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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.