IMARC Group, a leading market research company, has recently released report titled “ Potato Chips Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global potato chips market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the potato chip market?
The global potato chips market size reached US$ 34.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.6 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032.
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Factors Affecting the Growth of the Potato Chips Industry:
- Growing Consumer Demand for Convenient Snack Options:
The increasing consumer demand for convenient and ready-to-eat snack options is catalyzing the market growth. Along with this, the rising busy lifestyles, prompting consumers to seek easy-to-consume snacks that require minimal preparation time, is boosting the market growth. Moreover, the increasing popularity of potato chips, as it is lightweight, easy to store, and readily available, is enhancing the market growth. Besides this, the growing trend of on-the-go snacking, which has led to the proliferation of single-serve packaging, making potato chips a popular choice for quick bites during commutes, work breaks, or leisure activities, is fueling the market growth.
- Expanding Retail Distribution Channels:
The expansion of retail distribution channels is creating a positive outlook for the market growth. Moreover, the increasing availability of potato chips in supermarkets, hypermarkets, convenience stores, and online platforms in a wide variety of brands and flavors is bolstering the market growth. Apart from this, the growth of e-commerce that enables consumers to purchase their preferred snacks from the comfort of their homes is fostering market growth. Online retail platforms offer a broader range of products and often provide discounts and promotional offers, making it an attractive option for consumers.
- Rapid Product Innovation and Flavor Diversification:
The rising product innovation and flavor diversification are propelling the market growth. Moreover, the rising willingness among consumers to explore new and exotic flavors, prompting manufacturers to introduce innovative products continually, is acting as a growth-inducing factor. In addition to this, the introduction of unique and unconventional flavors, such as spicy, sweet, and tangy combinations, that capture the interest of consumers is contributing to the market growth. Additionally, the growing demand for healthier snack options, leading to the development of baked and low-fat potato chips, is enhancing the market growth.
Potato Chips Market Report Segmentation:
Breakup By Product Type:
- Plain
- Flavoured
Plain dominated the market share due to their classic taste and versatility, making them a staple snack choice.
Breakup By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Food Stores
- Online Stores
- Others
Supermarkets/hypermarkets accounted for the largest market share as they offer a wide variety of potato chip brands and flavors, providing convenience and accessibility to a large customer base.
Breakup by Country:
- United States
- United Kingdom
- Russia
- China
- Argentina
- Brazil
- India
The United States' dominance in the potato chips market is attributed to the high consumption rate of snack foods, driven by a strong snacking culture and widespread availability of potato chips across various retail channels.
Global Potato Chips Market Trends:
The increasing focus on sustainability and environmentally friendly practices, encouraging consumers to become more conscious of the sustainability of the products they purchase, including snacks like potato chips, is favoring the market growth. Moreover, the growing interest in sourcing potatoes from sustainable farming practices that minimize environmental impact, which includes the use of organic farming methods, water-efficient irrigation techniques, and crop rotation to maintain soil health, is enhancing the market growth. Additionally, the rise of plant-based and alternative ingredients as companies experiment with potato chip alternatives made from sweet potatoes, beets, and other root vegetables is fueling the market growth.
Leading Companies Operating in the Global Potato Chips Industry:
- Pepsico
- Kraft Foods
- Kellogg's
- Diamond
- General Mills
- Nestlé
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