Publication Month: Mar 2022 | Report Code: TIPRE00005147 | No. of Pages: 208 | Category: Food and Beverages | Status: Published
Frozen potato contains different vitamins and nutrients in natural preserved form and has a long shelf life. It also contains vitamin B6, fiber, magnesium, and antioxidants. Frozen potato is made from processing fresh potato with the help of advanced machinery at a very low temperature.
Asia-Pacific is expected to grow at the fastest CAGR in the global frozen potato market over the forecast period. In terms of volume, the region accounted for a market share of more than 15% in 2021. The major factors fueling the market are changing consumer taste preferences and growing demand for processed food and the availability of numerous product variants. Also, the growing demand for frozen potatoes in the snack category due to the rising preference for convenience food or on-the-go light snacks is projected to propel the market growth over the forecast period.
Moreover, an increasing population from emerging economies such as India, China, and Japan provides a broad consumer base for the frozen potato market in Asia-Pacific. Consumers in developed and developing Asian countries such as Australia, China, and India are engaged in their professional lives; therefore, they are gradually shifting their preference toward convenience food, which reduces their cooking time and provides them instant food. Thus, increasingly busy urban lifestyles in Asia-Pacific have resulted in consumers opting for convenient food that does not expend time for cooking or preparation. The rising preference for ready-to-eat meals is fueling the growth of the frozen potato market.
|Market Size Value in||US$ 62,753.12 million in 2021|
|Market Size Value by||US$ 83,889.18 million by 2028|
|Growth rate||CAGR of 4.2% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||208|
|No. of Tables||125|
|No. of Charts & Figures||100|
|Historical data available||Yes|
|Segments covered||Product and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic has brought unprecedented challenges across various industries, including the global food & beverages industry. Due to lockdowns, travel bans, and shutdown of manufacturing plants, the supply chains were severely disrupted, which led to a decline in sales. Moreover, the manufacturing sector faced a shortfall in product supply because of raw materials and labor shortages. However, the frozen potato market witnessed steady growth due to the increased demand for frozen food because it retains nutrition for a longer period and has a longer shelf life than fresh vegetables. The lockdown situation worldwide increased the demand for frozen food products, enabling customers to avoid regular market visits. This factor also positively impacted the demand for frozen potatoes during the initial months of the COVID-19 pandemic.
Get more information on this report :
The fast-food and quick service restaurants have now become the need of the hour for the consumers. These restaurants provide mass-produced foods that have been attracting an increasing number of people to these restaurants. These restaurants are becoming more and more popular due to the convenience they offer and the good taste of the food. Also, they are economical in terms of money and time. Fast food and quick service restaurants are on the rise because they cater to the consumers' changing needs. Consumers now want convenience and quick service with their food. Quick service restaurants cater to the need of the consumers as they offer sit and dine, along with numerous services such as drive-thru, takeout, and home delivery, which suits the modern lifestyle of the consumers. Due to the growth and expansion of these quick-service restaurants or QSRs, the demand for frozen potatoes has also increased. Products like frozen French fries, hash browns, and shaped and stuffed/topped potatoes are mostly demanded by the QSRs because frozen potato requires less preparation time and is easy to use. This helps the QSRs to provide the consumers with their food quickly, which is the main strength of the quick-service restaurants.
Based on product, the frozen potato market has been segmented into French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. The French fries segment accounted for the largest market share in 2019, and it is expected to register the highest CAGR in the market during the forecast period. Frozen French fries have a delicious taste since they contain more nutrition. Frozen French fries have a lot of variety in terms of coatings and seasonings, which enhances the flavor. Further, quick service restaurants are one of the major consumers of french fries because they require less preparation time. As fast-food and quick-service restaurants are on the rise, the demand for frozen french fries is also increasing worldwide.
Get more information on this report :
Based on end user, the frozen potato market has been segmented into residential and commercial. The commercial segment accounted for a larger market share in 2020 and is expected to register a higher CAGR during the forecast period due to the increased demand from fast-food chains, restaurants and cafes, and quick-service restaurants. In addition, retail stores such as hypermarkets and supermarkets have a high customer traffic. Therefore, companies distribute their products through different retail channels to enhance sales. Moreover, these stores have modern storage facilities which keep the frozen potato fresh. Thus, due to high footfall in these retail stores, the demand for frozen potatoes in the commercial sector is increasing.
The key players in the global frozen potato market include Lamb Weston Holdings, Inc.; McCain Foods Limited; The Kraft Heinz Company; J.R. Simplot Company; Bart's Potato Company; Aviko B.V; Agristo NV; Greenyard; Himalaya Food International Ltd.; and Farm Frites International B.V. These companies are investing huge amounts in emerging technologies to boost their crop yield and produce high-quality crops at affordable prices.