LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global potato chips market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The increasing number of foodservice channels is one of the key drivers behind the growth of this market. Potato chips are often served as appetizers, side dishes, or regular snacking items. Hence, the sales of potato chips are high. This is expected to continue during the forecast period. The changing lifestyles and the increasing rate of working population are the supporting factors behind the expansion of the foodservice sector.
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The top three emerging market trends driving the global potato chips market according to Technavio research analysts are:
- Innovative product offerings
- Technological advances
- Growth in emerging markets
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Innovative product offerings
Manufacturers of potato chips are tapping in on the heavy demand for health foods by offering chips made from healthy ingredients. They often promote their products with health claims. The demand for functional and non-GMO ingredients is high due to the rising cases of obesity, diabetes, gluten allergy, and other maladies. In March 2016, Good Health Natural Products, a US-based potato chips manufacturer, introduced two new products under its Good Ingredient product range: Good Health Olive Oil Kettle Chips and Good Health Avocado Oil Kettle Chips. Similarly, another US-based manufacturer, Boulder Canyon, offers potato chips that are fried in coconut oil and rice bran oil. Rice bran oil is rich in antioxidants and vitamins B and E.
According to Akash Pandey, a lead analyst at Technavio for food research, “Such new product innovations help the manufacturer to be on par with the ever-increasing consumer demand for natural and healthy products. These new product developments are indicators of changing consumer preferences and their inclination toward healthy and innovative products.”
With the food industry constantly evolving, manufacturers are consistently focusing on providing better-quality products with the help of more efficient processing equipment. For instance, in October 2016, Florigo Industry, a renowned and reliable partner of various potato processing companies, launched a continuous potato chips fryer with a patented Opti-Flow technology that enhances the frying performance. This technology reduces the occurrence of turbulence, as it removes 99% of cyclone dead spots at the beginning of the frying process. This aids in maintaining the nominal flow speed all along the fryer by preventing debris from settling, thus assuring that the potato slices do not absorb any excess oil. Potato chip manufacturers can lower the level of acrylamides and reduce the number of rejects by making use of this technology, thereby enhancing both product quality and quantity.
Growth in emerging markets
Potato chips have shown promising results in the markets of developing nations like India, Brazil, Argentina, China, Russia, and others. With the widening of the retail distribution channels, the global potato chips market in expected to flourish in developing economies.
“Manufacturers are launching new category of products and flavors to cater the ever-changing consumer preferences. Manufacturers who seek to penetrate the emerging markets need to tailor-make their products as per the regional demographic trends. For instance, PepsiCo offers Lays India’s Magic Masala that tickles the taste buds, as it contains many well-known Indian spices and condiments,” says Akash.
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