I've only even heard of one of the Booker winners (Life of Pi.) Maybe I'm just that uncultured. Then again, maybe the literary establishment is just that insular.
The postmodernists call it "post-colonial magical realism", because they can't admit that it's just fantasy written by a good author (who writes very pretty prose) who likes character development more than sword-fights.
Think of "the literary establishment" as Comic Book Guy from The Simpsons. Don't let their posturing put you off.