POTATO CHIPS MARKET ANALYSIS

Potato Chips MarketSize and Trends

Market Outlook

• Potato chips market is expected to grow over the forecast period (2019 to 2027), owing to rising population, rapid urbanization, changing lifestyle, and consumer’s preference towards easy food options. For instance, according to the Worldometers Statistics, global population increased to reach 7.7 billion in 2019 from 7.4 billion in 2016.
• Moreover, growing demand for plant-based with health & wellness attributes, easy availability of various flavors, presence of large number of manufacturers in the potato chips market, and cost effectiveness are the factors that are expected to drive growth of the potato chips market over the forecast period.
• Increasing product innovations in taste and flavor, owing to changing preferences of consumers towards healthy diet and lifestyle is expected to be one of the major growth drivers for the potato chips market. Introduction of healthier alternatives such as low-sodium and low-fat potato chips is expected to drive growth of the global potato chips market over the forecast period.
• Based on flavor, flavored segment is expected to witness significant growth over the forecast period, owing to shifting preferences of consumers towards flavored potato chips and large number of companies offering innovative flavors in potato chips. For instance, in October 2019, Frito-Lays launched its new flavor grilled cheese and tomato soup potato chips in the market.
• Among region, Asia Pacific accounted for the largest market share in terms of revenue in 2018. The regional demand for potato chips is driven by rising disposable personal income of populace coupled with increasing expenditure of people on savory snacks products in countries such as China and India. For instance, according to the Trading Economics, the disposable personal income in India increased from US$ 2,613,470 million in 2017 to US$ 2,964,090 million in 2018.
• In North America and Europe, high spending of consumers on healthy and premium products is driving potato chips manufacturers to develop innovative healthy products in order to meet the requirements of the consumers. For instance, in April 2013, PepsiCo introduced Red Rock Deli potato chips to the U.S. that are available in three flavors such as Himalayan pink salt, lime and cracked pepper, and red curry and coconut. The Red Rock Deli potato chips are made from rough cut potatoes and cooked in sunflower oil, contains no artificial flavors or colors, and are non-GMO verified product.