Potato Chips and Crisps Market: Overview
Potato chips and crisps are one of the most popular snack foods consumed worldwide. Over the years, the potato chips and crisp market has witnessed substantial growth, turning it into a multibillion-dollar market. However, the potato chips and crisps market is witnessing a shift in consumption patterns, a fluctuation in price of raw materials, and intense competition from substitutes. Manufacturers in the market are expected to meet success by developing newer products and quickly modifying ingredients of existing products to meet changes in consumer demand. The development of newer flavors to meet taste preferences of varied consumers is the key to surviving in the global potato chips and crisps market.
Consumers are seeking healthier snacks, which they can indulge in, owing to their busy lifestyles. Thus, smaller packages that are portable, convenient are in high demand. Potato chips, which have conventionally been an affordable snack, are popular among all age groups, especially the young population. The latter is showing a positive response for new flavors of chips and crisps.
The report discusses drivers, restraints, promising opportunities, and trends in the global potato chips and crisps market. The potato chips and crisps market is segmented on the basis of key criteria. The study discusses regulatory policies impacting the market. In addition to this, the report assesses the bargaining power of buyers and suppliers, threat of substitutes and that of new entrants, and the degree of competition.
Potato Chips and Crisps Market: Trends and Opportunities
Changing lifestyles and long working hours have reduced the tendency of consumers to have elaborate meals. This is a key factor driving the global potato chips and crisps market. A rise in the demand for packaged food, urbanization, increasing disposable incomes of consumers, and growth in the economy of developing nations are collectively boosting the growth of the potato chips and crisps market. On the other hand, a rise in health consciousness among consumers has encouraged a shift towards healthier eating patterns, such as fruits and wholegrain crackers. This is expected to threaten the global potato chips and crisps market. However, manufacturers in the industry are responding to this threat by developing a premium range of healthier potato chips and crisps.
While some players in the industry are re-designing their potato chips and crisps packaging to improve visibility, others are experimenting with new cooking technologies. With growing affinity towards all things natural, consumers are opting for natural ingredients and choosing chips that are free from artificial colors and flavors.
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Potato Chips and Crisps Market: Region-wise Outlook
The report segments the global potato chips and crisps market on the basis of geography into North America, Europe, Asia Pacific, and the Middle East and Africa. North America is currently leading the market in 2015 owing to the availability of unique flavors. The introduction of newer flavors and the increasing demand for quick snacks will also contribute towards the growth of the market.
Key Players Mentioned in the Report
The report profiles key manufacturers operating in the global potato chips and crisps market. These include Lay’s, Pringles, Ruffels, Kettle, and Utz. The business and financial overview of each of the companies are given. Information regarding their recent developments and important mergers and acquisition activities has been included. The report also mentions strategies adopted by key players in the market to gain a competitive edge above other players.