According to a report, “North America Healthy Snack Chips Market Size, Share & Trends Analysis Report By Product (Pop, Popcorn, Puff, Potato, Tapioca, Tortilla Chips), By Country (U.S., Canada, Mexico), And Segment Forecasts, 2019 – 2026″,published by Grand View Research, Inc.,The North America healthy snack chips market size is expected to reach USD 12.9 billion by 2026 registering a CAGR of 4.5%, Increased demand for potato, tapioca, and popcorn chips is the key factor driving the industry growth. Increased disposable income levels, particularly in the emerging regions, is also likely to contribute to the market growth in the coming years. The need for on-the-go snacks is further expected to be driven by increasing spending capability of customers over the forecast period. In addition, hectic lifestyle and work schedules is further expected to boost market growth.
Key Takeaways from the report:
In terms of revenue, potato chips product segment is projected to ascend at the highest CAGR of 5.4% over the forecast period
Tortilla chips segment led the North America healthy snack chips market in 2018 and accounted for a revenue share of over 54.5%
The segment will expand further on account of growing consumption of organic and non- Genetically Modified Organism (GMO)-based tortilla chips in Canada, U.S., and Mexico
Popcorn chips segment also accounted for a significant market share and is projected to be the second fastest-growing segment from 2019 to 2026
In terms of countries, Mexico is projected to witness the fastest CAGR due to high demand for premium-quality food products as a result of rising population and disposable income levels along with rapid urbanization
Key companies in the market include Frito-Lay North America, Inc.; General Mills, Inc.; Herr’s Food, Inc.; Snyder’s-Lance, Inc.; and BFY Brands
Potato and tortilla chips product segment held the maximum market shares in 2018 on account of changing lifestyle, growing disposable income levels, increased affordability of these products, and increasing demand for convenient and Ready-to-Eat (RTE) products. Factors, such as introduction of various flavors including barbeque, sea salt, salt & pepper, cheese, and dill pickle, are further expected to drive the product demand over the forecast years. Consumers in North America seek high-quality products; thus, the demand for healthy snack chips in countries, such as U.S., Canada, and Mexico, is likely to gain momentum as these chips contain less salt and cholesterol and have no sugar.
Product Insights
On the basis of products, the market is categorized into tortilla, pop, popcorn, puff, potato, tapioca chips, and others. The others segment is further segmented into pop rings, soy, multigrain, rice, and rye chips. Kettle-cooked potato chips are the fastest-growing product in the market, which accounted for 18% of revenue share in 2018. Healthy tortilla products are convenient, gluten-free, and a great source of digestive health-promoting fiber. Major manufacturers of tortilla healthy snack chips include Way Better Snacks; Late July Snacks, LLC; Garden of Eatin’; and FoodShouldTasteGood, Inc. Rising consumption of RTE meals due to busy lifestyles and hectic work schedules has provided companies with many growth opportunities.
Thus, major manufacturers focus more on introducing innovative, on-the-go healthy products. Growth of distribution channels, such as online stores, retail stores, and supermarkets, have further augmented the sales of tortilla chips in the region. Potato chips are rapidly becoming prominent as the market’s preferred option of snack. Innovations in the healthy potato chips market are mostly in terms of manufacturing technology (kettle cooked and baked potato products), wherein the advancement provides a variety of snacks in a wide range of shapes, grains, and sizes.
Growing inclination toward gluten-free products is also a key factor responsible for the rising demand for healthy potato chips. Moreover, the product also provides an advantage in terms of consumer outreach, as it can be sold through a variety of sales channels. The market in the region witnessed consolidation in recent years, which is likely to have positive implications on the demand for potato chips in the coming years.
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Regional Insights
Increasing awareness regarding the benefits of eating healthy diet has led to a rise in the consumption of healthy snack chips. On-the-go-lifestyle of working population in U.S. is expected to propel the market over the forecast period. The convenience and easy-to-carry options offered by these products are an additional factors driving the overall industry.
Moreover, consumers are preferring snack foods over traditional sit-down meals. One important driver of this trend is the shrinking size of the U.S. households, leading many to substitute cooking meals at home with eating single-portion, portable snack foods. In addition, increased income levels and spending power in the country will augment the demand further.
U.S. accounted for a significant market share of the healthy potato chips market. The product has been receiving due importance on account of several promotional and awareness campaigns run across matured economies of the region to explain the importance of nutrition and health.
High demand for healthy tapioca chips is also attributed to the rising need for nutrition from snacks. Consumers in U.S., Canada, and Mexico are becoming increasingly aware of the benefits offered by the consumption of the product, thereby boosting its demand. Growing distribution networks are also anticipated to propel the demand in future.
Grand View Research has segmented the North America healthy snack chips market on the basis of product and country:
North America Healthy Snack Chips Product Outlook (Revenue, USD Million, 2014 – 2026)
Tortilla Chips
Pop Chips
Popcorn Chips
Puff Chips
Potato Chips
Tapioca Chips
Others
North America Healthy Snack Chips Country Outlook (Revenue, USD Million, 2014 – 2026)
U.S.
Canada
Mexico
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