Baked Chips Market Research, 2031
The Baked Chips market size was valued at $6.2 billion in 2021, and is projected to reach $10.9 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Baked chips are one of the popular snacks widely consumed by people from across the world. 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.
The baked chips market is segmented into Source, End User and Distribution Channel.
The main growth factor for the baked snacks market is anticipated to be the increase in global consumer demand for healthy snacks that mix nutrition and convenience. In addition, the growth in desire among various population segments around the world to maintain a healthy body metabolism is projected to drive demand for baked snacks in the upcoming years. The fact that baked snacks have shown to be effective in reducing hunger levels in between meals is anticipated to increase product demand and support the expansion of the baked chip industry. The improved flavor of vegetable baked chips and their accessibility at reasonable prices are anticipated to foster the Baked Chips market demand.
The primary producers are concentrating on releasing cutting-edge goods such as low-carb and gluten-free baked snacks, which has helped the baked chips industry flourish. New healthy goods, such as baked chips, have been introduced as a result of food manufacturers positioning themselves and their products around health. The market's expansion depends on frequent product introductions, product innovation, and aggressive marketing tactics. For instance, in an effort to diversify its product offerings, ITC chose to introduce a new brand of baked chips dubbed "Bingo Starters" in 2019. In addition, a variety of activities, including broadening product portfolios, active marketing efforts, and the entry of numerous new companies, have all contributed to the market's expansion in recent years.
Due to the numerous instances of Clostridium botulinum and Acrylamide formation, regulatory organizations like the FDA (Food and Drug Administration) and state agencies in the U.S. created new regulations for processed foods with the assistance of the CDC (Centre for Disease Control and Prevention). Companies are now required to take severe precautions to manage these microorganisms and chemicals present in processed food products as a result of the FDA's establishment of the ground rules. In addition, the FDA has established rules for the creation, storage, and distribution of processed and extruded baked snacks. Therefore, these rules are impeding the market expansion for baked chips.
Over the past few years, consumers' eating patterns have evolved significantly. Consumers eat anything that comes their way almost constantly, including biscuits, cookies, chips, quick noodles, salty snacks, candies, and other foods. Changes in lifestyle and increases in disposable income are the main causes of excessive appetite. Moreover, there is a lot of strain today, from how people work to how much time they spend on social media. It is simple to divert attention from that with food. According to Bizom statistics, in India ready-to-eat meals and rising out-of-home consumption drove a 95% year-over-year growth in packaged food sales in the months leading up to the holiday season. Consumers want simpler, quicker, and less-complicated meal options, which increases demand for packaged goods and accelerates the expansion of the baked chips business.
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 household, restaurant & 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, Chile, and rest of LAMEA).
Based on the source, vegetables segment held the major share in the market. Vegetable-based chips provide iron, fiber, protein, vitamin A, and vitamin C. Compared to typical potato chips, they are lower in fat and calories. They are therefore a well-liked snack for people who are trying to lose weight. The diverse color, shape, size, and texture of veggie chips make them more visually appealing and provide a more exciting crunch and munch sensation.
Based on the end user, the household segment held the major share in the market. Millennials are driving the snacks industry, as this segment provides them convenience in their desk-bound jobs or busy lifestyles. In addition, refrigerates snacks or food enables the working population to easily get healthy snacks or a complete meal ready without investing much of time in their occupied schedules.
Based on the distribution channel, supermarkets and hypermarkets segment held the major share in the market. Supermarkets and hypermarkets are gaining popularity owing to the availability of a broad range of consumer goods and food & beverages items under a single roof, ample parking space, and convenient operation timings. These stores offer a variety of brands in a particular product category, offering more options for the consumers. Furthermore, rapid urbanization and expansion of metro cities are creating demand for supermarkets and hypermarkets, which favor smooth distribution of functional beverages, which, in turn, boosts the Baked Chips market growth.
Region-wise, North America held the major baked chips market share in 2021. North America is the largest market in 2021 and is expected to continue this trend during the forecast period. The North America market for baked chips is driven by an increase in consumption of convenience foods such as snacks and rise in concerns about health and fitness. Moreover, North America has a developed retail structure that allows consumers to conveniently purchase food and groceries. This easy availability helps with the overall sale of convenient goods such as the baked chips.
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 Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the baked chips market analysis from 2021 to 2031 to identify the prevailing baked chips market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the baked chips market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global baked chips market trends, key players, market segments, application areas, and market growth strategies.
Baked Chips Market Report Highlights
Market Size By 2031
USD 10.9 billion
CAGR of 5.8%
2021 - 2031
By End User
By Distribution Channel
Key Market Players
Herr Foods Inc, Pepsico, Inc., True Agro Roots, The Campbell Soup Company, Kelloggs, Cornitos, General Mills, Inc., Ike Enterprises Inc, Calbee, Inc, Intersnack Group GmbH and Co. KG, Popchips, Utz Brands, Inc
Consumption of snacks & convenience food products is likely to impact the growth of the baked chips market. To meet the consumer’s demand and to expand their business, baked snacks manufacturers across various regions follow the strategy of improving their existing products as well as increasing the manufacture of flavored organic snacks. This is one of the major factors due to which the demand for baked chips has experienced a surge. U.S. is among the dominating countries holding a major share in baked chips market and exports the product in various other countries, which include China, Canada, Mexico, the UK, and others.