The global nachos market is considered to register 6% CAGR during the forecast period (2017-2023) owing to the consumer’s inclination towards experiencing cross-cultural cuisines, asserts Market Research Future (MRFR). Originated in Mexico, nachos are tortilla chips which are generally served as a snack with cheese and several sauces. They have become a popular snack across the globe due to its unique flavor and organoleptic properties. Nachos comprises a variety of essential ingredients that offer a delicious intake which fulfills the dietary requirements of an individual. Nachos vary from the modern style which is served in restaurants to the easy and quick nachos sold at concession stands in stadiums.
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Drivers and Constraints Impacting the Market
Recently, a trend of consumption of cross-cultural cuisines have been noticed among the consumers which has further resulted in the demand for innovative snacks experiences. With chips becoming saturated among the consumers, the demand for nachos has triggered. Moreover, the growing demand for convenience food items have led the manufacturers to focus on product innovations. Such factors have influenced the market growth to a great extent across the globe. Additionally, manufacturers are investing in enhancing the production capacity of baked nachos owing to the growing demand for healthy snacks. This has resulted in the growing demand for bakes nachos among the health-conscious consumers. Production technologies and improvisations in processing are also contributing to the growth of the market during the assessment period. Nachos serves both the vegetarians as well as the non-vegetarians, which is further expected to propel the market in the coming years.
On the flip side, over consumption of nachos can cause negative side effects. Consuming nachos on a regular basis results in weight gain, risk of developing chronic illness, water retention, hypertension, and heart diseases. Such factors are expected to limit the market growth during the estimated period.
Global Nachos Market: Segmental Analysis
The global nachos market has been segmented on the basis of type, packaging material, distribution channel, and region.
By mode of type, the global nachos market has been segmented into fried, baked, and others. Among these, the fried nachos segment is considered to dominate the global nachos market owing to the increasing health consciousness among the consumers. Moreover, manufacturers are highly investing in enhancing their production capacity in order to meet the consumer demand which is further propelling the segment growth during the estimated period.
By mode of packaging material, the global nachos market has been segmented into paper, plastic, metal, and others. Among these, the paper-based packaging of nachos is witnessing a surge as paper packaging is environment-friendly.
By mode of distribution channel, the global nachos market has been segmented into non-store and store-based. Among these, the store-based channels are likely to dominate due to the one-stop convenience shopping experience of the consumers.
Geographically, the nachos market has been studied under regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Among all the regions, the North American region is considered to be the largest market for nachos owing to the high influence of Mexican culture in this region.
The Asia Pacific region is experiencing a surging demand for nachos owing to the high influence of product-promotions in the major emerging markets of Japan, India, and China. Moreover, the improved per capita disposable income in this region has further contributed to the market growth.
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The prominent players operating the global nachos market are Frito-Lay Inc. (U.S.), Conagra Brands Inc. (U.S.), Emyth Inc. (U.S.), General Mills Inc. (U.S.), Pringles S.a.r.l. (Luxembourg), Cornitos (India), Late July Snacks (U.S.), and Orenda Foods Pvt. Ltd. (India).
Mar 2018: Cornitos had recently launched a range of nachos crisps which is made of no garlic or onion, keeping in mind the vegetarian users. The latest flavors comprise Tomato Mexicana and Cheese and Herbs in the line which do not have Garlic or onions in their ingredients.