The global potato chips market is predicted to grow at a CAGR of 4.07% from a market size of USD34,153.526 million in 2019 to a market size of USD43,389.923 million by the end of 2025.The market is projected to propel in the forecast period with high consumption of potato chips in the form of snacks at the global level. Due to the high consumer demand, the manufacturers worldwide are offering potato chips as organic and conventional, baked and fried, and in the form of plain and flavoured chips, fueling the growth of the global potato chips market. The global consumption of beverages such as tea and coffee are offering strong growth prospects as the potato chips are preferred at a wide scale to be served in the form of snacks with tea and coffee drinking. Also, with the consumption of alcohol and beer, snacks are preferred and the consumption of potato snacks holds significance. The growing food and beverage industry is further propagating the market growth providing a range of processed snacks including potato chips. The growing preference for convenience food with the adoption of a busy lifestyle is further augmenting the market growth in the forecast period. The growing disposable income and increasing family income is providing an impetus in propelling the market demand. On the basis of geography, the Asia Pacific region potato chips market is projected to experience high growth in the forecast period with the growing urbanization, adoption of modern living conditions, and presence of younger generation preferring potato chips along with beverages, tea or coffee, and in the form of healthy snacking.
Furthermore, with the increasing health awareness, the consumers are moving to the adoption of baked chips which contain very little oil, hence fewer calories, further driving the market growth in the forecast period.
The growing popularity of potato chips in the form of appetizers, side dish, and snacks are propelling the market demand during the forecast period.
In a cocktail party or at the time of a small gathering with family members or friends, potato chips serve as an excellent appetizer or a side dish with drinks and beverages. These chips with slight dressings with cream or sauces further add to the flavour and texture. The growing tea and coffee consumption is further augmenting the market demand as these can pair well with the potato chips. It is because of the consumption of beverages; salty snack manufacturers are provided with huge opportunities to produce potato chips of different flavours that can match with different types of tea and coffee. Hence, with the growing popularity of tea and coffee among many individuals, including millennials at the global, the potato chips market holds strong growth prospects in the forecast period. The potato chips are a perfect meal accompaniment and a staple snack, these are also paired with fast foods like burgers and grilled sandwiches, further burgeoning the market growth in the forecast period.
The potato chips are most consumed in North America (especially in the United States and Canada), it is considered as the most popular snack in the region, hence, these chips are celebrated around the globe on the National Potato Chip Day on 14th March every year. Other countries celebrating this day include Japan, Hong Kong, Indonesia, Ireland, and Columbia. This day is celebrated by people by consuming crispy chips in the form of appetizers, a side dish, or in the form of a snack. Apart from plain potato chips, other varieties of potato chips are also consumed with flavours such as cheese, herbs, and spices. Hence, this is signifying the importance of potato chips as a widely celebrated snack, propagating the market growth in the forecast period.
The increasing consumption of convenience food with the adoption of modern living conditions is propelling the market demand in the forecast period.
The consumption of convenience food at the global level, especially in the developing regions of the world is attributed to the growing per capita income, rapid urbanization, evolving dietary consumption patterns, and the growing popularity of convenience foods among the younger generation. The adoption of modern living conditions has given rise to the adoption of fast foods, and packed foods and beverages, which are healthy to consume and are filling even when consumed less. Hence, potato chips in such a scenario hold strong market demand, with being filling and light, and are capable of satiating hunger. Furthermore, with growing health consciousness among the consumers, people are preferring organic chips in comparison to the traditional ones. Also, baked chips with fewer calories are preferred over fried potato chips. Additionally, in the developing regions of the world, with the increasing middle-class population and increasing family income, with females entering the main workstream, the market is projected to hold strong growth perspectives with the growing demand for convenience packed food. Furthermore, the rising demand for convenience food is also attributed to the growing purchasing power of people who are keen to spend on premium food products along with a strong desire for tasting new products. The growing number of travels, particularly, with the increasing number of air travel, either on a business trip or on a leisure trip, portable food like snacks are quite convenient to carry while onboard, hence, this is also fueling the market demand in the forecast period. Consumption of convenience food also known as ready-to-go foods helps in saving time and energy at the time of travel. Thus, consumers look for foods that are easy-to-use, have sufficient nutritional value, and are delivered quickly. This is further providing heaps of opportunities for the manufacturers to produce high-quality innovative convenience foods in order to meet the demand. Moreover, as consumers are moving on to replace consuming one or two meals in a day with the consumption of snacks like potato chips, the manufacturers are working on this trend where customers look for healthy snacks and are cutting down on harmful ingredients like excessive salt, with high sodium content, and bad fat. This is because of the growing worldwide prevalence of chronic diseases which include obesity, high blood pressure, and heart-related disorders due to the adoption of an unhealthy diet.
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