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The nachos market is estimated to grow by USD 1,698.85 million at a CAGR of 5.64% between 2022 and 2027. The growth of the market depends on several factors, including the growth of the organized retail sector, the rise in demand for gluten-free variants, and the increasing demand for on-the-go foods due to busy work schedules.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growth of the organized retail sector is notably driving the market growth, although factors such as growing health concerns about obesity may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Market Driver
The growth of the organized retail sector is notably driving market growth. Organized retail is an integral part of offline distribution channels, facilitating the consumer purchasing process and allowing them to choose from a variety of packaged nachos. Tesco Plc (Tesco), Walmart Inc., Target Brands Inc. (Target), and ALDI Inc. (ALDI) are part of a large hypermarket and supermarket, and these organizations offer a plethora of packaged food products.
An increase in the number of organized retailers offering shelf space for branded and private-label packages is expected to drive the market's growth during the forecast period. Walmart Inc., a multinational retailer, offers packaged products of various established regional and global brands. Similarly, ALDI, a leading global discount retail shop, offers a wide range. Therefore, the growth of the organized retail sector is expected to fuel the development of the market in focus during the forecast period.
Significant Market Trend
The increasing consumption of nachos in developing countries is an emerging trend in the market. Increasing urbanization, availability of goods, and income are influencing consumer spending behavior in developing countries. Consumers in developing countries are embracing new lifestyles and are gradually switching to European foods.
Moreover, the demand for innovative and exotic flavors is more prominent among millennials. Health-conscious consumers prefer food products and ingredients that do not cause health issues. Plant-based food products are gaining more popularity among health-conscious consumers globally. One of the reasons for the shift toward a plant-based diet is health and food safety concerns associated with animal-based food products. All these factors are expected to boost the growth of the global market during the forecast period.
Major Market Challenge
The growing health concerns about obesity are major challenges impeding the market growth. The use of certain substances in regular diets is directly associated with increased rates of obesity. For example, these contain too many calories and fat. Excessive consumption can cause weight gain and water retention and increase the risk of heart disease and hypertension.
Similarly, gluten-intolerant consumers avoid foods, most of which are made from wheat. It is difficult for manufacturers to replace them with non-allergenic ingredients. Eliminating trans fats from prepared foods is also of important concern to food manufacturers. Trans fat substitutes affect product quality, such as taste, texture, shelf life, and product stability. Since RTE products are usually high in fat, overconsumption can lead to obesity, overweight, and other health problems. Therefore, it is disliked by health-conscious customers. Such factors are expected to hamper the growth of the global market during the forecast period.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AMICA CHIPS Spa - The company manufactures potato chips and gourmet. The key offerings of the company include tortilla chips.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the baked segment will be significant during the forecast period. The baked segment captured the largest market share in 2022. This growth is due to the growing health consciousness of consumers around the world. Baked nachos are low in oil, making them a doctor-recommended choice to consume, further boosting the growth of the baked nachos segment.
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The baked segment was valued at USD 2,418.26 million in 2017 and continued to grow until 2021. The baked products are lightweight, low-calorie, and low glycemic index (GI). The homemade tortillas chips are made into a base with the addition of other ingredients, nuts can be prepared without nuts for consumers with allergies. Thus, the growing health consciousness among consumers will surge the demand for baked nachos which in turn will boost the growth of the global market during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing popularity of Mexican food among consumers is one of the major growth drivers for the North American market. In addition, the growing number of consumers, especially millennials, is also fueling market growth. The younger generation in North America increasingly prefers snacking over traditional meals because of their busy lifestyles. Busy millennials opting for on-the-go eating options contribute to the increased demand for snack foods over traditional sit-down meals. Changing demographics, such as the increase in spending power, will propel the demand for snacks in the future, especially in the US packaged market. These factors will boost the regional market growth during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is evolving to meet changing consumer preferences, with a focus on tortilla chip product launches that cater to different tastes and dietary needs. Initiatives like the recycled food drive highlight the industry's commitment to sustainability, using ingredients like maize germ and corn starch to reduce the water footprint of production.
Innovations like Organic Ridged Plantain Chips in flavors like Lime & Sea Salt offer a unique twist to traditional nachos, while ground plantain chips and avocado oil provide healthier alternatives. Nachos are becoming a popular choice in the food industry, served in restaurants, cafes, food trucks, and quick-service outlets. Their versatility makes them ideal as shareable appetizers or party snacks, contributing to the expansion of the market and the diversity of offerings in the food industry. Sweet variations with innovative toppings also cater to those looking for a different kind of snack or dessert experience.
Nachos Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.64% |
Market growth 2023-2027 |
USD 1,698.85 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.08 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Mexico, Germany, UK, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMICA CHIPS Spa, Arca Continental SAB de CV, Axium Foods Inc., Bahlsen GmbH and Co. KG, Balance Foods Inc., General Mills Inc., Greendot Health Foods Pvt. Ltd., ITC Ltd., Kellogg Co., Kelly Ges.mbH, Nacho King Corp., Old Dutch Foods Ltd., Orenda Foods Pvt. Ltd., PepsiCo Inc., Ricos Products Co., San Carlo Gruppo Alimentare SpA, The Good Bean Inc., The Hershey Co., Universal Robina Corp., and Conagra Brands Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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