Potato Chips Market Outlook 2031
The global potato chips market size was USD 36.92 Billion in 2022 and is expected to reach USD 52.55 Billion by 2031 to expand at a CAGR 4% during the forecast period, 2023–2031. The growth of the market is attributed to increasing demand for affordable snacks, which is popular among all age groups, especially the young population.
The production of potato chips includes seasoning of potatoes slices until they turn crispy. They are further deep-fried or baked to produce potato chips. While frying, the sugar present in potatoes combine with amino acids and turns brown, which results in the yellowish-brown colour of potato chips. Additionally, potato chips are processed and stored in such a way that they are inert toward any microbiological spoilage, chemical, and enzymatic activities as well as moisture.
The taste, texture, and colour of the chips remain unchanged for a long period of time. Potato chips are packed in air-tight plastic bags, which significantly improves the shelf life.
Potato Chips Market Trends, Drivers, Restraints, and Opportunities
- Huge availability of raw materials used in the manufacturing of potato chips is projected to boost the market growth.
- Effective supply chain and production planning in the manufacturing facilities is expected to drive the market expansion during the forecast period.
- Product variety, mix of snacks flavors, changing consumer lifestyle, and growth in distribution channels are major factors that are contributing to rising sales of potato chips, boosting the market growth.
- Rising middle class population and rapid urbanisation are expected to proliferate the growth of the market.
- Growing unorganised potato chips market can hinder multinational and renounced players, hindering the market growth.
- Increasing number of potato chip substitutes can hamper the market growth during forecast period.
- Rising health consciousness among consumers has encouraged a shift toward healthier eating patterns, such as fruits and wholegrain crackers, which is anticipated to impede the market growth during the forecast period.
- Expanding R&D investments and technological advancements to introduce more flavors and healthy products can create significant opportunities for the market players.
Scope of Potato Chips Market Report:
The report on the global potato chips market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Potato Chips Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Fried and Baked), Flavors (Plain/Salted and Flavored) and Distribution Channels (Supermarket/Hypermarket, Convenience Stores, Specialist Retailers, Online Retail Stores, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Burts Potato Chips Ltd, Calbee, Inc., Herr Foods Inc., Kellogg Company, and PepsiCo, Inc.
Potato Chips Market Segment Insights
Baked segment to account for a large market share
Based on types, the market is divided into fried and baked. The baked segment is expected to hold a key market share during the forecast period. Baked potato products has less fat and calorie content as compared to fried potato chips. Moreover, the addition of healthy ingredients in baked products is expected to propel the segment growth.
Flavored segment to expand at a rapid pace
On the basis of flavors, the market is bifurcated into plain/salted and flavored. The flavored segment is expected to grow at a rapid pace during the forecast period owing to the introduction of new flavors and the positive response for new flavors from consumers.
Supermarket/hypermarket segment to register at a substantial CAGR
In terms of distribution channels, the market is segregated into supermarket/hypermarket, convenience stores, specialist retailers, online retail stores, and others. The supermarket/hypermarket segment is anticipated to register at a substantial CAGR during the forecast period owing to the availability of a wide variety of product types and brands.
Asia Pacific anticipated to dominate the market
Based on regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period due to increasing infrastructure development such as metro station, cinema halls, airport and others in countries such as India and China.
The global potato chips market has been segmented on the basis of
- Convenience Stores
- Specialist Retailers
- Online Retail Stores
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the potato chips market include Burts Potato Chips Ltd, Calbee, Inc., Herr Foods Inc., Kellogg Company, and PepsiCo, Inc.