The tortilla chips market research report examines the key questions around the implications of COVID-19 and provides a recovery analysis and outlook for the market in focus. The market has witnessed a positive impact due to the COVID-19 situation. The research analysts at Technavio expects the tortilla chips market to grow by USD 3.16 billion during the forecast period, accelerating at a CAGR of over 5%.
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Tortilla Chips Market Segmentation Analysis by Type
MFICFT is the leading segment in the tortilla chips market and the market growth in this segment is expected to be significant in the coming years. 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. 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 Regional Analysis
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Tortilla Chips Market: Key Market Drivers
Tortilla chips market is driven by the growing awareness of the health benefits of tortilla chips. Tortilla chips not only form a delicious snacking option but are also rich in nutrients. The main ingredient used in the production of tortilla chips is corn. Corn is the rich source of many antioxidants, which are highly beneficial for the human body. Besides, the different combinations of phytonutrients in the different varieties of corn are linked to strong antioxidant activity. Corn is also a good source of fiber, and therefore, tortilla chips also serve as a good appetizer. Tortilla chips also provide the requisite amount of sodium to the body, which is essential for maintaining the water balance in the body.
Launch of New Products with Innovative Flavors will be a Key Market Trend
The global tortilla chips market has seen a surge in the launch of new products containing innovative flavors over the last five years. Most of these new products were launched in the Americas, and most of them were organic or gluten-free due to the rising demand for such products. For instance, in August 2020, Utz Quality Foods, LLC. announced its newest snack creation: Guacamole flavored TORTIYAHS! tortilla chips. Similarly, in April 2020, Mission Foods launched corn strips in South East Asia and China. The corn strips snacks will be available in Malaysia, Singapore, Thailand, and China through the company's retail presence in these countries. Such launch of products containing unique flavors is expected to drive the growth of the market.
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Tortilla Chips Market 2020-2024 : Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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