Cassava Snacks Market Size Worth $25.2 Billion By 2030: IndustryARC

The Global Cassava Snacks Market size is predicted to reach $25.2 billion by 2030, growing at a CAGR of 4.1% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The Rising consumer demand for gluten-free and healthier snack options, Expanding cassava cultivation and processing capabilities and Increasing global awareness of cassava's versatility as a snack ingredient are fueling the growth of the Cassava Snacks Market during the forecast period, finds IndustryARC in its recent report, titled “Cassava Snacks Market Size, Share & Trends Analysis Report By Type (Cassava Chips, Cassava Balls, Cassava Nutrichips, Cassava French Fries, Cassava Sticks and Others), By Flavor (Spicy, Savory, Sweet and Others), By Category (Organic and Conventional), By Sales Channel (Convenience Stores, Supermarkets and hypermarkets, Online retail and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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During the forecast period of 2023-2030, the Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 6.2% in the global Cassava Snacks Market. The Asia-Pacific region has been driven by several factors, the region's expanding population and increasing disposable income levels have spurred demand for convenient, healthy snacks. Cassava snacks are seen as a wholesome alternative, being gluten-free and rich in fiber. Additionally, the versatility of cassava as a base ingredient allows for a wide variety of snack options, catering to diverse tastes. Furthermore, growing awareness of the environmental and health benefits associated with cassava cultivation, along with innovative flavor profiles, has boosted consumer interest. These factors combined are driving robust growth in the Asia-Pacific cassava snacks market. 

 

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● Cassava Sticks Segment to Register the Fastest Growth:

In the Cassava Snacks Market analysis, the Cassava Sticks segment is estimated to grow with the fastest CAGR of 6.3% during the forecast period 2023-2030. This surge can be attributed to several factors. Firstly, cassava's inherent qualities, including being gluten-free and non-GMO, have resonated with health-conscious consumers seeking nutritious alternatives. The rising demand for diverse, flavorful snacks has also fueled the market, with cassava sticks often offering savory and spicy profiles. According to the Gluten Free Diet Statistics in 2022, The majority of customers—roughly 40%—buy gluten-free goods from major and local supermarket chains. 46.1% of people worldwide exclusively eat a gluten-free diet. 

Furthermore, increased awareness of cassava's sustainability and versatility in cultivation has boosted its popularity. As consumers prioritize healthier and more eco-friendly options, the cassava snacks market, particularly cassava sticks, has responded with robust growth, providing a delectable and sustainable snacking choice. 

● Savory Sector is the Market's Fastest-Growing Segment:

According to the Cassava Snacks Market forecast, Savory Sector is estimated to register the fastest growth during the forecast period, driven by shifting consumer preferences towards healthier and more diverse snacking options. Cassava, a starchy root vegetable, has gained popularity due to its natural gluten-free and non-GMO attributes, making it a favored choice among health-conscious individuals. The savory flavor profile, often infused with enticing spices and seasonings, caters to the growing demand for more flavorful and satisfying snacks.  According to the Associated Chambers of Commerce and Industry of India (Assocham), In the organised market, ethnic savory snacks are expected to increase to 16% by 2026. As the awareness of cassava's nutritional benefits and its sustainable cultivation practices continues to spread, the savory cassava snacks market is poised for significant expansion, offering a delicious and nutritious alternative to traditional snack options. 

● Adapting to Changing Consumer Preferences by Offering Low-Sodium, Organic, or Non-GMO Options in the Cassava Snacks Market:

With a growing emphasis on health and wellness, snack manufacturers are seizing the opportunity to cater to diverse dietary needs. This includes the development of low-sodium cassava snacks to address concerns about excessive salt intake, organic options that appeal to the environmentally and health-conscious, and non-GMO varieties to meet the demand for cleaner ingredients. By offering these choices, cassava snack producers are not only aligning themselves with current consumer trends but also widening their customer base, as discerning shoppers are increasingly seeking transparency and nutritional integrity in the products they consume. Embracing these evolving preferences presents a significant advantage, positioning cassava snacks as a relevant and appealing option in the competitive snack market. This is one of the major factors driving the growth of the Cassava Snacks Market during the forecast period.

Key Opportunity Analysis: 

The surging consumer demand for wholesome, gluten-free snack alternatives is catalyzing robust growth prospects within the cassava snacks market. In response to the ever-expanding health-conscious demographic, cassava-based snacks are rapidly gaining traction. This versatile root crop offers a naturally gluten-free base, making it an ideal choice for individuals with dietary sensitivities and those pursuing healthier snacking habits. Food producers are capitalizing on this trend, diversifying their product offerings, enhancing flavor profiles, and emphasizing cassava's nutritional attributes. Simultaneously, effective marketing campaigns and partnerships are driving cassava snacks into the mainstream, positioning them as a nutritious and satisfying choice in an evolving snack landscape.

The increasing consumer awareness of the benefits of cassava, such as its low-fat content and potential as a sustainable crop, further bolsters its appeal in the market. As health-conscious eating becomes a lifestyle, cassava snacks are seen as a guilt-free indulgence. Additionally, global expansion and innovative product formulations, like cassava chips and puffs, offer avenues for market growth. The cassava snacks market is well-positioned to capitalize on this health-driven trend, making it an exciting arena for investors and entrepreneurs. 

Investing in research and development to craft distinctive and functional cassava snack variations is poised to unlock highly lucrative growth opportunities within the cassava snacks market. As consumers increasingly seek unique and innovative snacking experiences, R&D becomes pivotal in this dynamic sector. By harnessing the versatility of cassava, manufacturers can create an array of novel and enticing snack products, from flavored cassava chips to nutrient-fortified cassava-based treats. These innovations not only cater to evolving consumer tastes but also tap into the growing trend of seeking functional and health-enhancing snacks. As such, businesses can position themselves as trailblazers in the industry, attracting a dedicated customer base and expanding market share. The potential for growth through R&D-driven product diversification is significant, and it promises to keep the cassava snacks market on a trajectory of robust expansion.

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● Cassava Snacks Market Size and Forecast 

● Cassava Snacks Market Trends

● Cassava Snacks Market Analysis by Application

● CAGR of the market during the forecast period 2023-2030

● Value Chain analysis of key stake holders

● Detailed analysis of market drivers and opportunities during the forecast period

● Cassava Snacks Market size estimation and forecast

● Analysis and predictions on end users’ behavior and upcoming trends 

● Competitive landscape and Vendor market analysis including offerings, developments, and financials

● Comprehensive analysis of challenges and constraints in the Cassava Snacks Market

● The COVID-19 pandemic has significantly impacted the Cassava Snacks Market. The increased demand for convenient, shelf-stable, and comforting snacks during lockdowns provided an initial boost to the cassava snacks sector. Consumers turned to these wholesome options, considering cassava's gluten-free and natural appeal. However, the supply chain disruptions, labor shortages, and transportation issues induced by the pandemic posed significant obstacles. Many cassava processing facilities faced operational limitations, affecting production volumes and distribution networks. Additionally, economic uncertainties led to altered consumer spending patterns, with some opting for lower-cost alternatives. As we transition towards a post-pandemic landscape, the cassava snacks market must remain agile and adaptable, continuing to meet the evolving preferences and dietary needs of a diverse consumer base while addressing supply chain resiliency and potential future disruptions. 

● The conflict between Russia and Ukraine has a discernible impact on the Cassava Snacks Market. It has disrupted supply chains and led to increased uncertainty in the market. As a result, prices of cassava-derived products, including snacks, have experienced fluctuations, making it challenging for both producers and consumers to navigate the market. Many snack manufacturers have had to explore alternative sourcing options, which has driven up costs and affected product availability. Additionally, the crisis has created geopolitical tensions that further complicate trade and investment decisions in the cassava snacks industry, highlighting the interconnectedness of global supply chains and the need for diversified sourcing strategies in an increasingly uncertain world.  

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The key companies profiled in the Cassava Snacks Market Report are listed below:

• Rancrisp 

• PT Indofood Sukses Makmur Tbk 

• PT Maxindo Karya Anugerah Tbk 

• Bermudez Group Limited 

• FMF Foods Ltd 

• Corporaćion Dinant 

• Artisan Tropic 

• Aajfoods & Co 

• PotatoPro

• A-1 Chips and Exports India Pvt Ltd 

• Flavours of Kerala 

• Lewis Organics 

• Peakz Limited 

• Tropical Sun 

• Bali Buda 

 

Snack Pellets Market – The Snack Pellets Market size is projected to grow at a CAGR of 5.7% from 2022 to 2027, owing to the high benefits such as longer life, stability and bulk density pertaining to prepared and convenience food products, people started preferring snack pellets and in turn increased the demand for the same. 

Organic Snacks Market – The Organic Snacks Market size is projected to grow at a CAGR of 4.7% during the forecast period. The growth is owing to heavy consumption of RTE and convenient foods, overwhelming obesity rates, strong purchasing power, well-established retail infrastructure, and high health attentiveness among consumers. 

Ready To Eat Snacks Market – The Ready To Eat Snacks Market size is growing at a CAGR of 8.4% during the forecast period. It is driven by the altered customer preferences towards readily available food at fingertips through the utilization of different food delivery apps during the forecast period.

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

 

Mr. Venkat Reddy

IndustryARC

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