LONDON--(BUSINESS WIRE)--The tortilla chips market research report examines the key questions around the implications of COVID-19 and provides a recovery analysis and outlook for the market in focus. The market has witnessed a positive impact due to the COVID-19 situation. The research analysts at Technavio expects the tortilla chips market to grow by USD 3.16 billion during the forecast period, accelerating at a CAGR of over 5%.
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Tortilla Chips Market Segmentation Analysis by Type
- MFICFT
- WFOIT
MFICFT is the leading segment in the tortilla chips market and the market growth in this segment is expected to be significant in the coming years. MFICFT is a staple grain produced and consumed largely across the globe. It has been witnessing incremental growth in recent years due to changing taste preferences in regions such as Europe and North America. This report provides an accurate prediction of the contribution of all the segments to the growth of the tortilla chips market size.
Tortilla Chips Market Regional Analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA (UAE, Saudi Arabia, Iran).
- 57% of the growth will originate from the North American region.
- Factors such as the constant effort by leading vendors such as PepsiCo to provide innovative products containing ethnic and exotic flavors and the rising popularity of organic, gluten-free tortilla chips will significantly drive tortilla chips market growth in this region over the forecast period.
- The US, Mexico, and Canada are the key markets for tortilla chips in North America.
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Tortilla Chips Market: Key Market Drivers
Tortilla chips market is driven by the growing awareness of the health benefits of tortilla chips. Tortilla chips not only form a delicious snacking option but are also rich in nutrients. The main ingredient used in the production of tortilla chips is corn. Corn is the rich source of many antioxidants, which are highly beneficial for the human body. Besides, the different combinations of phytonutrients in the different varieties of corn are linked to strong antioxidant activity. Corn is also a good source of fiber, and therefore, tortilla chips also serve as a good appetizer. Tortilla chips also provide the requisite amount of sodium to the body, which is essential for maintaining the water balance in the body.
Launch of New Products with Innovative Flavors will be a Key Market Trend
The global tortilla chips market has seen a surge in the launch of new products containing innovative flavors over the last five years. Most of these new products were launched in the Americas, and most of them were organic or gluten-free due to the rising demand for such products. For instance, in August 2020, Utz Quality Foods, LLC. announced its newest snack creation: Guacamole flavored TORTIYAHS! tortilla chips. Similarly, in April 2020, Mission Foods launched corn strips in South East Asia and China. The corn strips snacks will be available in Malaysia, Singapore, Thailand, and China through the company's retail presence in these countries. Such launch of products containing unique flavors is expected to drive the growth of the market.
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Tortilla Chips Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist tortilla chips market growth during the next five years
- Estimation of the tortilla chips market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the tortilla chips market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of tortilla chips market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five force Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- MFICFT - Market size and forecast 2019-2024
- WFOIT - Market size and forecast 2019-2024
- Market opportunity by Type
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Tortilla Chips Market challenges
- Tortilla Chips Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- El Milagro Inc.
- Gruma SAB de CV
- Grupo Bimbo SAB de CV
- The Hain Celestial Group Inc.
- Intersnack Group GmbH & Co. KG
- Kellogg Co.
- PepsiCo Inc.
- Target Corp.
- Truco Enterprises LP
- Utz Brands Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Technavio
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