Global Frozen Potato Products Market To Be Driven By Rising Disposable Income In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Frozen Potato Products Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global frozen potato products market, assessing the market based on its segments like type, end-use, distribution channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4.4%
Due to an increase in fast-food restaurants, an increase in global food processing capacity, an increase in income, an increase in urbanisation, and lower WTO tariffs on the import and export of frozen potatoes, demand for frozen potatoes is rapidly expanding around the world. Asia-Pacific is seen as a growing market for frozen potatoes due to the expansion of QSRs. The desire for convenience foods develops as the female working population grows, resulting in a considerable increase in the consumption of frozen French fries and dried potato products.
Frozen Potato Products Industry Definition and Major Segments
In terms of global output, potatoes rank fourth behind wheat, rice, and maize. Frozen potatoes are a common type of cooked potato because they offer convenience and flexibility in terms of preparation time, as well as a variety of minerals and vitamins in a natural, shelf-stable form. To make frozen potatoes and their myriad products, fresh potatoes are processed using a range of complicated technologies at very low temperatures.
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On the basis of type, frozen potato products are divided into the following:
- French Fries
- Hash Brown
- Sweet Potatoes/Yam
- Potato Wedges
- Potato Bites
- Mashed
- Smileys
- Others
Based on end-use, the market is segmented into the following:
- Food Service
- Retail
The major distribution channels for the product include:
- Supermarkets and Hypermarkets
- Independent Retailers
- Convenience Stores
- Specialty Stores
- Online
- Others
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Frozen Potato Products Market Trends
The growing popularity of quick service restaurants (QSRs) in both developing and developed countries is driving the global frozen potato market. Burger King, McDonald’s, Dunkin’ Donuts, and others are among the top QSRs contributing to the frozen potato market’s rise. The rise in disposable income of people in emerging countries, as well as the increase in urbanization, are further drivers driving the industry.
The most popular frozen potato product in the world is French fries, followed by hash browns. McCain Foods, one of the market’s most important participants, produces over a third of all frozen French fries manufactured worldwide. However, the market expansion is expected to be limited by the high cost of frozen potato products and the need for consistent low temperatures. The growing demand for frozen potatoes and related foods in developing countries is predicted to give several chances for the worldwide frozen potato market to grow. In the past, North America and Europe dominated the business, and they are anticipated to continue to do so in the future.
The increased use of potato-based goods and frozen foods in the regions can be related to this. The Asia-Pacific area is likely to become one of the most profitable frozen potato marketplaces in the near future. Because of the increasing number of fast-food restaurants (QSRs) in the region, the frozen potato industry in the Asia Pacific is booming.
Key Market Players
The major players in the market are McCain Foods Limited, Agrarfrost GmbH & Co. KG, Agristo N.V., Farm Frites International B.V., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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