Baked Chips Market Size Valued at USD10.9 Billion and CAGR of 5.8% from 2019 to 2026 | Top Key Players
Baked Chips Market Overview
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, May 30, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Baked Chips Market," The Baked Chips market size was valued at $6.2 billion in 2021, and is estimated to reach $10.9 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Global Leaders:
Popchips, Calbee, Inc, Herr Foods Inc, Cornitos, Utz Brands, Inc, Ike Enterprises Inc., Ike Enterprises Inc., General mills, inc, True Agro Roots, The Campbell Soup Company, Kelloggs, and PepsiCo, Inc
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One of the widely consumed snacks by people all around the world is baked chips. They have become well-liked snacks since they improve people's quality of life, which gives the market the strong boost it needs to expand. In addition, they are simple to produce as baked chip ingredients are all readily available. They have a long shelf life and are simple to pack. The market for baked chips is mostly driven by rise in consumer demand for healthy snacks. The surge in global consumer demand for healthy snacks that combine convenience and nutrition is the Baked Chips market trends in the market.
For market players, the baked chips market in LAMEA and Asia-Pacific have significant growth potential. The consumers' sedentary lifestyles in the regions have increased the Baked Chips market demand that are baked rather than fried and have fewer calories & fat. Consumers are shifting toward baked snacks as a result of their informed purchasing behavior. Thus, these factors are anticipated to stimulate the market for regional baked chips. Asia-Pacific is expected to witness a major share in the upcoming years.
Owing to the growing number of millennials in the area, baked snack consumption has increased. The younger generation is choosing healthier baked snacks as they are becoming more health conscious. The market for baked chips is anticipated to be driven by customer taste preferences shifting along with the widespread acceptance of westernized culture. The outbreak of COVID-19 has severely hampered the baked chips market growth. This is attributed to the fact that the commercial cooking equipment industry is majorly dependent on the food service sector for its revenue generation.
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The recent declaration regarding the shutdown of the hospitality industry, including households, others, and quick service restaurants has drastically hampered the sale of baked chips. The baked chips market is segmented into source, end-use, distribution channel, and region. By source, it is classified into cereals, grains, fruits, vegetables, and others. On the basis of end use, it is fragmented into households, restaurants & cafes, and others. By distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Belgium, Netherland, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Thailand, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, South Africa, Saudi Arabia, Turkey, Chile, and Rest of LAMEA).
By source, it is classified into cereals, grains, fruits, vegetables, and others. The vegetable segment accounted for a major Baked Chips market share in 2021 and is expected to grow at a significant CAGR during the forecast period. A variety of vegetables, including squash and green beans, are blended with root vegetables, including purple and orange sweet potatoes, taro, and carrots, to create vegetable-baked chips.
On the basis of end user, the market is fragmented into households, restaurants & cafes, and others. The household segment accounted for a major share in the baked chips market in 2021 and is expected to grow at a significant CAGR during the baked chips forecast period. By distribution channel, the market is classified into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment is expected to be the fastest growing segment during the forecast period, with the CAGR of 6.3%. Online retail are virtual stores where goods & services do not require any physical space and are sold through websites. Easy accessibility and heavy discounts & offers provided by these online platforms make them a popular medium for the purchase of food & beverages.
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In 2021, North America accounted for 34.2% share in the baked chips market and is expected to maintain its dominance during the forecast period. However, LAMEA and Asia-pacific are expected to possess the highest CAGRs, owing to the rise in consumer demand for healthy snacks. The key players profiled in this report include Popchips, Calbee, Inc, Herr Foods Inc, Cornitos, Utz Brands, Inc, Ike Enterprises Inc., Ike Enterprises Inc., General Mills, Inc., True Agro Roots, The Campbell Soup Company, Kelloggs, and PepsiCo, Inc.
Key Findings of the Study:-
On the basis of source, the vegetable segment held the major share in the market.
On the basis of end user, the household segment was the dominating segment in 2021.
On the basis of distribution channel, the online retail segment is expected to be the fastest growing segment during the forecast period, with the CAGR of 6.3%.
On the basis of region, LAMEA is expected to be the fastest growing segment during the forecast period with the CAGR of 6.5%.
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David Correa
Allied Analytics LLP
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