Potato Snacks Market is Segmented by type such as Chips and Shoestrings, Canned Potatoes, Frozen and Dehydrated having application such as Prepared Meals, Ready-to-cook Products and Snacks
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 306
Report ID: PMRREP31517
The market for potato snacks can be expected to expand at a value based CAGR of 3.1% and show an increase in revenue from US$ 92,310.9 Mn to around US$ 1,25,043.7 Mn by 2033.
| Attributes | Key Insights |
|---|---|
|
Potato Snacks Market Size (2023E) |
US$ 92,310.9 Mn |
|
Projected Sales of Potato Snacks (2033F) |
US$ 1,25,043.7 Mn |
|
Value CAGR (2023-2033) |
3.1% |
|
Value Share of Top 4 Countries (2022E) |
75% |
The global potato snacks market has witnessed significant growth in the historical period registering a CAGR of 3.9% in the historical period and was valued at US$ 92,310.9 Mn in 2023. The market is expected to grow steadily with increasing applications of potato snacks.
The major market driver for potato snacks is increasing snacking habit of the consumers along with various flavors of potato-based snacks. The potato snacks also serve as a time saving convenience food product which are also available in the form of munchies, nibbles, and others which makes it an excellent alternative option related to other snacks items for consumers.
The major demanding regions of potato snacks is North America followed by East Asia. In both the regions demand is expected to grow owing to the fact that these regions have dominance over the snacks industry. US holds a market share of more than 97.7%, and Canada more than 2.3% in the North American market. China is the major market for potato snacks in the East Asian region. The global market for potato snacks is estimated to reach an approximate valuation of US$ 1, 25,043.7 Mn in the forecast period.
“Increased Usage of Baked Potato Meals”
Baked potato meals are gaining momentum in the food & beverage industry, owing to their highly nutritious properties. Baked potato products comprise less fat and contain very low cholesterol. Additionally, baked potato products are a good source of protein and fiber. Consumers are preferring baked potato food to meet their nutritional requirements. The fiber in baked potato snacks supports digestion and the presence of vitamin B6 aids in breaking down carbohydrates and improves metabolism. This combination of fiber along with vitamin content helps consumers in weight loss and weight management.
Thus, in order to lower cholesterol, consumers are opting for baked potato meals to munch or nibble. Baked potato meals, which were previously considered as a niche product, are now one of the fastest-growing food products. The spotlight on potato snacks nutrient properties, which have potential application in the food industry, has spurred demand for potato snacks across regions.
“High Demand for Time-Saving Convenience Food”
Rapid lifestyle has influenced time-constraint consumers to adopt convenience food rather than preparing meals at home. Convenience food is offering daily nutrition and calorie with the addition of time-saving opportunities to consumers. Demand for ready-to-cook, ready-to-eat, frozen meals is growing due to the on-the-go consumption trend, as consumers are preferring the ease of convenience while consuming their meals. Potato processed products are becoming a favorable option in convenience food as they complete the nutritional requirement of consumers. Potato snack items are preferred most over other convenience food, mostly because these snacks become a full meal and help consumers with a boost of energy for rest of the day.
Manufactures of potato snacks nowadays are also designing attractive packaging along with keeping in mind the ease-of-use factor, which further propels demand for potato snacks in the global snacks market. They are also innovating new ready-to-eat potato ranges. For instance, mashed potatoes is one of the popular convenience food that is widely consumed. Mashed potatoes are consumed as both, stand-alone and with some other food products.
“Healthy Snacking Option Favourable for the Potato Processing Business”
Health consciousness among consumers is thriving and also thoroughly impacting their snacking behaviour as well. Health and wellness has become a priority for consumers nowadays. Consumers today require proper fitness with the addition of energy. Potato-based crisps and snacks are among the products that are preferred by consumers for their increased nutrients property and functionality.
Potatoes are rich in minerals, vitamins, and antioxidants, which makes them a very healthy option for health-conscious consumers. Potatoes also contains a special type of starch known as resistant starch, which helps in blood sugar control. Thus, healthy potato snacks are popular among consumers. As awareness regarding healthy products is booming, it provides a beneficial opportunity for the potato processing market.
“Increased Consumers Spending in Emerging Economies Providing Opportunities”
Consumers in developed countries are preferring varieties of potato-based products, especially from the North American and European regions. Emerging countries such as China, India, Brazil, and other countries are experiencing tremendous economic growth. Increased per capita income also facilitates more spending on plant-based food products such as potato snacks. The better-informed population is preferring Western potato products such as potato puffs, French fries, mashed potatoes, potato flacks, and other potato snack items that are readily available in the market.
Processed potato food manufacturers are also shifting their interest to developing countries to escalate their sales and increase their regional presence. Many companies are also investing in advanced technologies such as state-of-art production, which helps them in attaining operational efficiency and aids in product innovation as well.
“Factors Restraining Potato Snacks Demand”
Although the popularity of potato snacks is growing at a very fast pace, negative influence of junk food is posing a threat to the potato snacks marketplace. Junk foods are presumed to be bad for health and lead to various health problems. Potato processing products are high in fat and calories, which tends to increase the level of cholesterol in the body. One ounce of plain potato chips contains 10 grams of fats and 154 calories. Besides, fried potato snacks are responsible for weight gain. Increasing weight and heart ailments are among the common health problems across the world, and consumption of crispy potato chips is linked with these problems. Therefore, health concerns over consumption of junk food are negatively affecting the potato processing market.
Presence of alternatives is also a critical factor that might hamper market growth of potato snacks. With growing consumer preference for grain and other low-fat snacks, sale of potato snacks products might slow down. New varieties of plant-based snacks products such as chickpea, carrot, broccoli, and others are gaining popularity. Cereal-based baked snacks, veggie fries, and broccoli tots are some of the alternatives of potato-based snacks. Furthermore, drastic changes in consumer buying patterns is also another factor driving the adoption of potato snacks substitutes. Hence, availability of substitutes, changing consumer behaviour, and negative effect of junk food products are hampering the market for potato processed products.
Why Does the U.K. Account for the Largest Share in the Potato Snacks Business in the European Region?
The market for potato snacks is witnessing steady growth in the United Kingdom with a value CAGR 3.1%. Demand for potato snacks in the European region is growing at a significant rate, which provides a favourable market growth opportunity for potato-based snack suppliers.
Which Country Holds the Largest Share of Potato Snack Sales in the East Asia Market?
China holds a major share in the East Asian market for potato snacks. This is due to the growing health and nutritional benefits of potato snacks. Moreover, increasing demand for convenient foods and on-the-go snacking with high nutrition in the foodservice sector will have a positive impact on potato snack demand, with market growth in China pegged at a high 7.8% CAGR.
Why are Frozen Potato Snacks Most Demanded in the Global Market?
Based on product type, frozen potato-based snacks are mostly demanded and consumed in the potato snacks category. Market value share of frozen potato-based snacks is 45.3%. Demand is increasing for frozen potato snacks in the retail sector owing to their high popularity among consumers and the convenience offered. They also offer numerous health benefits to consumers.
Which Distribution Channel is Offering New Opportunity for Potato Snacks Vendors?
Demand is increasing for potato snacks in the retail sector due to easy availability of the product. Market value of potato snacks in the retail category is expected to reach US$ 67,234.4 Mn by the end of the forecast period.
Key potato snack producers are inclined toward innovation, research & development, and expansion to obtain potato snacks with fine-quality. Manufacturers are striving and investing heavily to enhance their operations and innovation capabilities.
| Attribute | Details |
|---|---|
|
Forecast period |
2023-2033 |
|
Historical data available for |
2018-2022 |
|
Market analysis |
USD million for value |
|
Key regions covered |
|
|
Key countries covered |
|
|
Key market segments covered |
|
|
Key companies profiled |
|
|
Report coverage |
|
|
Customization & pricing |
Available upon request |
By Product Type:
By Application:
By End Use:
By Region:
To know more about delivery timeline for this report Contact Sales
The global market for potato snacks has a value of US$ 92,310.9 Mn in 2023.
The global market for potato snacks has a value CAGR of 3.9% from 2018-2022.
The global market for potato snacks has a value of US$ 1,25,043.7 Mn in 2033.
The global market for potato snacks has a value CAGR of 3.1% from 2023-2033.
McCain Foods Limited, J.R. Simplot Company, Aviko B.V., Lamb Weston Holdings, Inc., and PepsiCo are the top 5 potato snack manufacturers accounting for around hold 30%-40% market share.
