Nachos Global Market Report 2024

The nachos market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to several factors, including cultural trends and popularity, the prevalence of casual dining and fast food culture, diverse flavor innovations, the popularity of cinematic and sporting events, and the influence of snacking culture.

The nachos market size is expected to see strong growth in the next few years. It will grow to $2.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as the demand for healthier alternatives and ingredients, the rise of plant-based and specialty nacho options, the increasing prevalence of e-commerce and home delivery services, the incorporation of global fusion flavors, and a continued focus on authenticity. Noteworthy trends expected in the forecast period include ongoing flavor innovation, the use of healthy and specialty ingredients, the exploration of global fusion and regional variations, the introduction of premium and gourmet nacho offerings, and the expansion of plant-based and vegan nacho options.

The anticipated rise in demand for convenience foods is poised to drive the growth of the nacho market in the foreseeable future. Convenience foods encompass pre-packaged or pre-cooked items designed for quick and easy consumption or preparation. Nachos, recognized for their simplicity, adaptability, and suitability for quick snacks or casual occasions, have become a popular choice in the convenience food sector. As reported by Food and Drinks Malaysia by SAIL Group in July 2023, the convenience food sector witnessed a 3.0% increase in volume, projecting a volume of 7,829.2 kg by 2027, with Malaysia's convenience food revenue expected to reach US$31.84 billion in 2022 and forecasted to grow by 5.49% during 2022-2027. Consequently, the rising demand for convenience foods is a key driver propelling the growth of the nacho market.

The escalating demand for Mexican restaurants is expected to contribute to the growth of the nachos market. Mexican restaurants, specializing in serving Mexican cuisine, stand to benefit from incorporating nachos into their menus, enhancing overall appeal, customer satisfaction, and profitability. Nachos, as a versatile and popular dish, have the potential to attract a diverse customer base, fostering a sense of Mexican culinary culture. According to The Chef’s Store in July 2023, the United States witnessed a 2.4% increase in the number of Mexican restaurant establishments, reaching 49,365 in 2021 compared to 2022. Therefore, the growing demand for Mexican restaurants is a driving factor for the nachos market.

The high saturated fat content in nachos is anticipated to pose a challenge to the market's growth. Nachos often contain ingredients with elevated saturated fat levels, notably cheese, which constitutes approximately 60-70% saturated fat by calorie content. Considering dietary recommendations, as outlined by the National Health Service in June 2023, the average man should consume no more than 30g of saturated fat daily, while the average woman should limit intake to 20g. Hence, the high saturated fat content represents a hindrance to the growth of the nachos market.

Major companies in the nachos market are strategically focusing on the development of more flavorful products to expand their customer base, drive sales, and increase revenue. Tastier nachos, characterized by enhanced flavor, are gaining popularity, particularly when featuring tortilla chips topped with cheese or cheese sauce and various garnishes. An example is Kellogg Company's November 2021 launch of Pringles Scorchin Wavy Loaded Nachos, featuring a wavy texture for added crunch and loaded with spicy jalapeño and cayenne pepper flavor. This innovation aligns with changing consumer preferences for bold flavors and distinctive textures in snacks, helping Kellogg's maintain its market leadership.

In July 2022, Eagle Family Foods Group LLC, an investment portfolio firm of Kelso & Company LLC, acquired the Sell Helper and Suddenly Salad Businesses of General Mills Inc. for $610 million. This acquisition enables Eagle Family Foods Group to expand its retail presence by incorporating meals and sides into its existing snack and baking operations. General Mills Inc., a major player in the food processing industry, produces nachos through its Old El Paso brand.

Major companies operating in the nachos market report are Nestle SA, Frito-Lay Inc., Grupo Bimbo S.A.B. de C.V., Conagra Brands Inc., Arca Continental S.A.B. de C.V., Regulas Agro-Organic Pvt Ltd., RW Garcia Co. Inc., Juanita's Foods, On The Border Mexican Grill & Cantina, Xochitl Inc., Ricos Products Co. Inc., Late July Snacks LLC, Pringles S.A.R.L., Fuletra Snacks Pvt. Ltd., Greendot Health Foods Pvt. Ltd., Orenda Foods Pvt. Ltd., Live Better Brands LLC, Nacho King, E-myth Worldwide Inc., Vans International Foods Inc., Que Pasa Mexican Foods Ltd., Bajo Foods Pvt. Ltd., Masafrica Corn Flour Pty Ltd., Recorn Foods Pvt. Ltd., Gringos Nacho Factory.

North America was the largest region in the nachos market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nachos market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the nachos market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The nachos market consists of sales of tortilla chips, salsas and dips, jalapenos, gluten-free macho nachos, and dessert nachos. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main types of nachos are fried and baked. Fried nachos are prepared by submerging the food items in hot oil or fat until they become crispy and golden brown. Nachos are available through various distribution channels, including hypermarkets and supermarkets, departmental stores, online retail, and others. They are enjoyed by individuals at restaurants and households alike.

The nachos market research report is one of a series of new reports that provides nachos market statistics, including the nachos industry global market size, regional shares, competitors with nachos market share, detailed nachos market segments, market trends and opportunities, and any further data you may need to thrive in the nachos industry. This nachos market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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