Healthy snacking is trending. Consumer preferences are geared towards functional, convenient, ready-to-eat snack products that are health-conscious, plant-based, and, more often than not, contain non-GMO ingredients while being gluten-free.
The above reasons drive the veggie chip market and its significant growth projections over the next decade. According to Future Market Insights, the veggie chips market is estimated to secure a valuation of USD 12.5 billion in 2023, with an increase of valuation to USD 22.8 billion by 2033, with an annual growth rate of 6.2 percent.
The consumer desire for low-processed, natural food products is on the rise. The popularity of vege chips is centred around health benefits. They are an appealing alternative for consumers concerned about their health and well-being as health issues such as obesity and diabetes have become more prevalent.
Due to the nature of veggie chips, being low-calorie, health-focused snacking, they can attract a broad consumer base. As a low-sodium snack containing high vitamins and dietary fibre, veggie chips align perfectly with consumer demand for healthy, tasty, affordable snacking options. There is an increased range of flavours available in supermarkets, including carrot, sweet potato, spinach, turnip, and beetroot.
The veggie chip market is expected to gain more traction as more consumers gain awareness around health and well-being.
Europe currently dominates the veggie chip market owing to the growing population's increased health awareness and the easy availability of different varieties of veggie chip products. The regional market is expected to grow in the coming years, driven by increasing demand for natural and organic food products and the availability of different nutritious food snacks. On the regional end, the veggie chips market in North America is expected to account for the maximum share between 2023 to 2033.
The Asia Pacific, veggie chips market has witnessed significant growth in recent years, driven by factors such as the increased snacking trend and availability of veggie chips in the region.
To keep up with growing consumer demand, manufacturers are doing product innovation, mergers, acquisitions, and expanding their business capabilities to capture the maximum share of the market globally. New flavours like beetroot and sweet potato are attracting more consumers.
Meanwhile, manufacturers are also investing in research and development and offering natural and flavoured veggie chips to appeal to consumer demand for a broader range and variety of flavours to satisfy differing consumer palates.
