Market Dynamics:
The rising demand for ready-to-eat snacking products contributes to the increase in consumer sales of potato chips and crisps. Consumer demand for snack goods is predicted to fuel the worldwide potato chips and crisps market's expansion throughout the forecast period. Additionally, manufacturers' ongoing R&D innovation is likely to drive the worldwide Potato Chips & Crisps Market throughout the forecast period.
Consumers' food choices are significantly influenced by changing lifestyles, the availability of convenience foods, and developing dietary patterns. Consumption of snack foods such as potato chips and crisps began in the western world and quickly expanded to other parts of the world. Due to the rise in busy lifestyles, the traditional "three meals a day" model is no longer relevant, and the global population, particularly millennials and Gen Z, has adopted snacking attitudes.
The availability of healthy alternatives, on the other hand, is projected to restrain market expansion in the next years.
Global Potato Chips & Crisps Market Overview:
The global Potato Chips & Crisps Market Share is projected to register a CAGR of 4.39% and reach a value of USD 50.1 billion by 2028.
Segmental Analysis:
The worldwide potato chips & crisps market has been segmented by type into flavoured and plain. In 2020, the flavoured sector held a bigger market share, while plain is predicted to grow at a faster rate of 4.70 percent over the forecast year.
The worldwide potato chips and crisps market has been categorised based on function into conventional and organic. Organics are expected to grow at a faster rate of 4.48 percent over the forecast period.
The global potato chips & crisps market has been split by distribution channel into store-based and non-store-based. Supermarkets and hypermarkets held a greater market share in 2020 and are predicted to account for 3.98 percent of the market during the projection period.
Regional Overview:
Increased demand for ready-to-eat snacks and easy foods as a result of the region's hectic lifestyle is likely to support the North America potato chips & crisps market's growth during the forecast period. Additionally, several producers in the region are focused on developing novel flavours that provide consumers a variety of chip flavours, tastes, and textures, hence supporting the North America potato chips & crisps market's growth during the forecast period. Additionally, prominent manufacturers are focusing on promotional activities to raise customer knowledge about new product launches, which will drive the North America potato chips & crisps market's growth during the forecast period.
Asia-Pacific held the second-largest market share of 28.22 percent in 2020 and is predicted to be the most profitable regional market for potato chips and crisps during the study period. During the forecast period, the Asia-Pacific Potato Chips & Crisps Market Trends would benefit from the growing trend of snacking on potato chips & crisps. The growing demand for packaged foods in emerging markets such as China and India provides additional support for the Asia-Pacific potato chips and crisps industry. Significant prospects exist in Asia-Pacific for leading manufacturers of potato chips and crisps. Manufacturers are launching new items in an attempt to win a share of the region's competitive market. The tremendous rise of online groceries is expected to be a crucial element in the potato chips & crisps market's growth throughout the forecast period.
Competitive Dynamics:
Prominent players in the global potato chips & crisps market include PepsiCo, Inc. (US), Kellogg Company (US), Burts Potato Chips Ltd (UK), Calbee Inc. (Japan), Utz Quality Foods, Inc. (US), Great Lakes Potato Chip Co. (US), The Lorenz Bahlsen Snack-World GmbH & Co KG (Germany), Herr Foods Inc. (US), The Campbell Soup Company (US), and Intersnack Group GmbH & Co. KG. (Germany).
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