Global Potato Chips Market Expected to Register at a CAGR of 4.4% by 2023 | Key Companies - Pringles, Lay’s, Kettle, Ruffels, Calbee Foods, Utz, Intersnack Group, Herr, and PepsiCo, etc.

Global Potato Chips Market Overview:

Potato fries are one of the most popular foods consumed in the world. Over the years, the potato chips market has grown substantially, making it a multi-billion dollar market. However, the potato chips market presents a change in consumption patterns, a fluctuation in the prices of raw materials and intense competition for substitute products. Manufacturers in the market should be successful in the development of new products and the rapid modification of the ingredients in existing products to meet the changing demands of consumers. Developing new flavors to satisfy the taste preferences of several consumers is the key to survival in the global market. Consumers are looking for healthier snacks that they can eat because of their busy lifestyle. Therefore, smaller packages that are portable and convenient are in great demand. Potato Chips, which are traditionally an affordable snack, are popular among all age groups, especially young people. The latter shows a positive response for the new flavors of chips and crisps.

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Drivers and Restraints:

Accessibility and availability have facilitated the growth of global consumption of potato chips. With the young population representing a key segment of total demand, product innovation has become a necessity for market participants. More particularly, aromas such as salty, sour, sweet, spicy, ketchup, light salty, bright red, etc. The increase in the world's youth population, disposable income and changing lifestyles are leading to an increased consumption of potato fries. These fries are served as a starter, accompaniment or snack. Innovation or the supply of new products is considered an opportunity for this market. The introduction of healthier alternatives, such as low-fat and sodium chips in emerging markets, is also contributing to the growth of this industry. There are many substitutes for chips available on the market, which could pose a great threat and impede consumer loyalty, which could further hamper the growth of the potato chips market.

Geographic insights:
The potato chips market has been geographically segmented in North America, Europe, Latin America, Middle East and Africa, and Asia-Pacific. North America and Europe are mature markets that dominate the global market. In 2015, potato chips in Canada represent 20% of the snacks market. The Asia-Pacific and South America regions experienced significant growth. India has grown 10% since 2014, due to increasing urbanization and per capita income. Currently, the market is valued at more than 460 million US dollars in the region. Substantial growth in China has been observed in the last two decades, supported by the introduction of new flavors and healthier alternatives.

Pringles, Lay’s, Kettle, Ruffels, Calbee Foods, Utz, Intersnack Group, Herr, and PepsiCo, etc. are the major players in Global Potato Chips Market.

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