“Global Baked Chips Market to reach a market value of USD 10.7 Billion by 2031 growing at a CAGR of 6.3%”
The Global Baked Chips Market size is expected to reach $10.7 billion by 2031, rising at a market growth of 6.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,97,162.9 Tonnes, experiencing a growth of 12.6% (2020-2023).
The vegetable segment includes a diverse range of chip varieties made from vegetables, such as sweet potatoes, beets, carrots, kale, and zucchini. Therefore, the vegetable segment captured $2,527.3 million revenue in the market in 2023. These vegetables are thinly sliced, seasoned, and baked to perfection, resulting in crispy chips with a deliciously satisfying crunch. Moreover, the total volume of these chips manufactured using vegetables was 76,818.2 Tonnes in 2023.
Innovation in product development is a key driver of growth in the market as manufacturers strive to meet consumers' evolving tastes and preferences. One way in which manufacturers are innovating is by introducing new and exciting flavors. Thus, rapid innovation in product development will aid in the market's growth.
Additionally, baked chips typically have a lower calorie count than fried chips due to the reduced fat content and cooking method. For individuals watching their calorie intake or trying to maintain a balanced diet for weight management purposes, these chips can be a satisfying snack option contributing to overall calorie control. Therefore, weight management is a key factor that drives the market.
However, fried chips are often perceived as having a superior taste and texture compared to baked chips. The frying process gives fried chips a crispy exterior and a rich, savory flavor that many consumers find appealing. In contrast, these may be perceived as less flavorful or satisfying, particularly among consumers who prefer fried chips' indulgent taste and mouthfeel. Hence, competition from fried chips poses a challenge to the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of end user, the market is classified into household, restaurant & cafes, and others. The household segment recorded 53.8% revenue share in the market in 2023. This segment comprises diverse consumers with varying preferences and dietary needs. Moreover, in terms of volume, the household segment registered 1,15,335.9 Tonnes of baked chips in the market in 2023.
By distribution channel, the market is fragmented into supermarkets & hypermarkets, convenience stores, online retail, and others. In 2023, the convenience stores segment acquired 26.5% revenue share in the market. Convenience store chains can differentiate themselves by offering a wide range of baked chip options, including unique flavors, specialty blends, and exclusive collaborations with popular brands or local producers. Moreover, in terms of volume, the convenience stores segment sold 44,805.3 Tonnes of such chips in the market in 2023.
Based on source, the market is segmented into cereals, grains, fruits, vegetables, and others. The grains segment procured 15.2% growth rate in the market in 2023. Within the grains segment, various grains are used to create baked chips, including whole grains such as quinoa, brown rice, oats, millet, and amaranth, as well as ancient grains like spelt, kamut, and teff. Moreover, in terms of volume, the grains segment attained 28,202.8 Tonnes in the market in 2023.
Free Valuable Insights: Global Baked Chips Market size to reach USD 10.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The LAMEA segment held 6.3% revenue share in the market in 2023. The market in the LAMEA region presents significant growth opportunities for manufacturers and retailers, fueled by changing consumer preferences, urbanization, and health consciousness. Moreover, in terms of volume, the LAMEA Market consumed 13,092.8 Tonnes of baked chips in 2022.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 6.6 Billion |
| Market size forecast in 2031 | USD 10.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.3% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 360 |
| Number of Tables | 750 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Distribution Channel, End User, Region |
| Country scope |
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| Companies Included | Calbee, Inc., Herr Foods Inc., Greendot Health Foods Pvt Ltd, Utz Brands, Inc., General Mills, Inc., Campbell Soup Company, Kellogg Company, PepsiCo, Inc., Mondelez International, Inc., Europe Snacks Group |
By End User (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Source (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $10.7 billion by 2031.
Rapid innovation in product development are driving the Market in coming years, however, Significant competition from fried chips restraints the growth of the Market.
Calbee, Inc., Herr Foods Inc., Greendot Health Foods Pvt Ltd, Utz Brands, Inc., General Mills, Inc., Campbell Soup Company, Kellogg Company, PepsiCo, Inc., Mondelez International, Inc., Europe Snacks Group
In the year 2023, the market attained a volume of 1,97,162.9 Tonnes, experiencing a growth of 12.6% (2020-2023).
The Supermarkets & Hypermarkets segment is leading in the Market by Distribution Channel in 2023; thereby, achieving a market value of $4.1 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.7 billion by 2031.
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