The tortilla chips market size has the potential to grow by USD 3.16 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by type (MFICFT and WFOIT) and geography (North America, South America, Europe, APAC, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 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, and Utz Brands Inc.
Market Overview
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Market Competitive Analysis
The market is fragmented. El Milagro Inc., Gruma SAB de CV, and Grupo Bimbo SAB de CV are some of the major market participants. Vendors are expanding their geographical presence and entering into long-term partnership contracts with online retailers to provide tortilla chips. During the forecast period, the competition is expected to increase due to the significant growth in the food and beverage industry. This will open up new opportunities for vendors to expand their food and snack offerings based on customer requirements. Although the rising demand for convenience food products in various developed countries will offer immense growth opportunities, the COVID-19 impact will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this tortilla chips market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this tortilla chips market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- 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.
Tortilla Chips Market: Segmentation by Geography
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North America was the largest tortilla chips market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 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.
57% of the market’s growth will originate from North America during the forecast period. The US, Mexico, and Canada are the key markets for tortilla chips in North America. Market growth in this region will be slower than the growth of the market in South America, Europe, and APAC.
Tortilla Chips Market: Segmentation by Type
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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. Therefore, the market growth in the MFICFT segment will be significant in the coming years. 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: Key Drivers and Trends
The growing demand for convenience food products in various developed countries is one of the major factors driving market growth. Global urbanization has led to hectic lifestyles that have resulted in deteriorating health conditions and lifestyle disorders due to unhealthy eating habits. As a result, the working population in urban areas is looking for high-nutrition based snacks that can be consumed on-the-go or as per convenience. This is encouraging food manufacturers to offer on-the-go snacking options like tortilla chips. The increase in the consumers’ spending power and the preference toward convenient foods based on tastes and preferences and choice of food ingredients, will drive the demand for tortilla chips.
The rising demand for healthy snack foods is one of the latest tortilla chips market trends. Consumers across the globe are been facing several health problems related to obesity, diabetes, and cancer and have started preferring healthier snacking variants rather than cutting down on snack consumption. For instance, the use of less viscous oils is one of the ways in which fat absorption can be reduced. The growing demand for convenience food products coupled with the rising demand for healthy snack foods will drive tortilla chips market growth at a CAGR of over 5% by 2024.
Tortilla Chips Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive tortilla chips market growth during the next five years
- Precise estimation of the tortilla chips market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the tortilla chips industry across North America, South America, Europe, APAC, and MEA
- A thorough 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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