Market Definition:
Chips produced through methods other than deep-frying, which has low oil content and intact texture attributes, color, sensory properties, shrinkage, and nutrient retention have led to the massive popularity of baked chips among consumers. As per a new report launched by Market Research Future (MRFR), the global baked chips market is primed for fast-track growth over 2017-2023.
Market Overview and Growth factors:
Baked chips serve as an appropriate alternative to unhealthy deep-fried snacks. The continued escalation in demand for convenience food within the context of hectic consumer lifestyles and change in consumption pattern has the driven the baked chips market significantly. Moreover, the growing trend of healthy snacking due to increased health awareness and the fitness trend has generated demand within the baked chips market. Given the surging concerns regarding unhealthy snacking, food manufacturers have positioned themselves as well as products around health, which has resulted in the roll-out of new healthy products such as baked chips. The rise in the incidence rate of lifestyle-related disorders and sedentary lifestyle has shifted focus on healthy dieting, which is fueling the market growth.
Continuous product launches, product innovation, and rigorous marketing strategies are keys to the growth of the market. Moreover, baked chips are easily available at retail stores at an affordable price, which has raised the sales of baked chips. Furthermore, in recent years, the baked chips market has witnessed a slew of activities such as expanding product portfolios, aggressive promotional campaigns, and the emergence of various new players which has helped the market expand.
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Competitive Landscape:
Kettle Foods, Inc. (U.S.), Kelloggs (U.S.), Popchips (U.S.), Greendot Health Foods Pvt. Ltd. (India), General Mills (U.S.), Calbee North America (U.S.), and Frito-Lay (U.S.) are the key players in the baked chips market.
Industry Updates:
July 2019 – Walkers, a British snack food manufacturer has launched a new Oven Baked sub-brand of healthier crisps with a vegetable-based range. They are sourced from wheat, potato, and vegetables and contain less than 15g of fat per 100g.
Segmentation:
The Baked Chips Market is segmented into the source, functionality, and distribution channel.
By source, the baked chips market has been segmented into vegetable, fruits, cereals, grains, and others. The vegetable segment is anticipated to dominate the market over the forecast period. The growth of the vegetable segment can be credited to the better taste of vegetable baked chips and availability at affordable rates.
By functionality, the baked chips market has been segmented into organic, gluten-free, low calories, low sodium, and others.
By distribution channel, the baked chips market has been segmented into non-store based and store-based. The store-based segment has been further segmented into The store-based segment is estimated to lead the global baked chips market into supermarkets & hypermarkets, convenience stores, specialty retailers, and others. Supermarkets & hypermarkets sub-segments have captured the majority share of the market.
Regional Analysis:
Regio-wise, the baked chips market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America has secured the leading position in the global baked chips market. The prevalence of healthy snacking trend in the region along with the availability of a myriad of products has significantly driven the market in the region. The market players present in the region are rolling out new products continuously to capture the wide consumer base available in the region, which is supporting the growth of the market.
Europe too is a noteworthy revenue pocket for the global baked chips market. Rising consumer inclination towards baked snacks and high demand for convenience food has created a conducive environment for market growth.
The APAC market is anticipated to exhibit considerable growth over the forecast period. Rising demand for convenience food products, increasing awareness regarding healthy snacking and disposable income in the region are keys to the growth of the APAC market.
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