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The nachos market size is forecast to increase by USD 1.78 billion, at a CAGR of 5.63% between 2023 and 2028. Market growth hinges on several factors: the expansion of the organized retail sector, heightened demand for gluten-free products, and increasing preferences for convenient, on-the-go foods amidst busy work schedules. The organized retail sector's growth facilitates broader product availability and accessibility, boosting consumer convenience and choice. Simultaneously, rising health consciousness drives demand for gluten-free variants across various food categories, catering to dietary preferences and requirements. Furthermore, busy lifestyles prompt a greater reliance on convenient, ready-to-eat options, fueling innovation in packaging and product formats. These trends collectively drive market expansion by addressing evolving consumer needs for convenience, health, and variety. As manufacturers and retailers adapt to these shifts, opportunities abound for product diversification and market penetration, supporting sustained growth in the food and beverage industry. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The nachos market continues to thrive as a popular appetizer or main course option in Mexican cuisine worldwide. Originating from Ignacio Anaya, these crunchy tortilla chips are often topped with cheese, jalapeños, tomatoes, black olives, sour cream, guacamole, and salsa, offering a delightful mix of flavors and textures. Varieties include Cheddar and Monterey Jack cheeses, complemented by cheese sauces made with avocado oil for a richer taste. Innovative twists incorporate plantain chips and black beans, adding nutritional value with ingredients like maize germ and corn starch. As consumer preferences shift towards healthier options, brands like Kazoo Snacks introduce innovative nacho variations using Barnana and olives, emphasizing both taste and quality in the snack market.
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.
Further, 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.
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.
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.
The market forecasting 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 market growth and forecasting strategies.
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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 2023. 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 2.54 billion in 2018. 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 41% 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 growth and trends report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is a dynamic segment of the foodservice industry, offering a versatile Mexican dish that appeals to both vegetarians and non-vegetarians alike. Originating from Ignacio Anaya, nachos typically feature crispy totopo chips topped with a variety of ingredients such as cheese, jalapeños, salsa, sour cream, guacamole, and barbecue sauce. Fast-food chains, restaurants, and stadium concession stands offer nachos as shareable appetizers or main course options, catering to diverse tastes with options like shredded cheese, ground beef, or shredded chicken toppings.
The market has expanded with innovations like nacho kits and packaged products available in convenience stores, online platforms, and hypermarkets. Nachos are favored for their easy preparation methods—microwaving or broiling—making them popular choices in cafes, food trucks, and quick-service outlets. With increasing demand fueled by food enthusiasts seeking international flavors and nutrient-dense ingredients like avocados and black beans, nachos remain a staple in party snacks and casual dining experiences worldwide.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.63% |
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Market growth 2024-2028 |
USD 1.78 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.25 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Mexico, Germany, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AMICA CHIPS Spa, Arca Continental SAB de CV, Axium Foods Inc., Bahlsen GmbH and Co. KG, Balance Foods Inc., Conagra Brands Inc., Cornitos, General Mills Inc., 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., and Universal Robina Corp. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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