Why it matters:
- The appeal of Hispanic foods is growing among mainstream consumers, with product sales expected to reach $22 billion by 2033, according to a Verified Market Research report.
- Insignia Brands, maker of Hispanic food products which include Yucatan Guacamole and leading tortilla brand La Tortilla Factory, sees a lot of ‘retail white space’ to expand its brands into new markets with both new and existing retail partners.
- In order to focus on growing its core brands, Insignia is weeding out weaker performers, striving to drive efficiencies in logistics and manufacturing and leaning into consumer-trend-led product innovation.
Jason Parasco is seeking to build the strength of Insignia International by first trimming it down.
The newly named CEO of the Hispanic foods company, a consumer products goods veteran and graduate of the U.S. Naval Academy, is getting Insignia’s core brands in fighting shape by eliminating some of its weakest SKUs and focusing on its top performers so that they can better compete on a national level.
“Sometimes it’s better to shrink in order to grow,” Parasco said in an interview with CO—.
The Denver-based company is seeking to focus on what he described as the company’s four core brands:
- 505 Southwestern, the largest green chile brand in the U.S., which also makes a line of craft salsas.
- Yucatan Guacamole, which supplies the avocado dip in both plastic tubs and squeeze tubes.
- La Tortilla Factory, which makes fresh tortillas in a variety of traditional and better-for-you formats.
- Lilly B’s, which makes organic, frozen burritos distributed in Costco Wholesale Corp.
Insignia is especially focused on consumers ages 25 to 50, a demographic now driving mainstream adoption of Hispanic cuisine, Parasco said.
Globally inspired foods, including Hispanic products, have become increasingly popular among mainstream consumers.
“Hispanic food and beverage brands have successfully expanded their reach beyond the Hispanic community by leveraging their unique cultural heritage while also catering to mainstream preferences,” said Ross Villarreal, Vice President of Sales and Marketing, Source Logistics, a third-party logistics company in the food and retail space, in a recent blog post. “This strategy has allowed them to attract a wider consumer base.”
[Read more: Global Flavor Trends Drive New Sweet and Salty Snack Innovations]
‘My major focus is to double down on what’s working’
Insignia — which changed its name last year from Flagship Food Group — also has a significant private-label manufacturing business, which supplies retailers, including Whole Foods Market. The company currently operates manufacturing facilities in New Mexico, Kansas, and Mexico.
Each of Insignia’s brands has limited distribution, concentrated primarily in the Western U.S. Parasco’s goal is to expand the core brands into new markets and new retailers.
During the past few years, however, the company diversified its assortment of products too broadly, Parasco said, in an effort to “be everything to everybody.”
“What I really want to do is to be focused on what matters most and what we can do best,” he said. “My major focus is to double down on what’s working.”
The newly named CEO of the Hispanic foods company is getting Insignia’s core brands in fighting shape by eliminating some of its weakest SKUs and focusing on its top performers. ‘Sometimes it’s better to shrink in order to grow,’ Parasco said.
That means having a tighter SKU portfolio that Parasco said will not only make the company’s production more efficient but will also allow it to focus on product quality and consistency.
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Leveraging CPG expertise to target the ‘really big hitters’ for growth
The company is reviewing internal and external sales data as part of an effort to determine which of its SKUs are resonating the most with consumers, or what Parasco described as the “really big hitters” that have the most potential for future expansion.
Parasco said he believes the company has a lot of room to expand not only into new retailers but also into more stores operated by its existing retail customers.
“We have what we call in the industry a lot of white space,” he said.
Insignia currently has distribution for multiple product lines in major retailers, including Kroger, Walmart, Costco, and Sprouts Farmers Market.
Parasco said he hopes to leverage his sales expertise — he was Chief Sales Officer before being named CEO — to expand the brands’ retail presence. Before joining Insignia last year, Parasco spent more than five years in sales during a period of rapid growth at Sovos Brands, a consumer packaged goods (CPG) company that was acquired by The Cambell’s Co. last year. He also spent about a year as Chief Commercial Officer at Fly By Jing, a premium Asian food brand.
“I have a very strong sales background, and I love being with the customers and hearing what their category strategies are and what they’re looking for and how we can help them,” Parasco said. “Now, stepping into the role as the CEO, I can make faster decisions for us to help them in a bigger way.”
Under Parasco's leadership as Chief Sales Officer at Insignia, the company expanded its craft salsa line into 1,400 Walmart stores and secured placement for its Hatch Magic tortilla chips in 2,000 Kroger supermarkets. He also led a reformulation of Yucatan Guacamole that helped it become the No. 1 guacamole sold at Publix Super Markets.
Parasco cited Publix as an example of an opportunity for Insignia to grow its other brands, such as the 505 Southwestern line of salsas.
“We’re trying to make inroads and really grow that brand there,” he said, citing Florida, where Publix is based and has a dominant presence in the grocery channel, as a key market for Insignia’s growth potential, among other East Coast markets.
Likewise, Parasco said Costco is the company’s top retail customer for multiple brands, but he sees opportunities to boost expansion into more of the warehouse club’s operating regions.
He also said the company currently has limited distribution in Target with its 505 Southwestern brand and is focused on expanding its presence there.
“There are a lot of synergies from a demographic standpoint between Target’s guests and our portfolio,” he said.
Target’s consumers skew younger, for example, with about two-thirds of the retailer’s customers falling in the 25 to 54 age bracket, according to a recent BusinessDasher report. That aligns with the consumers Insignia sees as its core audience as well. In addition, Insignia’s focus on “clean” ingredient labels also aligns with Target’s focus on clean labels.
Leaning into mainstream consumers’ appetite for Hispanic (and global) foods
The U.S. market for Hispanic foods was estimated at $16.5 billion in 2024 and is expected to reach $22 billion by 2033, growing at a compound annual rate of 3.7% from 2026 to 2033, according to research from Verified Market Reports.
Non-Hispanic consumers are increasingly exposed to Hispanic foods in restaurants and on social media, which is helping drive the trend toward grocery purchases of Hispanic products, according to a recent report from Ken Research.
“The demand for global flavors is on the rise, with consumers eager to explore different cultures through food,” said Meenakshi Rawat, Market Analyst at Ken Research, in a blog post on the report. “This trend has led to increased sales in ethnic restaurants and grocery aisles featuring international products, indicating a strong market potential for businesses willing to innovate and expand their offerings.”
More efficiencies and innovation
Insignia, which is privately owned by investment firm CREO Capital Partners, does not disclose its financial performance, but Parasco said the company’s “core brands are growing.”
Looking ahead, Insignia will further optimize logistics and manufacturing efficiencies and uncover more opportunities for product innovation amid its expansion, Parasco said. For example, supplying private-label products to Whole Foods has helped Insignia stay on top of consumer trends in the natural and organic channel, such as flavor and ingredient trends in the salsa category that have helped the company grow its 505 Southwestern brand.
“We play in so many different categories and spaces, so we can see trends a little bit faster than maybe the small, emerging brands can,” Parasco said.
Even as Insignia looks to streamline its brand portfolio, the company is also keeping its eyes open for potential acquisition opportunities, he said.
“This next chapter isn’t about chasing growth for the sake of it,” added Parasco. “It’s about earning it through focus, consistency, and flavor-first innovation that truly connects with modern shoppers.”
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