PRN: U.S. Packaged Food Market - Consumers Seek out Ethnic & Bold Flavours - New Industry Report
U.S. Packaged Food Market - Consumers Seek out Ethnic & Bold Flavours - New Industry Report
DALLAS, March 12, 2012 /PRNewswire/ --
ReportsnReports adds new market research report 'Packaged Food in the US' to its store. Americans have become more adventurous eaters. The interest in ethnic food has exploded in recent years due to the growth in the Asian and Hispanic populations, as well as increased exposure to other cuisines through television and the internet. The Millennial generation (born between 1980 and 2000) is driving the demand for ethnic food and bolder and spicier flavours. In turn, packaged food manufacturers are spicing up their offerings to respond to consumer tastes. Inspired by the growth of Asian and Mexican restaurants and food trucks, frozen ready meals and sauce companies have introduced more Asian and Latin flavours. Driven by the popularity of Thai sriracha sauce, spicy chili/pepper sauces registered the highest total volume sales growth in sauces, dressings and condiments in 2011.
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The US packaged food industry recorded faster current value growth in 2011 than in 2010 due to the rise in commodity prices. However, the current value growth rate for 2011 was slower than the review period CAGR. In retail volume terms, many categories saw slower growth rates in 2011 as Americans resumed dining out. Growth over the review period as a whole have been driven by increased cooking at home, in response to the recession, and the sharp rise in commodity prices in 2008. After declining in 2009, commodity prices increased in 2010 and 2011 putting upward pressure on unit prices. Chocolate confectionery and dairy product makers were forced to pass on some of the rise in cocoa and milk prices to consumers.
Broadly the report covers following United States (US) food market segments / categories:
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