New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global market for potato snacks has a value of US$ 92.31 Billion in 2023. The global potato snacks market is expected to grow at a CAGR of 3.1% from 2023 to 2033, reaching a value of USD 125.04 billion by 2033. The growth of the market is being driven by a number of factors, including rising disposable incomes, increasing population, large and growing young population, urbanization, and rising demand from the developing regions.
Introduction
Potato snacks are a diverse category of snack foods derived from potatoes. They include chips, crisps, fries, wedges, and other savory potato-based snacks. These snacks are favored for their flavor, texture, and convenience.
Market Overview
The global potato snacks market is witnessing substantial expansion due to factors such as urbanization, hectic lifestyles, and a growing culture of on-the-go eating. Potato snacks have become an integral part of the global snacking landscape.
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Executive Summary
The global potato snacks market is experiencing steady growth driven by changing consumer preferences, snackification trends, and innovation in snack varieties. This report provides an extensive analysis of market dynamics, trends, growth drivers, challenges, and future prospects.
Market Drivers
- Rising disposable incomes: The increasing disposable incomes of consumers in developing and developed countries are leading to an increase in the demand for processed foods, such as potato snacks.
- Increasing population: The growing population is also driving the growth of the potato snacks market. As the population grows, so does the demand for food, including snacks.
- Large and growing young population: The large and growing young population is another major driver of the potato snacks market. Young people are more likely to snack than older people, and they are also more likely to experiment with new flavors and varieties of snacks.
- Urbanization: The trend of urbanization is also contributing to the growth of the potato snacks market. Urbanites are more likely to snack than rural dwellers, and they are also more likely to buy processed foods, such as potato snacks.
Market Trends
- Increasing demand for flavored potato snacks: There is a growing demand for flavored potato snacks, such as those with barbecue, sour cream and onion, and nacho cheese flavors. This is due to the increasing popularity of these flavors among consumers.
- Rising popularity of organic and gluten-free potato snacks: There is a growing demand for organic and gluten-free potato snacks among health-conscious consumers. This is due to the perception that these snacks are healthier than traditional potato snacks.
- Increasing use of innovative packaging: Manufacturers are increasingly using innovative packaging for potato snacks, such as resealable bags and pouches. This is to ensure that the snacks stay fresh and crisp for longer.
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Competitive Landscape
Key players in the global potato snacks market include:
- McCain Foods Limited
- Lamb Weston Holdings, Inc.
- The Kraft Heinz Company
- Aviko B.V.
- AGRANA Beteiligungs-AG
- Farm Frites International B.V.
- Emsland Group
- LENG-D'OR
- Idahoan Foods, LLC
- J.R. Simplot Company
- PepsiCo and many others
These companies are investing in flavor innovation, sustainable packaging, and marketing strategies to maintain their market position.
Recent Developments:
here are some recent developments of companies in the potato snacks market:
- In August 2022, PepsiCo launched a premium potato chips range, Lays Gourmet. The chips are made with high-quality ingredients and come in a variety of flavors, including truffle parmesan, roasted garlic, and chili lime.
- In May 2022, Walkers (United Kingdom) premium potato crisp brand sensations added a range of special flavors for Queen's jubilee. The flavors launched by the company included spit-roast pork and apple sauce and baked cheese and sweet honey.
- In April 2022, Utz Brands Inc. launched two new potato chip offerings, which are its limited-time-only offerings. The flavors are Classic Drill Pickle and Cheddar Bacon Ranch.
- In March 2022, Kettle Brand launched a new line of potato chips made with avocado oil. The chips are said to be healthier than traditional potato chips made with vegetable oil.
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The major strategies adopted by the players in the market include:
- Product innovation: Players are constantly innovating their products by introducing new flavors, textures, and packaging.
- Expansion into new markets: Players are expanding into new markets, both domestically and internationally.
- Acquisitions and mergers: Players are acquiring smaller players to expand their product portfolio and distribution network.
- Partnerships and collaborations: Players are partnering with other companies to develop new products and reach new markets.
The market is expected to continue to grow in the coming years, driven by the factors mentioned above. However, the market is also facing some challenges, such as the increasing health concerns about processed foods and the rising competition from other snack foods.
Segmentation
The global potato snacks market is segmented by product type, distribution channel, and region.
- By product type: Potato chips, French fries, Tortilla chips, Baked potato snacks, Other
- By distribution channel: Grocery stores, Convenience stores, Online retailers, Other
- By region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
About Food & Beverage Division at Persistence Market Research
The Food & Beverage team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfil the unique business intelligence needs of clients worldwide. With a catalogue of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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