LONDON--(BUSINESS WIRE)--The global packaged kale chips market is expected to grow at a CAGR of more than 8% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global packaged kale chips market by product that includes chips or crisps and extruded snacks. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing influence of organized retailing
There has been an increase in the number of organized retailers across the globe. This is attributed to the increasing establishment of supermarkets, hypermarkets, and specialty stores. The large organized retailers usually sell vegetable chips and kale-based food products, and vendors in the market are highly dependent on them. Supermarkets are the key distribution channels that help in the efficient distribution of vegetable-based chips such as kale chips, beetroot chips, and cassava chips to consumers. Owing to the increase in population, the establishment of supermarkets is also increasing. For instance, the US had more than 38,000 supermarkets in 2016, and the number is expected to grow over the forecast period.
According to a senior analyst at Technavio for food research, “In India, the number of supermarkets has significantly increased over the last few years. This can be attributed to rapid urbanization and increase in the disposable income of people. In 2015, the urban population was only 33%. It is expected to grow at a rate of 2.5% till 2022. Rapid urbanization will lead to an increase in the demand for packaged kale chips products in the Indian market. This will be influential in driving the growth in the global packaged kale chips market during the forecast period.”
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Market trend: growing influence of online retailing
The increasing popularity of e-commerce has provided vendors with several growth opportunities. E-commerce accounted for approximately 12% of the global retail trade in 2016. Online and e-commerce channels support both business-to-consumer (B2C) and business-to-business (B2B) operations. The popularity of online shopping across the globe is expected to increase the sales of packaged kale chips in the next five years. The growth in online transactions is attributed to the rise in the number of internet users and the buying convenience of customers. Customers prefer online shopping as they can make payments using credits or debit cards. This helps them in avoiding billing queues and time-consuming journeys.
Market challenge: threat of growing popularity of other snacks
Cereal bars, frozen yogurt, and fruit-based snack products are some of the most popular substitutes for vegetable chips such as packaged kale chips and beetroot chips. The increase in the demand and popularity of these products is expected to hinder the growth of the global packaged kale chips market during the forecast period.
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