New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Potato Chips & Crisps Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Potato Chips & Crisps Market Information by Type, Category, Distribution Channel, and Region - Forecast till 2028”, the market is estimated to acquire a size of over USD 50.1 billion by the end of 2028. The report further predicts the market to thrive at a healthy CAGR of over 4.39% during the review timeframe.
Market Scope:
Potato chips and crisps refer to thin slices of potato baked or deep-fried until crunchy. They are one of the most popular snacks worldwide. They come in two different varieties, such as plain and flavored. The elevated demand for ready-to-eat snacks products is the primary aspect causing an upsurge in the market's global growth. In addition, the increased demand for snack products is anticipated to propel the market's growth over the coming years. moreover, the consistent R&D innovation by the manufacturers is also projected to positively impact the market's growth. On the other hand, healthier snack options are projected to impede the market's growth.
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Competitive Analysis
The global market for potato chips & crisps has prominent leaders such as:
- Intersnack Group GmbH & Co. KG. (Germany)
- PepsiCo, Inc. (US)
- The Campbell Soup Company (US)
- Kellogg Company (US)
- Herr Foods Inc. (US)
- Burts Potato Chips Ltd (UK)
- The Lorenz Bahlsen Snack-World GmbH & Co KG (Germany),
- Calbee Inc. (Japan)
- Great Lakes Potato Chip Co. (US)
- Utz Quality Foods, Inc. (US)
Market USP Covered
Market Drivers
The global market for potato chips & crisps has registered a substantial rise in the last few years. The market's growth is primarily credited to the increased demand for snack products. Furthermore, the factors such as evolving dietary patterns, availability of convenience food, and changing lifestyles are also projected to boost the demand for these products across the globe. Moreover, the trend of consuming snack products, rise in busy lifestyles, growing need for an on-the-go snack, and rapid urbanization are projected to catalyze the market's growth over the assessment era. In addition, the enormous growth of online sales is likely to offer lucrative opportunities to the players worldwide.
Market Restraints
Although there are several aspects propelling the market's growth, there are some restraining factors as well. The availability of healthier snack options across the global market is likely to restrict the market's growth.
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COVID-19 Impact
The occurrence of the COVID-19 pandemic led to a major global crisis. The impact affected more than 200 countries. The pandemic has already impacted the global economy. With the rapid growth in the COVID-19 cases, the market faced a major decline in demand worldwide.
In addition, with the implementation of lockdowns and travels restrictions across the majority of the countries worldwide, the market faced a major shortage of raw materials leading to falling in the production level.
Segment Analysis
The global potato chips & crisps market has been fragmented into various segments based on distribution channel, category, type, and region.
The global potato chips & crisps market is split into plain and flavored based on type. The flavored segment led the global market with the largest revenue share in 2020, whereas plain is anticipated to register a healthy CAGR of over 4.70% during the review period.
The global potato chips & crisps market is divided into organic and conventional based on category. The organic segment is anticipated to register a healthy CAGR of over 4.48% during the assessment timeframe.
The global market for potato chips & crisps has been fragmented into non-store-based and store-based based on distribution channels. The store-based channel segment will likely generate the maximum revenue share over the forecasted era.
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Regional Analysis
The global potato chips & crisp market is examined across five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
As per the MRFR analysis, the North American region led the global potato chips & crisp market in 2020 with the largest market share of over 33.39%. The regional market is anticipated to exhibit a healthy CAGR of over 4.20% during the assessment era. The regional market's growth is primarily attributed to the growth in demand for ready-to-eat snacks and convenient foods across the globe, given the hectic lifestyle of the people across the region. Furthermore, the presence of major market leaders across the region is another crucial parameter boosting the demand for potato chips & crisps across the region. In addition, the major market players launch innovative products and flavors, boosting the demand for the products across the region.
The potato chips & crisp market for the Asia-Pacific region held the second position globally in 2020. The regional market is likely to flourish with a healthy CAGR of over 4.53% during the assessment timeframe. The regional market's growth is primarily credited to the growing trend of consuming snack products. Furthermore, the increase in demand for packaged foods across the developing economies such as India & China is also projected to catalyze the growth of the market over the coming years. additionally, the leading players across the region are investing heavily to launch innovative flavors and products, which in turn is anticipated to offer lucrative growth opportunities over the coming years. moreover, the rapidly growing online sector is anticipated to increase the sales of potato chips & crisps across the region.
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