Cassava Snacks Market - Forecast(2024 - 2030)

Cassava Snacks Market Overview:

Cassava Snacks Market size is estimated to reach $25.2 billion by 2030, growing at a CAGR of 4.1% during the forecast period 2023-2030. Cassava, a naturally gluten-free root vegetable, is gaining prominence as a nutritious and adaptable ingredient for snack products. This market is characterized by diversification, with companies introducing innovative cassava-based snacks like chips, crackers, and convenience foods to cater to varied consumer preferences.       

Additionally, strategic collaborations with retailers and e-commerce platforms are extending market reach. Marketing initiatives, leveraging social media and digital platforms, are engaging younger, health-focused consumers. Sustainability is also a significant focus, as environmentally-conscious consumers seek responsible snack options. Overall, the cassava snacks market is evolving to meet evolving consumer demands for wholesome, convenient, and unique snack choices. These factors positively influence the Cassava Snacks industry outlook during the forecast period.

Market Snapshot:
Cassava Snacks Market - Report Coverage:

The “Cassava Snacks Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Cassava Snacks Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

●    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.  

Key Takeaways:

●       North America is Leading the Market

Geographically, in the global Cassava Snacks Market share,  North America region held a major market share of 39.1% in 2022. This surge can be attributed to several factors, including the increasing awareness of gluten-free and healthy snack options and reflecting evolving dietary preferences. With a rising health-conscious population, cassava snacks are capturing the attention of consumers seeking convenient, guilt-free indulgences. Moreover, the region's diverse consumer base and openness to novel food experiences present a vast market for cassava snacks. North American entrepreneurs are leveraging this demand by introducing an array of innovative cassava-based snack products, from chips to crackers, meeting a wide range of taste preferences. This growth trajectory is further fueled by the robust distribution networks, well-established retail channels, and the region's propensity for adopting trendy food items. As a result, North America is emerging as a key driver of growth in the global cassava snacks market.

●      Cassava Chips Segment to Register the Largest  Share

In the Cassava Snacks Market analysis, the Cassava Chips segment is estimated to hold the largest market share of 38.1% in 2022.. This trend can be attributed to a confluence of factors. The increasing awareness of cassava chips as a healthier alternative to traditional potato chips has garnered widespread consumer attention. The natural, gluten-free, and non-GMO attributes of cassava make it particularly appealing to health-conscious individuals. Additionally, the versatility of cassava allows for a diverse range of flavor profiles and seasoning options, which further enhances its appeal. According to the American Psychological Association’s Stress in America 2022, Savory/salty snacks were the most popular choice among the 67% of respondents who said they snacked in the evening (40%). This was followed by sweeter choices including candy, chocolate, and other treats (38%) as well as cookies, cake, or ice cream (37%). The convenience of cassava chips as an on-the-go snack has also contributed to its popularity. With continuous product innovation, better packaging, and targeted marketing, the cassava chips segment is well-positioned to capture the largest share of the cassava snacks market and cater to the evolving preferences of snack enthusiasts.

●      Organic Sector is Leading the Market. 

According to the Cassava Snacks Market forecast, the Organic sector is estimated to register the largest market share  of 37.2% in 2022. As consumers increasingly prioritize health and environmental sustainability, organic cassava snacks have gained considerable traction. Organic products are cultivated without the use of synthetic pesticides, fertilizers, or genetically modified organisms, making them a wholesome choice.

According to Organic Food Statistics, The USDA increased funding to the organic food industry by $50 million in 2023. Moreover, the organic cassava snacks sector aligns with the broader trend of clean eating and conscientious food consumption. Health-conscious individuals and environmentally aware consumers are opting for these snacks as they perceive them as a healthier, non-toxic option. The organic label not only guarantees a higher quality product but also supports sustainable agricultural practices. This burgeoning demand for organic cassava snacks offers a substantial growth avenue for producers and suppliers, with the potential to further expand the market's reach.

●      The Rising Consumption of Functional Foods fuels the Growth in the Cassava Snacks Market.

Today's consumers are not just looking for conventional snacks; they're seeking options that offer tangible health benefits. Cassava, a versatile root vegetable, is naturally gluten-free and can be processed into snacks rich in fiber, vitamins, and minerals. As functional foods gain popularity for their potential to boost well-being and support specific health goals, cassava snacks are becoming a sought-after choice. Whether it's the inherent nutritional value or the incorporation of innovative ingredients and flavor profiles, the cassava snacks market is adapting to meet this demand.

According to the Korea Health Supplements Association, 8 out of 10 Korean households purchased health functional foods at least once a year in 2022, spending an average of 327.27 USD on them. . Manufacturers are actively formulating cassava-based products with enhanced health attributes, making it a prime contender in the functional food sector. This evolution not only meets the consumer's quest for healthier options but also contributes significantly to the market's expansion. Consumers are increasingly recognizing cassava snacks as a nutritious and satisfying alternative to traditional snacks, driving further growth in the market. As the demand for functional foods continues to rise, the cassava snacks industry is poised to capitalize on this health-conscious trend, expanding its footprint in the global snack market.

Packaging and shelf-life Can Hamper the Market Growth.

Attractive and eco-friendly packaging can significantly enhance a product's visibility and appeal to discerning consumers. However, packaging challenges can arise when it comes to preserving the freshness and shelf-life of cassava snacks. Cassava is a perishable root vegetable, and maintaining its quality and texture in snack form can be a logistical hurdle. Ensuring an extended shelf life without compromising on taste and nutritional value demands advanced packaging technologies and storage conditions. Failure to address these challenges could lead to quality degradation, consumer dissatisfaction, and increased wastage, ultimately impeding the overall market growth and potential profitability. As such, addressing packaging and shelf-life concerns is pivotal to unlock the full potential of the cassava snacks market. These challenges are set to hinder the Cassava Snacks Market growth in the future.

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Cassava Snacks Market. The top 10 companies in this industry are listed below:

1.     Rancrisp (Cassava Chips)

2.     PT Indofood Sukses Makmur Tbk (Qtela Cassava Chips)

3.     PT Maxindo Karya Anugerah Tbk (Maxi Cassava Chips)

4.     Bermudez Group Limited (Soldanza Cassava Chips Original)

5.     FMF Foods Ltd (Thumbs Up Cassava Chips)

6.     Corporaćion Dinant (Zambos Cassava Chips)

7.     Artisan Tropic (Cassava Strips)

8.     Aajfoods & Co (Cassava Chips)

9.     A-1 Chips and Exports India Pvt Ltd (Cassava Chips Chilly)

10.  Lewis Organics (Organic Cassava Chips & Tapioca Flour)

Scope of Report: