Potato Chips Market

Driven by increasing demand for potato chips worldwide, the market is expected to see steady growth over the next eight years. Consumption trends have shown fluctuations, with 2022 seeing a slight decrease. The United States, China, and India are the top consumers and producers of potato chips. Global imports and exports have also risen, with notable growth in countries like Kazakhstan and Russia. Prices have seen an increase, with the United States and Russia having the highest export prices.

Market Forecast

Driven by increasing demand for potato chips worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 22M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $90.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Potato Chips

In 2022, consumption of potato chips decreased by -0.6% to 17M tons, falling for the third consecutive year after five years of growth. The total consumption volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 18M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global potato chips market size shrank slightly to $62.6B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $67.8B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (2.9M tons), China (2.7M tons) and India (1M tons), with a combined 39% share of global consumption. Japan, Indonesia, Germany, Brazil, Italy, Pakistan, Bangladesh, Nigeria and Mexico lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +10.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest potato chips markets worldwide were the United States ($8.9B), Japan ($7.5B) and China ($7.1B), together comprising 37% of the global market. India, Brazil, Indonesia, Mexico, Germany, Bangladesh, Nigeria, Pakistan and Italy lagged somewhat behind, together accounting for a further 19%.

Nigeria, with a CAGR of +12.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of potato chips per capita consumption in 2022 were the United States (8.7 kg per person), Italy (6.7 kg per person) and Germany (5.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +7.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Potato Chips

In 2022, production of potato chips decreased by -0.6% to 17M tons, falling for the third consecutive year after five years of growth. The total output volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 11%. Global production peaked at 18M tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, potato chips production declined slightly to $61.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 19% against the previous year. Over the period under review, global production reached the maximum level at $72.3B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (3M tons), China (2.7M tons) and India (1M tons), with a combined 39% share of global production. Japan, Indonesia, Brazil, Italy, Pakistan, Germany, Bangladesh, the Netherlands, Nigeria and Mexico lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +10.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Potato Chips

In 2022, the amount of potato chips imported worldwide expanded notably to 992K tons, rising by 6.4% compared with the year before. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 6.6%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, potato chips imports rose markedly to $3B in 2022. The total import value increased at an average annual rate of +4.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 11%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

Germany (142K tons) and France (111K tons) represented roughly 26% of total imports in 2022. The United States (71K tons) held a 7.1% share (based on physical terms) of total imports, which put it in second place, followed by the UK (6.1%) and Belgium (5.1%). The following importers - Canada (44K tons), the Netherlands (39K tons), Italy (27K tons), Spain (26K tons), Denmark (23K tons), Sweden (21K tons), Kazakhstan (19K tons) and Austria (15K tons) - together made up 22% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kazakhstan (with a CAGR of +15.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($298M), France ($228M) and Germany ($206M) appeared to be the countries with the highest levels of imports in 2022, with a combined 25% share of global imports. Canada, the Netherlands, the UK, Belgium, Italy, Spain, Denmark, Sweden, Kazakhstan and Austria lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Denmark, with a CAGR of +7.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average potato chips import price stood at $2,997 per ton in 2022, picking up by 2.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2013 when the average import price increased by 16%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($4,224 per ton), while Germany ($1,450 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Potato Chips

Global potato chips exports reached 1.1M tons in 2022, with an increase of 5.4% against the previous year's figure. Overall, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, potato chips exports rose significantly to $3.1B in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

The Netherlands (291K tons) and Belgium (200K tons) were the largest exporters of potato chips in 2022, amounting to near 26% and 18% of total exports, respectively. The United States (98K tons) ranks next in terms of the total exports with an 8.8% share, followed by Germany (6.3%) and Poland (4.9%). The following exporters - Spain (45K tons), Canada (38K tons), Mexico (34K tons), Russia (32K tons), the UK (30K tons), France (29K tons) and Portugal (17K tons) - together made up 20% of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +16.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($440M), Belgium ($345M) and the United States ($327M) appeared to be the countries with the highest levels of exports in 2022, with a combined 36% share of global exports. Russia, Poland, Spain, Germany, Canada, the UK, Mexico, France and Portugal lagged somewhat behind, together accounting for a further 41%.

Russia, with a CAGR of +19.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average potato chips export price stood at $2,764 per ton in 2022, growing by 4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2013 an increase of 12% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Russia ($5,948 per ton), while the Netherlands ($1,512 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform