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[ 170 + Pages Research Report ] Potato Chips & Crisps Market to surpass USD 34.8 billion in 2021, and it is foreseen to reach a valuation of USD 53.4 billion by the end of 2031, developing at a growth rate of 4.4% over the prediction period.
Product Overview
Potato chips and crisps are one of the world's most popular snack foods. The potato chip and crisp business have grown significantly over the years, becoming a multibillion-dollar industry. The potato chips & crisps market, on the other hand, is seeing a shift in consumption habits, fluctuating raw material prices, and fierce competition from replacements. Market manufacturers are likely to succeed by producing newer items and fast-changing the ingredients of current products to match changing consumer demand. The key to thriving in the worldwide potato chips and crisps industry is the development of innovative varieties to match the tastes of a wide range of consumers.
Market Highlights
Global Potato Chips & Crisps Market is expected to reach a CAGR of 4.4% by the end of 2031.
In recent years, the potato chips and crisps market has grown significantly and is now worth billions of dollars. Chips and crisps made of potatoes are popular snacks all over the world. They are thinly sliced potatoes that are either baked or fried in oil until crisp. Potatoes are high in vitamins, potassium, minerals, and vitamin C, all of which are beneficial to your health. They have a long list of health benefits, including preventing heart disease, gaining weight, reducing inflammation, lowering cancer risk, lowering blood pressure, and increasing brain function.
Global Potato Chips & Crisps Market: Segments
The flavored segment is predicted to grow with the maximum CAGR over the forecast period 2021-31
Due to factors such as customers choosing traditional chips, mixing traditional chips with gourmets, and desiring less salt due to the growth in chronic diseases, the Plain segment held the highest share. During the projection period 2021-2031, the flavored category is expected to increase at the quickest rate. The rise of this segment is due to reasons such as flavor availability, rising demand among the youthful population, and increasing taste inclination.
The supermarket segment is predicted to climb with the highest CAGR during the forecast period 2021-31
Due to factors such as the availability of bulk purchase discounts, the rapid expansion in the number of food stores, top quality chips at preferred rates, and the low danger of bad debts, the Super Market category held the greatest share of the Distribution Channel. Due to factors such as the availability of a wide selection of flavors of potato chips and crisps, quick accessibility, and easy cost comparison across various types of chips, the Online Retailing category is expected to be the fastest expanding segment.
Market Dynamics
Drivers
Easy availability of flavor and a sedentary lifestyle contributes to the growth of the market
To attract clients, potato chip and crisp manufacturers are releasing new flavors such as cheese and onion, cream cheese, and paprika. New goods are launched into the market in response to client demand and taste, and they are made easily accessible to customers through technology, which is expected to boost the market for Potato Chips and Crisps. Customers' sedentary lifestyles are also expected to boost the growth of the Potato Chips and Crisps Market.
The increasing income of individuals in developing countries is boosting the growth of the market
Customers gravitated toward convenience and a sedentary lifestyle as their disposable income increased. People are becoming more interested in western lifestyles, which is expected to boost the potato chips and crisps market.
Restraint
The availability of alternative products is hampering the growth of the market
The ongoing introduction of healthier alternatives, such as low-fat and low-sodium snacks, in developing economies is hampered total sales in the worldwide potato chips and crisps market. Manufacturers in the market intend to address this delicacy by developing healthier snacks. Furthermore, there are various substitutes for potato chips and crisps on the market, which can pose a significant threat and limit worldwide market growth throughout the forecast period.
Global Potato Chips & Crisps Market: Key Players
PepsiCo Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Herr Foods Inc
Utz Quality Foods Inc
Intersnack Group
Sanders-Lance
Calbee Foods
The Campbell Soup Company
The Kellogg Company
Great Lakes Potato Chips
Burts Potato Chips Ltd
Other prominent players
Global Potato Chips & Crisps Market: Regions
Region-wise, the Potato Chips & Crisps Market is segmented as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Due to the rapid rise of modern distribution channels such as supermarkets and hypermarkets, Asia-Pacific was the fastest-growing region. The increasing popularity of snack foods in Asian countries has forced regional competitors to adopt strategic improvements to acquire a competitive advantage in the snack food market. Furthermore, the market's growth is influenced by the reputation of various types of goods. The potato chips market in Asian countries is also predicted to develop as a result of product and packaging innovation tactics.
Impact of COVID-19 on Potato Chips & Crisps Market
The outbreak of COVID-19 put an unusual amount of strain on the potato supply chain, resulting in a detrimental influence on the market's overall growth. Despite the disruptions in the potato supply chain, the global forced lockdown and extended work from home scenario actively stimulated at-home food consumption as well as snack product growth, which boosted demand for potato chips. The COVID-19 pandemic has created chances for a slew of new private entrepreneurs to enter the market to meet the soaring demand for potato chips.
Global Potato Chips & Crisps Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States, Canada, Mexico, and Rest of North America
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Russia, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, Japan, Australia, and Rest of APAC
the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Saudi Arabia, South Africa, and Rest of the Middle East and Africa
Global Potato Chips & Crisps Market report also contains analysis on:
Potato Chips & Crisps Market Segments:
By Type
Sliced
Compound
Baked
Dehydrated
By Taste
Plain
Salted
Chili
Flavored
By Distribution Channel
Convenient Stores
Independent Retailers
Supermarkets
Potato Chips & Crisps Market Dynamics
Potato Chips & Crisps Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Potato Chips & Crisps Market Report Scope and Segmentation
Report Attribute
Details
The market size value in 2021
USD 34.8 billion
The revenue forecast in 2031
USD 53.4 billion
Growth Rate
CAGR of 4.4% from 2021 to 2031
The base year for estimation
2020
Quantitative units
Revenue in USD billion and CAGR from 2021 to 2031
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Type, Taste, Distribution Channel, and Region
Regional scope
North America, Europe, Asia Pacific, South America, Middle East & Africa (MEA)
Key companies profiled
PepsiCo Inc, Herr Foods Inc, Utz Quality Foods Inc, Intersnack Group, Sanders-Lance, Calbee Foods, The Campbell Soup Company, The Kellogg Company, Great Lakes Potato Chips, Burts Potato Chips Ltd, and other prominent players.