Global Potato Chips Market - Growth, Trends and Forecasts (2018 - 2023)
The global potato chips market is expected to grow at a CAGR of 4.4%, during the period 2018-2023. Easy affordability and availability has helped substantially grow potato chip consumption globally. With the younger population representing a key segment of total demand, product innovation has become an imperative for market players. Most notably, flavors like salty, sour, sweet, hot sauce, ketchup, light salted, red hot, etc., represent the continuing focus on such product differentiation.
The increasing young population, globally, disposable incomes and changing lifestyles are promoting higher consumption of potato chips. These chips are served as appetizers, side dish, or as snacks. Innovation or new product offering is considered as an opportunity for this market. The introduction of healthier alternatives, like the low-fat and low-sodium chips, in the emerging markets also supports the growth of this industry. There are many potato chip substitutes available in the market, and this could be a major threat and also hamper the consumer loyalty, which can further inhibit the potato chips market growth.
The global potato chips market has been segmented by type and taste. By taste, the market is segregated into plain, salted, chili, and flavored chips. Further segmentation, by flavor, is done as barbecue chips, salt & vinegar, sour cream and onion, spicy jalapeno, rotisserie chicken, cheddar and sour cream, sweet onion, honey mustard, ranch, cheese & onion, and salt & pepper. In the U.S, more than 50% of households prefer plain potato chips over the flavored. The flavored potato chips market hold a higher CAGR during the forecast period.
The global potato chips market is also segmented by the distribution channel into super markets/hyper markets, convenience stores, independent retailers, and others. The supermarkets/hyper markets dominated in 2016, with more than 70% market share.
The potato chips market has been geographically segmented into North America, Europe, South America, Africa, and Asia-Pacific. North America and Europe are matured markets dominating the global chips market. In 2015, potato chips in Canada account for 20% of the snacks market. The Asia-Pacific and South American regions have shown a significant growth. India registered a 10% growth since 2014, due to the rising urbanization and an increase in the per-capita income. Currently, the market is valued at over USD 460 million in the region. A substantial growth has been seen in China during the past two decades, supported by the introduction of new flavors and healthier alternatives. Major PLAYERS: BURTSCHIPS, CALBEE FOODS, GOLDEN FLAKE SNACK FOODS, GREAT LAKES POTATO CHIPS, HERR, INTERSNACK GROUP, KETTLE FOODS, KOIKEYA, LORENZ BAHLSEN SNACK WORLD, NOTIONS GROUP, OLD DUTCH FOODS, PANPAN GROUP, PEPSICO and POP CHIPS, amongst others.
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