04 January 2021
Global potato chips market growing substantially
THE global potato chips market is growing substantially and is expected to capture a healthy CAGR (compound annual growth rate) and achieve million-dollar growth between now and 2024.
The growth can be attributed to growth in the savory snacks market which is favouring the growth of the chips market. Growing demand for convenience food, changing eating habits, easy availability and affordability of potato chips are the primary drivers of the market.
Additionally, the introduction of newer flavors owing to increased demand for innovative varieties of flavors has resulted in a plethora of tastes and novel additions to the Covid-19 Impact on Potato Chips Market. Rise in demand for packaged and on-the-go-foods owing to hectic time schedules, the rise in disposable income, and the rise in young population who prefer potato chips and the introduction of attractive and smaller packages are augmenting the growth of the market.
Even though the Covid-19 Impact on Potato Chips Market is a lucrative one, it is not one without constraints. Price fluctuations in prices of raw materials, availability of potatoes due to crop failure and climatic changes, the threat from alternatives or healthier snack options are major factors impeding the market.
Potato chips contain partially hydrogenated fats, starch derivatives, blended solid fats, GMO, added colors or artificial flavors, and various emulsifiers which makes them quite unhealthy for increased consumption. Rising awareness regarding the ill effects of the use of potato chips and growing health consciousness among people have resulted in reduced consumption of potato chips which might hamper the growth of the market.
The key markets of the Global Potato Chips Market are North America, Europe, Asia-Pacific and the Rest of the World (ROW). North America accounts for the largest share of the global potato chips market. Acceptance of convenient food options and availability of flavours unique to the region is responsible for this major share in the market. The UK and the Netherlands are the major contributors of the Europe market and growing demand for potato chips and packaged food drive the market in the region. The Asia-Pacific market is expected to exhibit steady growth over the forecast period owing to the adoption of western food consumption patterns and rising disposable income in the emerging economies.
ALSO IN THE NEWS: