“Inclination of consumers towards convenience foods drives the growth of the market”
The Frozen Potato market is expected to grow at a CAGR of 4.2% during the forecast period from 2023 to 2030, starting from US$ 59,829.0 Mn in 2021.
Frozen Potato products are gaining popularity and becoming global commodities that are generating billions of dollar revenue each year globally. The development of new products by various manufacturers supports the growth of the market. For instance, in January 2021, Albert Bartlett launched three new frozen potato products in the U.K markets. The new product portfolio includes Homestyle fries, Parmentier Potatoes and Rooster Homestyle Chips. The new products are available at 400-500 Sainsbury’s stores.
Consumers nowadays are becoming more inclined towards convenience food such as frozen potato products. Therefore, manufacturers are focusing to provide new products in the market and to expand their geographical reach to fulfill the rising demand of consumers globally. For instance, in March 2021, Agristo, a leading potato processer invested 200 euro in the new french fries factory situated in Wielsbeke, Belgium. Agristo’s reports suggest that the new factory is the most innovative french fries factory in the world. Moreover, is fully automated and requires only 15 employees at a time. Thereby, supports the growth of the market.
“Expansion of Quick Service Restaurants supports the market growth”
French fries is the most preferred frozen potato product, projected to increase more than $19,000 million in revenue from the year 2021 to 2029. The research studies suggest that the U.S. utilized about 162 million cwt potatoes for producing frozen french fries in the year 2020. Thereby, supports the growth of the segment.
According to a report “China- Peoples Republic of Potato and Potato Products Annual Report by USDA Foreign Agricultural Service suggests that 15% of the total production of potato is used as processed potatoes in China. The aforesaid factor is one of the key factors supporting the growth of the market. The french fries segment expected to hold over 40% of the market share during the forecast period due to the rising consumption of such fries. Moreover, the expansion of quick-service restaurants such as McDonald’s, Subway and Burger king globally supports the growth of the market.
“Asia Pacific dominated the frozen potato market”
The Asia Pacific dominated the Frozen Potato market in the year 2021 and expected to continue its dominance during the forecast period. The growth of the region is supported by changing the food consumption habits of individuals. Moreover, rapid urbanization and inclination of consumers towards western-lifestyles are further expected to support the growth of the market. Additionally, the expansion of fast-food restaurants in the region supports the growth of the market. For instance, in 2019 McDonalds announced to add around 200 restaurants in China by 2023. Thereby, it aims to create the largest McDonald’s franchisee outside the U.S. the aforesaid factors are some of the key reasons dominating the market in the region.
“North America to grow at a significant rate during the forecast period”
North America is expected to grow at a considerable rate during the forecast period. The U.S. is the largest producer of frozen potatoes in the world. According to USDA (United States Department of Agriculture), the U.S. exported around 450 metric tons of potatoes and around 65% of total exported potatoes are imported to Asian markets. As per the report published by Global Agricultural Information Network (GAIN) suggests that the total frozen potato production in the year 2020-2021 accounts for about 1,185,300 metric tons out of which imports and exports account for about 51,000 and 1,090,000 respectively. Moreover, the reports also suggest that about 241,500 metric tons of frozen potato was domestically consumed by the country in the year 2020-2021.
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Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Frozen Potato market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
