Technavio market research analysts forecast the global vegetable chips market to grow at a CAGR of around 10% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global vegetable chips market 2017-2021 under food and beverage library. (Graphic: Business Wire)
The report further segments the global vegetable chips market by product (crisps and extruded) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global vegetable chips market:
- Changing taste preferences
- Increasing demand for low-calorie vegetable chips
- Expansion in retail landscape
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Changing taste preferences
Manufacturers introduce new flavors of vegetable chips to expand their consumer base. The major flavors of vegetable chips around the world are roasted or toasted, barbeque, spice, and beef. Many players try to differentiate their products based on flavor. Therefore, flavor is an important component of vegetable chips. Barbeque is the predominant flavor in North America and Europe. The demand for this flavor is slowly picking up in APAC and is expected to grow moderately over the forecast period.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “Many global vendors offer vegetable chips that are prepared with vegetables such as beetroot, sweet potato, carrot, parsnips, and others. For instance, Calbee offers Vegetable Fries and Snow Pea Crisps. This influx of the variety of vegetable chips indicates how manufacturers are trying to meet all ongoing and changing demands of the consumers.”
Increasing demand for low-calorie vegetable chips
Chips are under constant criticism for their excessive calorie, fat, sugar, and salt contents. Thus, manufacturers need to come up with healthier variants either by changing their manufacturing processes or by introducing healthy ingredients. In this process, manufacturers should not compromise on flavor as it is an important factor that draws consumers' attention. Therefore, there must be a minimum reduction in the flavor aspect.
The crispiness of most snacks is because of excessive frying. Thin slices of vegetable absorb up to 40% fat during frying. This increases the overall calorie count of vegetable chips and is responsible for many ailments. To achieve a reduction in the fat content, optimum frying conditions and certain emulsifiers and starch derivatives must be used. Chips fried in less viscous oils absorb less fat. Baked vegetable chips that contain less fat are highly popular in the European market.
Expansion in retail landscape
The organized global retail sector is expanding significantly with the establishment of many supermarkets, hypermarkets, and convenience stores. Large organized retailers such as Tesco, Walmart, and J Sainsbury's showcase an extensive variety of vegetable chip products. This implies that manufacturers operating in this market are largely dependent on these retailers. They also compete for larger shelf space in these large organized retail stores.
“Convenience and value for money are important purchase parameters for consumers. This is primarily because of their hectic lifestyles and work schedules. Organized retailers stock a wide assortment of products under a single roof. Consumers increasingly shop in supermarkets and hypermarkets, thereby increasing the importance of organized retailers for manufacturers,” says Manjunath.
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