Frozen Potato Market Size, Analysis Report 2030

The market size is projected to grow from US$ 65,063.77 million in 2022 to reach US$ 92,630.12 million by 2030; it is expected to register a CAGR of 4.6% from 2023 to 2030.

Market Insights and Analyst View:

Potatoes are one of the major staple food products and is consumed either as fresh potato or processed potato. It is one of the most widely consumed crops. One of the main types of processed potato is frozen potato which is highly convenient and flexible in relation to preparation time. Frozen potato contains different vitamins and nutrients in naturally preserved form and have a long shelf life. Frozen potato contains Vitamin B6, fiber, magnesium, and antioxidants. Frozen potato is basically made from processing the fresh potato with the help of advanced machineries at a very low temperature.

Growth Drivers and Challenges:

There is a surge in the demand for frozen food due to growing consumer preference toward ready-to-eat convenience food items, as they are highly suitable for on-the-go consumption and require minimal preparation time. The number of dual-income families in developed countries such as the US, China, Germany, and the UK is rising substantially. People find it hard to manage work as well as household chores due to lack of time. Therefore, they prefer to eat out or consume ready-to-eat products that require minimal preparation and cooking efforts. In addition, the number of single or two-person households are growing in various developed nations such as the US, Canada, and some European countries, e.g., the UK and Germany. According to the 2020 Current Population Survey, there were 36.1 million single-person households in the US, accounting for 28% of all households. As a result of the growing number of one or two-person families, the demand for ready-to-eat, portion-controlled foods has risen. Frozen food products are also growing in demand as they have an extended shelf-life, suitable for single-person consumption, and can be prepared in less time. According to the 'Power of Frozen' report published by the American Frozen Food Institute and Food Industry Association, frozen food sales in the US increased by 21% in 2020. Thus, the rising consumption of convenience food is driving the demand for frozen potato products.

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Frozen Potato Market: Strategic Insights

Market Size Value in	US$ 65,063.77 million in 2022
Market Size Value by	US$ 92,630.12 million by 2030
Growth rate	CAGR of 4.6% from 2023 to 2030
Forecast Period	2023-2030
Base Year	2022

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Report Segmentation and Scope:

The “Global Frozen Potato Market” is segmented based on product type, end user, and geography. Based on product type, the frozen potato market is segmented into hash brown and tater shots. Based on end use, the frozen potato market is segmented into residential and commercial. The frozen potato market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on product type, the frozen potato market is segmented into French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. The French fries segment held the largest share of the market in 2022; the hash brown segment is likely to grow at significant rate during the forecast period. Frozen hash browns are mostly made in the form of a patty, which provides ease of handling. Frozen hash browns are compact and flat in shape due to which it can be prepared in a toaster oven or toaster. These are generally made from shredded potatoes. Cavendish Farms Corporation, The Kraft Heinz Company, J.R. Simplot Company, Trader Joe’s, Idaho Spuds, Farm Frites International B.V., and McCain Foods Limited HyFun are among a few companies that offer hash brown products.

Based on end user, the frozen potato market is segmented into residential and commercial. The commercial segment is expected to register a higher CAGR during the forecast period. The key end user of frozen potatoes is the commercial sector. Frozen potatoes have been witnessing significant demand from fast-food chains, hotels, and quick-service restaurants (QSRs). These potatoes are accepted commercially on a large scale by service providers due to their ease of use and reduced preparation time. Hesburger, Subway, Burger King, Wendy’s, McDonald's, and Dunkin' Donuts are among the leading fast-food restaurants using frozen potato products globally. Nowadays, due to the convenience provided by frozen potatoes, many caterers are shifting toward the use of frozen food and potatoes. As the number of QSRs and hotels is increasing across the world, the demand for frozen potatoes in the commercial sector is also increasing.

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Regional Analysis:

Based on geography, the frozen potato market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. In 2022, North America held the largest share of the global frozen potato market, and Asia Pacific is estimated to register the highest CAGR during the forecast period. The evolving taste of consumers and impulsive purchases are projected to propel the demand for frozen potatoes during the forecast period. Frozen potatoes, such as French fries, are highly popular among the young population in North America, and this trend offers new opportunities for market growth in the country. Advancements in food processing and supply chain management have helped in the procurement of frozen potatoes across food units. With the surging demand for frozen potatoes, many manufacturers in the food & beverages industry are incorporating frozen potatoes into their food products. This is expected to bolster the growth of the frozen potato market in North America.

Industry Developments and Future Opportunities: 

Various initiatives taken by key players operating in the global frozen potato market are listed below:

1. In 2020, Aviko B.V. has acquired a potato plant in Germany from consumer goods giant Unilever.
2. In 2022, Lamb Weston Holdings, Inc. entered into an agreement to purchase the remaining equity interests in its European joint venture Meijer Frozen Foods.
3. In 2019, Albert Bartlett & Sons (Airdrie) Ltd launched its new frozen chips & fries range in retail stores across the UK.
4. In 2023, McCain has announced a substantial investment in Coaldale, doubling the size of its facility and output in Coaldale, Alberta

Covid-19 Impact:

The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Consumers started panic-buying due to lockdowns and travel bans. They stocked their pantries which initially increased the demand for snacking and munching items such as frozen potato. Later, however, due to shortage of raw materials and labor, manufacturers could not meet the demand, which hampered their profitability and created product shortages. However, in 2021, as the governments announced relaxation in various restrictions such as lockdowns, travel bans, and trade barriers, the marketplace witnessed recovery. The manufacturers of frozen potato could operate with full capacity, helping them overcome the demand supply gap. Online grocery shopping trend emerged rapidly as consumers enjoyed shopping remotely during lockdowns. This factor is expected to continue to boost the frozen potato market during the forecast period.

Competitive Landscape and Key Companies:

The major players operating in the frozen potato market are Bart’s Potato Company, Aviko B.V., Agristo NV, Lamb Weston Holdings Inc, Mccain, Farm Frites International B.V., Greenyard, Himalaya Food International Ltd, J.R. Simplot Company, and The Kraft Heinz Co., among others. These companies focus on new product launches and expanding their footprint to meet the growing consumer demand worldwide.