In 2020, the global potato chips market size reached a total of USD32.2bn, with the industry likely to grow with a compound annual growth rate (CAGR) of 3.92% from 2020-2028, to achieve USD43.8bn by 2028.
The “Potato Chips Market Global Forecast 2021-2028, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” whose abstract was recently published shows that in 2019, the outbreak of COVID-19 had a significant impact on Global Potato Chips Market.
“One of the biggest reasons for the decline in the market amidst COVID-19 is the empty grocery shelves shown due to supply chain hurdles. Moreover, despite the disturbances in the supply chain of potatoes, the extorted lockdown beyond the world and widespread work from home scenario actively supported the at-home food consumption and extension in snack stocks, which, in turn, augmented the demand for potato chips in 2020. Hence, the COVID-19 pandemic resulted in the generation of opportunities for numerous private players to arise in the markets to purvey the inflated demand for potato chips,” the ResearchAndMarkets.com’s analysts recently mentioned.
Online Retailing Category, The Fastest Expanding Segment
In this report, the analysts studied the global potato chips market by distribution channel into supermarket/hypermarket, convenience stores, and others. Due to the availability of bulk purchase discounts, the rapid expansion in the number of food stores, top quality chips at preferred rates, and the low danger of bad debts.
“The supermarket category holds the most significant share. Due to factors such as the availability of a wide selection of flavors of potato chips and crisps, quick accessibility, and easy cost comparison across various types of chips, the online retailing category is expected to be the fastest expanding segment over time,” according to the report.
Asia-Pacific, The Fastest Expanding Market for the Potato Chips Industry
Based on Geography, the consumption levels for potatoes chips vary extensively across regions across the globe and have a massive scale in the salty snacks category. Change in lifestyles, technological improvements, increased investment in developed countries of the region, and a taste preference contributes to the rise of the potato chips industry.
Likewise, Asia-Pacific is expected to be the fastest expanding for the Industry and thereon, supported by surge incomes in developing countries such as India and China, younger population, and a choice for western lifestyles.
Demand for Potato Chips Continues to Rise
Demand for potato chips continues to rise significantly worldwide with the emerging trend of westernization of food and consumption patterns. Moreover, a growing economy, a rise in middle-class population, and increasing urbanization are other factors.
Besides, with the increase of infrastructure development such as metro stations, cinema halls, airports, and others, the demand is anticipated to rise further in developing countries across the globe.
“The flavored segment is estimated to be the fastest-growing segment due to the factors such as choice and availability of flavor and growing demand in the young population inclination towards taste. In the coming years, the development of newer flavors to meet the taste bents of diverse consumers is the answer to surviving in the global potato chips market,” experts also mentioned.
