World Potato Chips Market size is $35 Billion in 2019, growing at a CAGR of 3.3% during the forecast period 2020-2025. Potato Chips are thin potato slices which are seasoned until crisp after being fried. The sugar present in potatoes mixes with amino acids at the time of frying and becomes brown, resulting in the yellowish-brown color of potato chips. Potato chips are handled and stored in such a way that they are inert to any microbiological deterioration, chemical or enzymatic action, humidity or other migration of vapor. For a long period of time, the flavor, texture and color of the chips remain unaltered. Consumers, due to their busy lifestyles, are searching for healthy snacks which they can indulge in. Thus, smaller, compact and convenient packages are in high demand. Potato chips, traditionally an inexpensive snack, are popular among all age groups, especially among the young population.
World Potato Chips Market Segment Analysis – By Distribution Channel
In 2019, E-Commerce segment dominated the World Potato Chips Market in terms of revenue is estimated to grow at a CAGR of 3.9% owing towards factors such as the availability of a wide variety of varieties of potato chips and crisps, easy accessibility and easy comparison of costs between different chip flavors. The rising number of smartphones and internet users is the principal factor behind the segmental increase. Cash back and home delivery services are offered by these businesses, which provide the market with further growth. The growing hectic lifestyle also encourages clients to purchase drinks or food items from online websites in order to save time. Major companies are partnering with online retailers, including Big Basket, to grow their customer base abetting towards the growth of the market.
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World Potato Chips Market Segment Analysis – Geography
In 2019, the North America region dominated World Potato Chips Market in terms of revenue with a market share of 37%. High snack consumption in the US and Canada, followed by growing demand for on-the-go food. It is also expected that the launch of fresh and creative flavored potato chips would support the growth of the regional market. North America produces about 1.5 billion pounds of potato chips annually, according to the world trade organization. The increasing occurrence of chronic diseases has steadily pushed the customer to eat potato chips made from healthier alternatives. Therefore, regional development is aided by the production of functional foods in the form of potato chips. Manufacturers of this region have taken initiatives to promote technological advancements and initiatives to escalate the product development process are key factors in the growth of the World Potato Chips market. Asia Pacific is projected to record the fastest growth rate during the forecast period 2020-2025.
World Potato Chips Market Drivers
Rising Spending On Savory Snacks
The manufacturers of potato chips and crisps add different flavors such as cheese and onion, cream cheese, paprika to draw consumers. Based on the needs and preferences of the consumers, new products are launched into the market and are made readily available to customers through technology that is estimated to improve market growth. According to Defra, over the period 2009 to 2016, average expenditure per person per week on potato snacks in the United Kingdom increased by a growth rate of 2.55%, which is supporting demand growth in the Europe region. Consumers trade and spend more on premium and nutritious varieties of savory snacks in developed economies, while consumers usually base their snack preferences on product availability and experimentation in developing countries, including Brazil, China and India are driving the markets growth.
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World Potato Chips Market Challenges
Major Regulatory Concerns
Regulatory concerns regarding usage of World Potato Chips and growing stringent government policy and regulation toward is restraining growth of the market. The lack of adequate storage facilities, susceptibility to leaching and transportation are impeding the growth of the sector. Also, large-scale disposal of plastic derivatives is a growing environmental concern restraining the business growth over the forecast years 2020-2025.
World Potato Chips Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the World Potato Chips Industry. World Potato Chips top 10 companies include KETTLE FOODS, INC., Great Lakes Potato Chips, The Lorenz Bahlsen Snack-World GmbH & Co KG, Intersnack Group GmbH & Co. KG, Herr Foods Inc., The Kellogg Company, Burts Potato Chips Ltd, Calbee, Inc., PepsiCo, Inc. and Utz Quality Foods, LLC.
In May 2020, PepsiCo, Inc. has launched two direct-to-consumer websites, PantryShop.com and Snacks.com, where shoppers can order a selection of trusted and loved food and beverage brands from PepsiCo. It provides improved flexibility and extended capacity for optimization of media and food and early process improvement work.
In February 2020, Utz Quality Foods launched Good Health and Evil Eye Potato chips which bring fun, flavorful innovation to its diverse snack food portfolio, comprised of household favorite brands.
The growing number of flavors and the increasing demand for fast snacks accelerates the Potato Chips demand over the forecast years 2020-2025.
In emerging markets, the launch of healthier alternatives, such as low-fat and low-sodium chips, has influenced market development.
Asia-Pacific region is anticipated to record the fastest growth rate during the forecast period 2020-2025.
Related Reports :
A. Potato Chips and Crisps Market
B. World Sweet Potato Starch Market
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