August 2022, Market Research Future has published a Report on the Global Potato Chips Market
Global Potato Chips Market – Overview
The emerging market opportunities for potato chips appear to be conducive for the acceptance of convenience food in the European and North American region. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Potato Chips Market Research Report- Forecast to 2030” that the market will demonstrate an exceptional CAGR 3.98% while achieving million dollar growth readily in the forecast period.
The Global potato chips market is mainly driven by increasing consumption of savory snacks specially potato chips in Asia Pacific and North American region from last few years. Changing eating preferences and increase in the disposable income has boosted the sales of potato chips in developing countries. Additionally, rising consumer awareness about health has influenced the key players to introduce new products which are healthier than usual potato chips which are influencing the growth of the market.
Consumers are demanding varieties in snacks, which is encouraging companies to launch new products with new flavors and packaging. Several companies have been announcing the launch of products with new tastes, flavors, and shapes to maintain their competitiveness in the market.
Moreover, customers’ increasing inclination towards organic foods is compelling the potato chips companies to innovate their products for customer retention. Availability of resources and large consumer base is creating huge opportunity for key players to expand their business in Asia Pacific region especially in the developing countries like China and India. Innovation in flavor and packaging form major players is attracting the consumers to buy potato chips compare to other snacks which is influencing the market growth in North America and Europe.
Latest Industry Updates
May 2022 McCain Foods has launched Rustic Chips new range of skin-on chips, which has the nutritious natural taste of potato. The potato chips are made with natural ingredients and no artificial colors or flavors. The company has created a product that fits one of the biggest trends in Australia’s food industry, which is providing more natural products for consumers.
Mar 2022 PepsiCo Inc.'s Frito-Lay division has rolled out its newest product, Poppables, a “multi-dimensional” potato puff, which is available at retailers nationwide. The company is focusing more towards new product launch.
Jan 2022 The Pennsylvanian snack manufacturer Dieffenbach's Potato Chips Inc. has launched a new potato chip brand named 'Uglies'. The chips are produced from potatoes that farmers would likely be throwing away due to minor imperfections.
Oct 2021 Utz Quality Foods, LLC, the U.S.’s largest privately held snack food company, has completed the acquisition of Golden Enterprises, Inc. by Utz Quality Foods, LLC. This merger will allow the Golden Flake brand to continue to grow in the South eastern markets, whith expanding the product selections for our consumers.
Global Potato Chips Market - Competitive Analysis
Key manufacturers are focusing to enhance its brand name by arranging various promotional activities. The companies are actively involved in various social media promotions, events and interaction with the consumers. The manufacturers have demonstrated their new product offerings in order to attract the new customers. By this strategy the product of the company will be popular among the consumers which will aid to increase the overall profitability of the company.
Moreover, the key players are emphasizing in the research & development process in order to introduce new product also to extend the product line. Key players are introducing new potato chips in different flavors to increase the volume sales and also to increase the overall revenue of the company. In addition, manufacturers focus on effective packaging design has a noticeable impact on consumers’ shopping behavior. Packaging plays a significant role in product marketing for any business that makes or sells products and act as selling point for many consumers by delivering a sense of quality and reflect the product’s brand image.
The key players profiled in potato chips are PepsiCo, Inc. (U.S.), CALBEE, Inc. (Japan), Diamond Foods, Inc.(U.S.), Herr Foods Inc. (U.S.), Lorenz Bahlsen Snack-World Group (Germany), Intersnack Group (Germany) and Snyder’s-Lance (U.S.)
Global Potato Chips Market – Segments
The global potato chips market has been divided into type, distribution channel, and region.
On the Basis of Type: Plain, Salted, Flavored, and Others.
On the Basis of Distribution Channel: Store-based and Non-store based
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
Global Potato Chips Market -
The global potato chips market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the global market followed by North America. Among the entire regions, North America is estimated to retain its dominance throughout the forecast period of 2022-2030. The U.S. is the major consumer of potato chips in the North American region. The growth of the potato chips market in North America is expected to be driven by various factors. One of the significant factors for the mounting growth of potato chips market in North America is increasing demand for convenience food among the consumers coupled with introduction of new product launch by the key players of potato chips.
However, Asia Pacific region is projected to expand at a high pace in the upcoming decade. The growth of the Asia Pacific region is attributed to the new product launch by the key manufacturers and consumers are seeking to the ready to eat food products instead of the traditional potato chips. Also, consumers in Asia Pacific are increasingly accepting western culture which in turn accelerates the sales of potato chips during the forecast period of 2022-2030.