Renub Research latest report, titled “Potato Chips Market Global Forecast 2021-2028, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” finds that Potato Chips Market is to reach US$ 32.2 Billion by 2020. Potato Chips represent the world as one of the popular snack foods; at the same time, it is the most convenient food option currently available for people to keep pace with their busy lifestyles. Potato Chips shorten the meal preparation time and can be served in a quick snack or part of the meal. Potato chips, which have conventionally been an affordable snack, are popular among all ages, especially the young population. They are usually accepted as a side dish, appetizer, or snack.
Besides there is rising health consciousness among the global population to consume potato chips with reduced fat and calorie content, lower cholesterol, fortified with healthy ingredients, etc. Gluten-free potato chips, non-GMO verified and made with sea salt, natural colours, and flavors are gaining more popularity than traditional chips. As per our research findings, Global Potato Chips Industry is likely to grow with a CAGR of 3.92% from 2020-2028.
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Impact of COVID-19 on Potato Chips Industry
The outbreak of COVID-19 resulted in unusual stress on the supply chain of potatoes, ending in an adverse impact on the overall growth of the potato chip industry. Despite the interruptions in the supply chain of potatoes, the forced lockdown over the world and extended work from home scenario actively encouraged at-home food consumption and extension in snack products, which increased the demand for potato chips. The COVID-19 pandemic has happened in the generation of opportunities for many private players to appear in the markets to cater to the increased demand for potato chips.
Consumers’ Preference Towards Traditional Flavors is Fueling the Demand
Based on product, potato chips are segmented into plain or flavored. The inclination of consumers to prefer traditional flavors is to fuel the demand for plain potato chips. Crunchy, salty flavored potato chips are at the top of the most prominent people's list of popular snack foods. Flavors like garlic and cheeses contain acids, the second component that helps make potato chips taste amazing. Acids like buttermilk solids, lactic acid, and citric acid all make the chips taste better.
Worldwide Potato Chips Market Size was US$ 32.2 Billion in 2020
Notwithstanding, the ease of shopping offered by Supermarket/Hypermarket provides a wide selection of plain and flavors of potato chips and crisps, quick accessibility, and easy cost comparison across various types of chips. A convenience store is a retail division channel that stocks many potato chips verities such as snack foods.
According to the Census data and Simmons National Consumer Survey (NHCS), 284.37 Million Americans consumed potato chips in 2020
Geographically, in 2020, potato chips market in the Asian-Pacific market was the fastest growing market for potato chips among all regions. The North-American area was the significant market for potato chips. North America's homegrown potato chips snack; due to changing lifestyles, Americans opt for easy food options and look for authentic and natural snack options with health and wellness attributes, which influences per capita expenditure in savory snacks products, including potato chips.
In India Potato Chips are still an impulse purchases for a Section of Population
Furthermore, people in the U.S are recognized to combine conventional salt chips with a variety of gastronomes. Acceptance of quick meals such as sandwiches and burgers is one of the essential portions that demand. Chips are widely eaten as a favorite combination with burgers and sandwiches. In the Asia Pacific, potato chips are an impulse in which an element of indulgence is required. Technological improvements, Change in lifestyles, expanded investment in developed countries of the region, and a taste preference add to the rise of the potato chips industry in Asia- Pacific.
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Competitor Analysis
The potato chips market is highly consolidated, with major players such as General Mills, Kellogg's Company, The Kraft Heinz Company, and PepsiCo Inc. These companies are integrated from potato chip production to packaging and distribution. To meet varying tastes and preferences, global potato chips companies are reacting to customer desire for more potent and flavored choices, giving a wide variety of options such as sour cream, cheddar, barbeque, sweet & spicy ketchup, and cheese.
- Product Type - We have covered by product type in the potato chips market breakup by 2 viewpoints (Plain Chips & Flavored Chips)
- Distribution Channel - Renub Research Report covered by Distribution Channel in the potato chips market breakup by 3 viewpoints (Super Market/Hyper Market, Convenience Stores, Others)
- Region - Our Report covers by region in potato chips market breakup by 4 viewpoints (North America, Europe, Asia-Pacific’s, Rest of World)
- All the companies have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue) General Mills, The Kraft Heinz Company, Kellogg's Company, and PepsiCo Inc.
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