According to reports and data researched conducted by Market Research Future, by 2024, the global potato chips market 2020 will stand at USD 44.2 Billion, especially after economic lockdown due to the Coronavirus pandemic worldwide. The growth of the market would take place at a pace of 3.2% during the years from 2019 to 2024—forecasted period.
Potato Chips Boomers & Decliners
The segments, such as a mix of regional snack flavors, product variety, changing consumer lifestyles, and expansion in distribution channels, have been scored as foremost factors contributing to rising sales of potato chips globally. The introduction of healthier alternatives such as the low-fat and low-sodium chips, in the emerging markets are also influencing the growth of the potato chips market, as MRFR finds in its research.
In the instance of changing lifestyles, consumers are not only opting for easy food options but also searching for authentic and natural snack options with health & wellness attributes, which is influencing per capita expenditure in the savory snacks products that mainly include potato chips. With the rising per capita expenditure, the savory snacks products are growing in developing economies such as India and China and are supported by rising disposable income in the countries.
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As per Defra, the average expenditure per person per week on potato chips in the UK is surged by the growth rate of 2.55% from 2016, which is supporting the market growth considerably. In urbanized economies, consumers are trading and spending more on healthy varieties of savory snacks, while consumers in emerging countries, including China, Brazil, and India, typically base their snack choices on product availability and experimentation.
Furthermore, more factors such as a rise in the demand for packaged food, urbanization, escalating disposable incomes of consumers, and expansion in the economy of developing nations are collectively boosting the growth of the potato chips market. On the other hand, mount in health consciousness among consumers has buoyant a swing towards healthier eating patterns, such as fruits and wholegrain crackers. It is expected to intimidate the global potato chips market. Nevertheless, manufacturers in the industry are responding to such threats by developing a premium range of healthier potato chips.
The Kellogg Company (US), CALBEE Inc. (Japan), The Lorenz BAHLSEN Snack-World GmbH & Co KG (Germany), PepsiCo, Inc. (US), Herr Foods Inc. (US), The Campbell Soup Company (US), Intersnack Group GmbH & Co. KG (Germany) and Great Lakes Potato Chip Co. (US) are some of the top players contributing to the market’s growth.
The Report Further Segments the Global Potato Chips Market among types, categories, and distribution channels. The global potato chips market by the segment of type has included flavored and plain.
The global potato chips market by the segment of the category has included organic and conventional.
The global potato chips market based on the segment of the distribution channel has included store-based and non-store-based. The store-based segment is again bifurcated into supermarkets & hypermarkets, convenience stores, and others.
The surge of infrastructure development such as cinema halls, metro stations, airports, and others, the demand is likely to rise further in the developing countries, particularly in India and China—the APAC regions. Moreover, China and India are experiencing amplified demand for potato chips, thus adding to the mounting acceptance of the same in large proportions. The competition in this market might intensify further in the coming years owing to surged product extensions, industrialization, nutrient innovations, high quality, and in-house manufacturing of potato chips.
The potato chips market might be highly competitive in the future, owing to the increasing demand for snack products in North American and European countries. The regions are leading, owing to the established culture of eating chips as a snack regularly.
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