Press release
Nachos Market: Opportunities and Strategies 2024-2033: Insights, Demand, Outlook
Nachos Market Size
According to The Business Research Company's, The nachos market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to cultural trends and popularity, casual dining and fast food culture, diverse flavor innovations, cinematic and sporting event popularity, snacking culture.
The nachos market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to healthier alternatives and ingredients, plant-based and specialty nachos, e-commerce and home delivery services, global fusion flavors, focus on authenticity. Major trends in the forecast period include flavor innovation, healthy and specialty ingredients, global fusion and regional variation, premium and gourmet nacho offerings, plant-based and vegan nacho options.
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Market Drivers and Trends:
The growing demand for convenience foods is expected to propel the growth of the nacho market going forward. Convenience food is a term that refers to pre-packaged or pre-cooked food items that are intended to be quickly and conveniently consumed or made. Nachos are commonly used as a convenience food in a number of ways, as they are simple to prepare, adaptable, and excellent for quick snacks or casual evenings. For instance, in July 2023, according to the data published by Food and Drinks Malaysia by SAIL Group, a Malaysia-based food and beverage exhibition, the convenience food sector increased by 3.0% in volume in 2023 and is expected to reach 7,829.2 kg by 2027. Furthermore, in Malaysia, the revenue from convenience food amounts to US$31.84 billion in 2022, which is expected to increase by 5.49% during 2022-2027. Therefore, the growing demand for convenience foods is driving the growth of the nacho market.
Major companies in the nachos market focused on developing more tastier products to meet larger customer bases, more sales, and increased revenue. Tastier nachos are especially tasty or flavorful with Mexican cuisine's version of tortilla chips topped with cheese or cheese sauce and several other garnishes. For instance, in November 2021, Kellogg Company, a US-based manufacturer of ready-to-eat cereals, launched new pringles scorchin wavy loaded nachos. The chips have a wavy texture that provides extra crunch and are loaded with spicy jalapeño and cayenne pepper flavor. The bold, tangy flavor and crunch make them a popular snack. This mouthful features an addition of cayenne and jalapeno for more kick, a wavy texture for even more crunch, and a scorching flavor explosion. Pringles' introduction of scorchin' wavy loaded nachos can help Kellogg's maintain its position as a market leader in the snack food industry and win over customers who prefer snacks with potent flavors and distinctive textures.
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Major Key Players of the Market:
Nestle SA, Frito-Lay Inc., Grupo Bimbo S.A.B. de C.V., Conagra Brands Inc., Arca Continental S.A.B. de C.V., Regulas Agro-Organic Pvt Ltd., RW Garcia Co. Inc., Juanita's Foods, On The Border Mexican Grill & Cantina, Xochitl Inc., Ricos Products Co. Inc., Late July Snacks LLC, Pringles S.A.R.L., Fuletra Snacks Pvt. Ltd., Greendot Health Foods Pvt. Ltd., Orenda Foods Pvt. Ltd., Live Better Brands LLC, Nacho King, E-myth Worldwide Inc., Vans International Foods Inc., Que Pasa Mexican Foods Ltd., Bajo Foods Pvt. Ltd., Masafrica Corn Flour Pty Ltd., Recorn Foods Pvt. Ltd., Gringos Nacho Factory
Nachos Market 2024 Key Insights:
• The Nachos Market is expected to grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Convenience Food Fuels Growth Of The Nacho Market
• Nachos Market Focus On Tastier Innovations To Drive Sales And Revenue
• North America was the largest region in the nachos market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nachos market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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