HUGE GROWTH POTENTIAL FOR THAI FOOD AMONG HISPANICS IN US MARKET

       Thai food and related products have a strong growth potential among Hispanics in the US market despite the ongoing economic crisis, US importers said yesterday.
       Juvenal Chavez, founder and CEO of Mi Pueblo Food Centre, the leading Hispanic neighbourhood grocery-store chain in northern California, said imports from Thailand are projected to triple to US$80 million to $100 million (Bt2.73 billion to Bt3.41 billion) annually in the next few years.
       At present, the chain sells $20 million worth of Thai products at its 18 stores, where demand for Thai food and related items has been growing strongly among Hispanic customers.
       Hispanic or Spanish-speaking Americans are the third-largest demographic group in the US, accounting for 14 per cent of the total population.
       Their combined purchasing power is estimated at more than $1 trillion a year.
       "Thailand is a solid source of foods and consumer goods to serve the Hispanic market, as the consumption pattern [of Thais and Hispanics] are similar. In addition, Thailand is well-known as the kitchen of the world," he said.
       Chavez, who is in Bangkok to source new products from Thailand for his stores, said despite the US economic downturn, his company's total sales continue to grow at 10-15 per cent annually - higher than the industry's average.
       Overall, the chain's turnover has reached $300 million this year, up 25 per cent year on year.
       Chavez said Thai rice, shrimps, fillets, canned food, mobile-phone accessories, garments, kitchenware, furniture and footwear have strong growth prospects among the Hispanic market.
       Pramook Jirdpongsatorn, president of California-based PK Food, a major US importer of Thai products, said Thailand should tap the Hispanic market, due to high growth potential.
       Despite the US economic crisis, PK Food also reported a strong sales growth this year.
       Department of Export Promotion director-general Rachane Potjanasuntorn agreed that Hispanics should be the target market for Thai exports.
       Most exporters have already tapped other well-known markets in the US, but Hispanics remain underserved, he said.