Potato Snacks Market to Reach US$ 124 Bn by 2030; Supply Chain Issues and Reduced Retail Operations Due to Covid-19 Pandemic Affecting Market Growth
Published On : May 27, 2020
The hectic lifestyle trend has influenced consumers to adopt convenience food rather than preparing meals at home. Convenience food offers daily nutrition and calories, with the addition of time-saving opportunities to consumers. The demand for ready-to-cook, ready-to-eat, and frozen meals is growing due to the on-the-go consumption trend, as consumers are preferring convenience while consuming their meals. Potato snacks are becoming a favorable option as far as convenience food is concerned, as they complete the nutritional requirements of consumers.
- For instance, mashed potatoes is one convenience food that is widely consumed; it is consumed both, by itself and along with some other food.
The global potato snacks market has witnessed substantial growth over the past few years, and this growth is anticipated to continue in the foreseeable future. The market is estimated to rise at a substantial growth rate of more than 4% during the forecast period of 2020-2030.
Covid-19 Pandemic Impact
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. Potato and potato-based snacks come under the essential goods category. However, potato-based snacking products such as chips, dehydrated potatoes, and canned potatoes are popular among consumers across the globe. Thus, the demand for potato snacks has not been impacted as much compared to other food and snack products. However, manufacturers of potato snack products are facing production challenges owing to disrupted supply chains and shortage of raw materials due to reduced agriculture output. The global potato snacks market is expected to rise from the impact of COVID-19 by the end of 2020.
Key Takeaways from Global Potato Snacks Market Study
- Organic potato products, instant mashed potatoes, and baked potato chips are some of the potato snacks that are anticipated to gain popularity during the forecast period of 2020-2030.
- The processed food and snackification culture is growing at a higher rate in emerging markets such as South Asia, Latin America, and the Middle East and Africa, which is expected to fuel the growth of the global potato snacks market.
- As potato snacks are gaining popularity among consumers, retail sales are expected to register healthy growth through 2030.
- Organic products are free from chemicals, and thus, are considered ideal for health-conscious consumers. As such, the demand for organic potato snacks is increasing, especially in established markets.
- South Asia and East Asia are expected to register significant growth in the global potato snacks market.
“Potato snacks are mainly used in ready-to-cook products, prepared meals, and snack products. Key players in the global potato snacks market could increase their profits by targeting retail sales and the foodservice industry, as potato-based products are most popular among consumers. The COVID-19 pandemic has already impacted the food & beverage and agriculture industry due to supply chain and manufacturing disruptions. Thus, manufacturers of potato snacks need to restructure their business strategies to increase their revenues. The market will see a recovery from the impact in the third and fourth quarters of 2020,” says a PMR analyst.
Global Potato Snacks Market: Competitive Landscape
Some of the key players included in the potato snacks market report are Lamb Weston Holdings, Inc., McCain Foods Limited, J.R. Simplot Company, AGRANA Beteiligungs-AG, Aviko B.V., The Kraft Heinz Company, and others. Key players are focused on offering innovative potato snacks in the frozen potato category. Manufacturers also engage in the business of offering organic certified and healthy potato snacks in European countries and the North American region. They are also following the strategy of strategic alliances/partnerships with regional foodservice providers as well as distributors in Asia Pacific and the Middle East in order to increase their market presence and product offerings in the global market.
Explore More Valuable Insights on Potato Snacks Market
Persistence Market Research, in its new report, offers an impartial analysis of the global potato snacks market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the potato snacks market based on type (chips & shoestrings, frozen, dehydrated, canned potatoes, and others), application (prepared meals, ready-to-cook products, and snacks), and distribution channel (foodservice and retail), across seven regions.
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Potato Snacks Market
Global Market Study on Potato Snacks: Hectic Lifestyle and Increasing Snacking Trend Boding Well for Market Growth
Global Market Study on Potato Snacks: Hectic Lifestyle and Increasing Snacking Trend Boding Well for Market GrowthRequest TOC