United States, Rockville MD, July 21, 2022 (GLOBE NEWSWIRE) -- As per a detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global non-potato veggie chips market is anticipated to expand at a CAGR of 4.8% to reach US$ 6.18 billion by 2032. Worldwide non-potato veggie chip sales are valued at US$ 3.85 billion in 2022.
The global market for non-potato vegetable chips is seeing a rise in the popularity of plant-based or "veggie" crisps. Consumer desire for plant-based meals and beverages has grown significantly over the past few decades, and this trend is only set to get bigger over the coming years.
Demand for vegan goods such as veggie crisps is mostly driven by rising consumer knowledge about the sustainability issues associated with meat-based diets, efforts to prevent animal cruelty, and the health advantages of vegan diets.
Also, the rising need for vegetarian crisps that are completely natural, gluten-free, GMO-free, and devoid of chemicals, MSG, and artificial flavours is driving overall market growth.
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Which Market Factors are Boosting Sales Growth of Non-potato Veggie Chips?
“Growing Global Demand for Non-GMO & Gluten-free Snacks”
Increased blood sugar levels and obesity among the worldwide population have been linked to the consumption of low-nutritional, carbohydrate-rich snacks. Consumers have changed their mindsets and are now choosing healthy food products as a result. Non-potato vegetable chips are snack foods that are low in salt and high in vitamins and dietary fibre.
Growing demand for non-GMO and gluten-free snacks will present major potential for producers in the non-potato veggie chips sector. Market players have also been experimenting with other flavours to increase their consumer base, which is expected to boost the market expansion for non-potato veggie chips.
What Should New Market Entrants Learn from Key Market Players to Generate High Revenue Share?
“New Companies Should Mainly Focus on Technological Advancements, Product Innovation, Package Design, & Educational Marketing”
Newer varieties of non-potato veggie chips have been made available to consumers due to a direct entry of technologies in the food and beverage sector.
Improvements in vegetable processing and dehydration have resulted in extended raw material shelf lives for the manufacture of non-potato veggie chips, thus lowering the price for customers.
Manufacturers have also been investing in new technologies to innovate non-potato veggie chip packaging that is enticing, informative, easy to grab, and environmentally responsible.
Because of all these factors, it is anticipated that the market for non-potato veggie chips will continue to expand strongly in the years to come, thereby providing lucrative opportunities for new manufacturers to enter.
- Munchy Seeds introduced a new line of gut-friendly chips in recyclable packaging in October 2021. The company wants to make green and sustainable items while reviewing its production methods.
- Pringles, the most well-known brand of The Kellogg Company, debuted a new line of vegetarian chips in Australia in May 2021. The flavours of the goods range from tomato with herbs and mozzarella to sweet potato with sea salt.
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Which Regions are Profitable for Non-potato Veggie Chip Producers?
“Presence of Key Market Players in North America”
In 2022, North America accounts for 24.7% of the global market share. The U.S. and Canada are anticipated to continue to be lucrative markets for the expansion of vegetable chips due to the high concentration of important companies that serve the rising demand for non-potato veggie chips among consumers.
Furthermore, the processing and packaging of food products have been impacted by technological advancements, which have increased food sales in the US and Canada.
A robust distribution network is boosting the market for non-potato veggie chip products throughout Europe. In hypermarkets and supermarkets which provide special offers, discounts, and combos, the market for vegetable chips in Europe is anticipated to grow quickly.
Europe is likely to hold 21.2% of the global market share, in 2022. According to estimates, there will be a rise in the demand for healthy food snacks across Europe.
Moreover, it is predicted that the changing eating and lifestyle patterns of consumers in Europe will drive growth in the global market for vegetarian chips.
Which Types of Non-potato Veggie Chips are Most Popular?
“Mix Veggie Chips Highly Popular in Baked and Gluten-free Variations”
The vegetable segment is expected to dominate the market for non-potato veggie chips and will account for the largest market share in 2022. Over the forecast period, the segment is anticipated to continue to rule.
Due to shifting taste preferences, consumers are more open to experimenting with diverse flavours of vegetable chips, which is fuelling the segment's expansion. During the forecast period, the mixed veggie chips segment is anticipated to develop at the fastest rate.
The segment is expanding as a result of the growing availability of baked mix, vegan, and gluten-free chips. Mix veggie chips combine a variety of flavoured and dried veggies, including spinach, beetroot, and zucchini, and are thought to have several health benefits, which propelled the category.
Competitive Landscape
The non-potato veggie chips market is extremely fragmented as a result of the participation of several producers.
Several international and local firms compete in a variety of markets, including pricing, new product launches, product line extensions, strategic alliances, and advertising campaigns.
Key market participants must differentiate their products with a clear and consistent value proposition to maintain the competitive environment of the non-potato veggie chips industry.
- A new line of potato crisps with fruit and vegetable slices was introduced by the Kettle Chips brand in the U.K. in April 2019.
Key Segments Covered in Non-Potato Veggie Chips Industry Research
Non-Potato Veggie Chips Market by Source:
- Root Vegetable Chips
- Carrot Chips
- Cassava Chips
- Jerusalem Artichoke Chips
- Turnip Chips
- Parsnip Chips
- Sweet Potato Chips
- Zucchini Chips
- Others
- Leafy Vegetable Chips
- Kale Chips
- Spinach Chips
- Others
Non-Potato Veggie Chips Market by Flavour:
- Classic Salty
- Barbecue
- Cheese
- Salt & Pepper
- Cheese & Onion
- Jalapeno
- Others
Non-Potato Veggie Chips Market by End Use:
- Household
- Foodservice
- Snack Foods
- Baked Foods Accompaniments
- Soups Toppings
- Salads
- Others
Non-Potato Veggie Chips Market by Distribution Channel:
- Direct Sales
- Indirect Sales
- Hypermarkets / Supermarkets
- Convenience Stores
- Specialty Retail Stores
- Traditional Grocery Stores
- Online Retailers
Non-Potato Veggie Chips Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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