Potato chips are one of the most preferred savoury snacks consumed worldwide by people of all age groups. These thin, fried strips of potato are consumed as snacks, appetizers or side dishes. They come in numerous flavours which vary from region to region. These flavours range from plain and barbeque to seaweed and wasabi. According to IMARC Group, potato chips currently account for more than a quarter of the total global savoury snacks sales with the global potato chips market reaching a value of nearly US$ 26 Billion in 2015, exhibiting a CAGR of more than 4% during 2008-2015.
While the growing health concerns, particularly in the Western countries, are expected to hinder the consumption of potato chips, their consumption is expected to grow in the emerging markets such as India, China and Russia. As a result of this, the market is further expected to grow at a CAGR of around 4% during 2015-2021 reaching figures worth around US$ 32 Billion by 2021.
Rising Population and Busy Lifestyles Driving the Consumption of Potato Chips
Many potato chips markets around the world have reached maturity. Some of these markets are even experiencing negative growth as a result of growing health concerns, which are resulting in consumers turning towards healthier snacks. In the emerging markets, however, the consumption of potato chips is rising as a result of various factors.
The population below the age of 15 years represents an important segment for the potato chips market. In the developing countries, such as India, this population group is already large and is expected to increase continuously during the next several years. As a result, the demand for potato chips is expected to rise as well. Moreover, as the consumption of potato chips is income elastic, it is expected to rise as a result of the increasing personal disposable incomes of consumers in the developing regions. Other important factors driving the market of potato chips are rising urbanisation rates and busy lifestyles.
The US Accounts for More Than a Third of the Global Consumption
Potato chips were invented in the US and the region currently dominates the global potato chips market accounting for more than a third of total global consumption. It is followed by Western Europe, Asia-Pacific and Central and Eastern Europe. Some of the regions where the potato chips market is witnessing high growth rates are India, China and Russia.
Browse latest pressrelease: Global Potato Chips Market Worth US$ 26 Billion
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the potato chips industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
Enquiry for sample report or more details, click here: http://www.imarcgroup.com/enquiry-form/