Press release
Global Nachos Market: Riding the Waves of Flavor and Convenience
Nachos Market, Nachos Market Size, Nachos Market Share
The global nachos market is experiencing significant growth, despite setbacks caused by the COVID-19 pandemic. Here's a breakdown of key points from the overview:
Market Growth: The global nachos market is expected to register a Compound Annual Growth Rate (CAGR) of approximately 6.40% from 2023 to 2032, reaching a value of over USD 2.6 billion by 2032.
Product Description: Nachos are a type of tortilla chip typically served as a snack with various sauces and cheese. Originating in Mexico, nachos have gained popularity worldwide, being served in various forms from modern-style starters in restaurants to easy snacks sold at stadium stands.
Impact of COVID-19: The COVID-19 pandemic had a notable impact on the nachos market, with closures of restaurants, stalls, and bars affecting sales. However, the packaged nachos segment helped mitigate losses as consumers stocked up on snacks during lockdowns.
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Competitive Landscape:
The market includes tier-1, tier-2, and local players, with participants focusing on research and development (R&D) efforts. Strategic growth activities such as product introductions, joint ventures, and partnerships are being employed to improve market positions and expand consumer bases.
Major Key Players:
Major market players include FRITO-LAY INC., PRINGLES S.A.R.L., ORENDA FOODS PVT. LTD., CORNITOS, EMYTH INC., CONAGRA BRANDS INC., LATE JULY SNACKS, GENERAL MILLS INC., VANS FOODS, and GEHLS.
Market Segmentations:
Product Types: Segmented into Fried and Baked, with the Baked segment holding the largest revenue market share due to heightened health consciousness among consumers.
Applications: Segmented into Restaurant and Household.
Distribution Channels: Segmented into Hypermarkets and Supermarkets, Departmental Stores, Online Retail, and Others, with the Online Retail segment holding the largest revenue market share, driven by the surge in online purchasing during the COVID-19 pandemic.
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Regional Analysis:
North America dominates the market due to the growing influence of Mexican culture.
Asia Pacific is the second-largest market, driven by rising disposable income and product promotions in developing economies like India and China.
Overall, the global nachos market is poised for growth, driven by various factors such as changing consumer preferences, marketing strategies, and regional economic trends.
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