more often. "Food manufacturers are answering the call of these new cooking enthusiasts by providing home cooks with ethnic sauces and seasonings to add their own meat and vegetables or taking it a step further with meal solutions or heat-and-serve meals," Browne said, in a statement.
According to Mintel, two-thirds of respondents prefer to cook their ethnic meals from scratch, while one-third prefer meals that require less time and preparation and opt for meal solutions or heat-and-serve meals.
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