Spice of Life: as Asian and Hispanic Populations Continue to Grow, Demand for Cultural Foods Will Likely Increase
Ethnic Supermarkets
Demand for the Ethnic Supermarkets industry's products is primarily driven by the growing Hispanic and Asian populations in the United States, although younger consumers (aged 25 to 34 years old) across all ethnic groups represent a growing target demographic for ethnic food retailers. These markets have also contributed to an expected 2.0% revenue increase in 2019. Furthermore, despite a small dip in the number of immigrants over the past five years, the two population groups still experienced steady growth during the latter half of the five-year period. As the economy grows, an uptick in per capita disposable income and consumer confidence is expected to help industry revenue grow during the period.Conditions are expected to get better for the industry over the five years to 2024. As Asian and Hispanic populations continue to grow, demand for cultural foods will increase. Profitability is forecast to remain flat, amid increasing competition and input price pressure.
Supermarkets in this industry retail food to specific ethnic groups. This includes Asian, Hispanic and other ethnic grocery stores that carry mainly specialty products not found in mainstream supermarkets.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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Methodology
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