The Rise of the Taco: Mexican Food is on a Tear
Whether you were looking at taco seasoning recipes online or just browsing Uber Eats for a burrito, the choices for Mexican fare are greater than ever before. The worldwide Mexican food market is expected to grow $113.85 billion from 2021 to 2026, and 58% of that growth will come from North America.
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Americans Simply Love Tacos
Even during a pandemic that caused revenues to drop for the fast-food market in general Taco Bell continued to grow. It is set for the explosive growth of another 1,000 stores. Much of this has come from the explosion in digital ordering and Americans’ desire to eat more Mexican food.
In 2020, Chipotle grew its revenues by 7.13% at a time when the entire restaurant industry saw a drop of 15.18%. Again, Chipotle benefitted by adapting to a digital world at a time when Mexican food is more popular than ever. While the general restaurant market saw that large drop, Mexican restaurants as a segment only saw a drop of 1.9% in the same period, even the mom-and-pop restaurant down the road fared better than others in town despite probably not jumping on board the digital train.
Mexican Food is a Solid Business
With the expectation of continued growth in its segment and the resiliency shown during 2020, it is safe to say that franchises and new restaurants selling Mexican food will continue to outperform other ethnic segments of the restaurant market. Shelf space in grocery stores should also see growth.
Mexican food is more popular than ever before and only growing. It is a solid business for those wanting to own a restaurant.
