Time To Tango: Latinos Are Pork’s Future
If I walked into a retail or meat-packing industry conference and told them they’re walking away from a $95 billion opportunity, they would probably think:
- I’m clearly mistaken. There are no untapped markets that big;
- Everyone else is walking away, but their large, household-name company is on top of all possible markets; or
- I’m talking only about Millennials.
But here’s the truth: Most packers and retailers – especially the big ones – are walking away from a once-in-a-generation opportunity, and it’s not Millennials. It’s Hispanics.
Latinos are one of the fastest growing consumer segments in this country, and with $95 billion in buying power for consumer packaged goods, it’s an opportunity too large to ignore. Fortunately for us, pork is woven into their cultural heritage, and their affinity for it is strong. But as Latinos acculturate, their consumption declines.
Our new report, Time to Tango: Latinos are Pork’s Future, details our findings on the cuts and preparations that are vital to Hispanic consumers. It also looks at how accessibility, health and authenticity impact their purchase decisions. The report is a deep dive to help both retailers and packers better understand how we can keep pork relevant to these consumers.
This is key for all of the stakeholders in the pork industry to understand: Nearly half (49%) of Hispanics do not choose mainstream retailers as their go-to store, and instead opt for specialty stores, ethnic markets and bodegas. The meat case may be a core-contributing factor — 44% of Hispanics choose to buy their fresh meat at non-mainstream grocery stores.
Latinos Are Pork’s Future provides the key opportunities for retailers and packers to engage this audience. Over the coming months, we’ll explore a variety of opportunities to enhance the in-store shopping experience for the whole family, the role of butchers in purchasing decisions, and the generational differences within the Hispanic population.
Right now, though, I urge every producer, packer and retailer to read our report and begin taking the necessary steps to ensure Latino customers are not an afterthought in terms of product development or marketing. Inaction now means limited growth for our industry for the next several decades. Download Time to Tango: Latinos are Pork’s Future today, see what you’re missing, and let’s start building a long-term relationship with customers that love us.