Spicy Strip Market Size, Industry Analysis Report By Type (Sweet and Spicy and Salty and Spicy), By Application (Online Retail and Offline Retail) & Region – Forecasts By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 205
- CATEGORY
- Food & Beverages
Spicy Strip Market is anticipated to witness a CAGR of 5% over the forecast duration of 2022-2030.
The escalating demand for ready to eat of convenience food coupled with the changing lifestyle of the masses are primarily augmenting the outlook of this market vertical.
Furthermore, rising disposable income of individuals, surging popularity of e-commerce food channels, along with the growing focus of industry players to introduce spicy strips made with a wide array of flavors and textures are creating lucrative opportunities for the industry sphere to prosper.
Also, widespread urbanization, increasing inclination of the masses towards inter-continental cuisines, and technological innovations in the culinary field are adding momentum to the progression of this marketplace.
Besides, surge in the millennial population base, rising sales of spicy strips across restaurants and cafes, along with elevating demand for vegan spicy strips are positively influencing the industry dynamics.
Moreover, the growing popularity of fast food chains across the globe is bolstering the growth of worldwide spicy strip market.
On the downside, the excessive consumption of these strips may lead to digestive issues. This in turn is hindering the remuneration scope of this industry.
Spicy strip is referred to as a type of chewy snack made from wheat flour, meat, and spicy sauce. It is regarded as a convenience food since it is easy to make and can be stored in a frozen form for a long duration. Most of the non-veg spicy strips consist of a rectangular piece of meat coated with wheat flour and others spices which is further marinated in a spicy sauce.
Spicy Strip Market- Key Trends
Changing Lifestyle Trends Of Masses To Fuel Market Expansion
Surging Per Capita Income Of Individuals To Stimulate
Industry Dynamics
Spicy Strip Market- Segmental Assessment
By Type
• Sweet and Spicy
• Salty and Spicy
The salty and spicy segment is poised to amass notable gains over the stipulated timeline owing to the shifting inclination of the masses towards taste buds enhancing salty and spicy food options.
By Application
• Online Retail
• Offline Retail
The online retail segment is slated to generate significant returns over the estimated timeframe ascribing to the widespread popularity of e-commerce food delivery channels. These platforms not only ensure the doorstep delivery of frozen or prepared spicy strips but also show costumers with lucrative offers.
Spicy Strip Market- Geographical Landscape
Considering the regional frame of reference, the business vertical is bifurcated into North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. Among these, North America is projected to capture a high revenue share over 2022-2030. This is ascribed to the changing lifestyle trends of the masses, increasing income levels, and escalating demand for convenience food across the region.
Meanwhile, Asia Pacific is reckoned to grow considerably over the forecast period due to the rising popularity of these strips in China, hectic lifestyle of the masses, widespread urbanization, and growing disposable income levels across the region.
Spicy Strip Market- Competitive Hierarchy
The prominent players characterizing the competitive terrain of this marketplace are WeiLong, Jiangxi GeGe Food, 3Songshu, Guangdong Xiange Food, Hunan Fantianwa Food, Hunan Wanghui Food, Liangpin Shop, Pingjiang Xinxiangyu Food, and SuZhou Koushuiwa Food.
Notably, the aforementioned players are adopting various business centric strategies to expand their global reach and stay ahead of core competitors.
Report Scope
Global Spicy Strip Market: Historical Years- 2018-2021
Global Spicy Strip Market: Forecast Years- 2022-2030
Global Spicy Strip Market CAGR- 5%
Major Segments Covered-
• By Type (Sweet and Spicy and Salty and Spicy)
• By Application (Online Retail and Offline Retail)
Primary Regions and Countries Reported-
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global spicy strip market is anticipated to witness a CAGR of 5% over the forecast duration of 2022-2030.
What are the drivers shaping various markets?
There has been a drastic change in the lifestyle trends of the masses. This is predominantly powered by the widespread urbanization and rising employment rates worldwide. This has shifted the inclination of individuals towards ready to eat foot options. This in turn has escalated the demand for frozen spicy strips that can be heated and consumed instantly.
Who are the key competitors of market Players?
Some of the major players operating within the market are WeiLong, Jiangxi GeGe Food, 3Songshu, Guangdong Xiange Food, Hunan Fantianwa Food, Hunan Wanghui Food, Liangpin Shop, Pingjiang Xinxiangyu Food, and SuZhou Koushuiwa Food.
What are the top performing segments, and countries / regions of each of the markets?
North America is projected to capture a high revenue share over 2022-2030. This is ascribed to the changing lifestyle trends of the masses, increasing income levels, and escalating demand for convenience food across the region.
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