As per the latest report by IMARC Group, titled “Potato Chips Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 29 Billion in 2018. Potato chips represent one of the most popular snacks consumed across the globe. They are thinly sliced potato pieces that are either baked or fried until they become crunchy. Potato chips are generally served as a snack, appetizer or side dish with added flavors and ingredients such as salt, cheese and spices. These chips are processed and stored in a manner that prevents them from any microbiological spoilage, chemical and enzymatic activities, and moisture or other vapor migration. As a result, the taste, texture and color of the chips remain unaltered for a long time.
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Global Potato Chips Market Trends:
The presence of a diverse range of potato chips with different flavors and textures represents one of the major factors driving the market growth. Moreover, the raw materials that are employed in the production of potato chips such as potatoes, oil and salt, are widely available in almost every part of the world, which encourages their production. Apart from this, the demand from emerging economies is anticipated to drive the market in the upcoming years. While, the consumption of potato chips was earlier confined to the western countries, with the westernization of food consumption patterns, a rise in the middle-class population and rapid urbanization, the consumption of potato chips in developing countries has been growing at a significant rate. Looking forward, the market value is projected to reach US$ 35 Billion by 2024, expanding at a CAGR of around 3.1% during 2019-2024.
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- Based on the product type, the market has been bifurcated into plain and flavored chips.
- On the basis of the distribution channel, the market has been classified into supermarkets/hypermarkets, convenience stores, specialty stores, online retail and others. Amongst these, supermarkets/hypermarkets hold the majority of the total market share as they offer a one-stop experience to buyers. They also provide different product varieties and brands of potato chips to choose from which, in turn, helps in increasing brand awareness amongst consumers.
- Region-wise, the United States represents the biggest market for potato chips owing to the availability of numerous brands in confluence with the growing demand for fortified potato chips in the country. Other major markets include the United Kingdom, Russia, China, Argentina, Brazil and India.
- The competitive landscape of the market has been analyzed along with the detailed list of the major players that are operating in the industry.
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