Nachos Market size is set to grow by USD 1.78 billion from 2024-2028, Growth of organized retail sector to boost the market growth, Technavio

NEW YORK, Aug. 7, 2024 /PRNewswire/ -- The global nachos market  size is estimated to grow by USD 1.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.63%  during the forecast period.  Growth of organized retail sector is driving market growth, with a trend towards growing prominence for online shopping. However, need for adherence to stringent regulations and guidelines  poses a challenge. Key market players include AMICA CHIPS Spa, Arca Continental SAB de CV, Axium Foods Inc., Bahlsen GmbH and Co. KG, Balance Foods Inc., Conagra Brands Inc., Cornitos, General Mills Inc., ITC Ltd., Kellogg Co., Kelly Ges.mbH, Nacho King Corp., Old Dutch Foods Ltd., Orenda Foods Pvt. Ltd., PepsiCo Inc., Ricos Products Co., San Carlo Gruppo Alimentare SpA, The Good Bean Inc., The Hershey Co., and Universal Robina Corp..

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Key Market Trends Fueling Growth

The e-commerce sector has significantly driven the growth of the global nachos market in the last decade. Consumers can now access a wide range of regional and international packaged nachos brands through online retailers. The increasing number of e-commerce vendors worldwide is attributed to the widespread use of smartphones. Major e-commerce platforms like Amazon and eBay are key global sellers of nachos. E-commerce offers personalized shopping experiences, allowing consumers to compare and choose nachos based on preferences. Reviews from previous buyers aid new consumers in making informed decisions. Eliminating the need for physical stores and merchandising, e-commerce enables vendors to offer discounts directly to consumers. Though traditional distribution channels remain dominant, online sales are projected to expand rapidly during the forecast period due to competitive pricing and quick delivery services. 

Nachos, the beloved Mexican dish, is currently trending as a popular choice for shareable appetizers and party snacks. Both fried and baked versions are readily available in various forms, including ready-to-eat kits and packaged products. Convenience stores, hypermarkets and supermarkets, departmental stores, online retail, and e-commerce websites all stock a wide range of nacho offerings. Key ingredients like maize germ and corn starch are used to create tortilla chips, a staple in nacho preparation. Toppings such as cheese, cheese sauce, jalapenos, black beans, olives, and barbecue sauce add flavor and texture. Brands like Kazoo Snacks and Barnana offer plantain chips and avocado oil as alternative options. Nachos can even serve as a main course with the addition of protein sources like Putin nachos or popcorn for extra crunch. Overall, the versatility and convenience of nachos make them a go-to choice for various occasions. 

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Market Challenges

• The global nachos market faces challenges due to stringent government regulations on nachos manufacturing. These regulations focus on food safety, business operations, insurance, and fire safety, requiring significant investments from manufacturers. Compliance involves financial obligations such as licensing, permits, and mandatory food safety training. Standards like ISO 22000, FSSC 22000, IFS Food, and BRC Food Standards are relevant. IFS Food assesses product and process quality, while FSSC 22000 emphasizes a robust food safety management system. In EU countries, the European Food Safety Authority (EFSA) sets rules, and in India, the Food Safety and Standards Authority of India (FSSAI) is responsible. Compliance is crucial to protect brand image but can negatively impact market growth during the forecast period.
• Nachos Market: Navigating Diverse Demands in Fast-food and Beyond The nachos market faces various challenges in catering to diverse consumer preferences. Fast-food chains grapple with accommodating vegetarians and non-vegetarians through options like refried bean toppings and ground beef or shredded chicken. Health-conscious consumers seek nutrient-dense vegetables, beans, and avocados, while limiting saturated unhealthy fats. Meanwhile, vegetarians and vegans request alternatives to meat, such as beans or low-fat cheese protein. Restaurants and stadium concession stands offer baked nachos as a healthier alternative to fried, while export duties impact pricing and availability. Mexican cuisine enthusiasts enjoy international flavors through ingredients like Cheddar, Monterey Jack, tomatoes, jalapeños, black olives, sour cream, guacamole, and salsa. Households and quick-service outlets use a broiler or oven for preparation, while microwaves simplify convenience for busy consumers. The foodservice industry continues to evolve, with cafes, food trucks, and foodservice outlets expanding the nachos market. Ignacio Anaya's creation remains a beloved food experience for food enthusiasts worldwide.

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Segment Overview 

This nachos market report extensively covers market segmentation by

1. Product 
• 1.1 Baked
• 1.2 Fried
2. Application 
• 2.1 Commercial
• 2.2 Household
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Baked-  The baked nachos segment dominated the nachos market in 2023, accounting for the largest market share. This growth can be attributed to the increasing health-conscious consumer trend worldwide. Baked nachos are a preferred choice due to their lower oil content, making them a doctor-recommended option. Moreover, they are estimated to be the fastest-growing segment during the forecast period from 2023 to 2028. Lightweight and low in calories, baked nachos have a low glycemic index (GI), making them a healthier alternative. Homemade tortilla chips, the base for baked nachos, can be prepared without nuts for consumers with allergies. The controlled use of ingredients further adds to their appeal.

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Research Analysis

Nachos, a beloved Mexican dish, are known for their delicious combination of crispy tortilla chips topped with melted cheese, cheese sauce, and various toppings. The dish's origins are unclear, but Ignacio Anaya is often credited as its inventor. Tortilla chips, a key component, are made from maize germ or corn starch and can be found in various flavors. Toppings can include jalapenos, tomatoes, black olives, sour cream, guacamole, salsa, and more. Cheese options range from Cheddar to Monterey Jack, and other snacks like plantain chips can be served alongside. Avocado oil is commonly used for cooking, and cheese sauces can be made with a variety of ingredients like black beans and olives. Kazoo Snacks and Barnana are among the brands that offer delicious versions of this popular snack or appetizer, which can also serve as a main course when topped with enough toppings.

Market Research Overview

Nachos, a beloved Mexican dish, are renowned for their delightful blend of crispy tortilla chips, melted cheese, and an array of tantalizing toppings. This snack or appetizer can transform into a main course with the addition of nutrient-dense vegetables, beans, avocados, and proteins like ground beef or shredded chicken. Jalapenos, black olives, and other zesty toppings add a burst of flavor, while cheese sauce, barbecue sauce, and Putin sauce offer various international flavor experiences. Nachos cater to diverse palates, including vegetarians, non-vegetarians, and health-conscious consumers. For those seeking low-fat options, opt for low-fat cheese or nutrient-dense vegetables. Fast-food chains, restaurants, stadium concession stands, cafes, food trucks, and quick-service outlets serve nachos as shareable appetizers or party snacks. Preparation methods vary, from broiling in a restaurant oven to microwaving at home. Export duties and various cooking techniques impact the price and availability of nachos worldwide. Nacho kits, packaged products, and convenience stores offer easy-to-prepare options for busy consumers. Online platforms, hypermarkets, supermarkets, departmental stores, and e-commerce websites provide easy access to this popular snack. Innovations in the food industry include Kazoo Snacks' maize germ and corn starch-based alternatives to traditional tortilla chips, offering a healthier option for nacho lovers. Food experiences and foodservice industry trends continue to evolve, keeping this classic dish a favorite among food enthusiasts.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Baked
• Fried
• Application
• Commercial
• Household
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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