Globally, the savory snacks market is growing at significant rate and this factor is supporting the growth of Potato Chips Market. Introduction of various flavors and huge demand for snacks is boosting the demand of potato chips across the globe. Availability of resources and large consumer base is creating huge opportunity for key players to expand their business in Asia Pacific region especially in China and India. Innovation in flavor and packaging form major players is attracting the consumers to buy potato chips compare to other snacks which is influencing the market growth in North America and Europe. Rising health awareness among consumer has boosted the demand of organic and gluten free potato chips.
Global Potato Chips Market – Overview
The emerging market opportunities for potato chips appear to be conducive for the acceptance of convenience food in the European and North American region. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Potato Chips Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR 6.3% while achieving million dollar growth readily in the forecast period.
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The Global potato chips market is mainly driven by increasing consumption of savory snacks specially potato chips in Asia Pacific and North American region from last few years. Changing eating preferences and increase in the disposable income has boosted the sales of potato chips in developing countries. Additionally, rising consumer awareness about health has influenced the key players to introduce new products which are healthier than usual potato chips which are influencing the growth of the market.
Consumers are demanding varieties in snacks, which is encouraging companies to launch new products with new flavors and packaging. Several companies have been announcing the launch of products with new tastes, flavors, and shapes to maintain their competitiveness in the market.
Moreover, customers’ increasing inclination towards organic foods is compelling the potato chips companies to innovate their products for customer retention. Availability of resources and large consumer base is creating huge opportunity for key players to expand their business in Asia Pacific region especially in the developing countries like China and India. Innovation in flavor and packaging form major players is attracting the consumers to buy potato chips compare to other snacks which is influencing the market growth in North America and Europe.
Global Potato Chips Market – Competitive Analysis
Key manufacturers are focusing to enhance its brand name by arranging various promotional activities. The companies are actively involved in various social media promotions, events and interaction with the consumers. The manufacturers have demonstrated their new product offerings in order to attract the new customers. By this strategy the product of the company will be popular among the consumers which will aid to increase the overall profitability of the company.
Moreover, the key players are emphasizing in the research & development process in order to introduce new product also to extend the product line. Key players are introducing new potato chips in different flavors to increase the volume sales and also to increase the overall revenue of the company. In addition, manufacturers focus on effective packaging design has a noticeable impact on consumers’ shopping behavior. Packaging plays a significant role in product marketing for any business that makes or sells products and act as selling point for many consumers by delivering a sense of quality and reflect the product’s brand image.
The key players profiled in Potato Chips are-
- PepsiCo, Inc. (U.S.)
- CALBEE, Inc. (Japan)
- Diamond Foods, Inc.(U.S.)
- Herr Foods Inc. (U.S.)
- Lorenz Bahlsen Snack-World Group (Germany)
- Intersnack Group (Germany)
- Snyder’s-Lance (U.S.)
Global Potato Chips Market – Segments
The Global Potato Chips Market has been divided into Type, Distribution Channel, and Region.
On the Basis of Type
On the Basis of Distribution Channel
- Non-store based
On the Basis of Region
- North America
- Asia Pacific
The Potato Chips Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America has the major market share followed by Asia Pacific. Increasing popularity of various new flavors of potato chips is driving the market growth in North America region. Potato chips market in Asia Pacific region is growing at significant rate due to increasing consumption of potato chips in countries like China and India where large consumer base is available. The business expansion of key players in Middle East and Africa region is playing a key role in growth of potato chips market.