PUBLISHER: Allied Market Research | PRODUCT CODE: 1298177
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298177
The frozen potato market size was valued at $60,309.3 million in 2021 and is estimated to reach $92,709.9 million by 2031, registering a CAGR of 4.2% from 2021 to 2031.
The significant rise in purchasing power in China is driving a massive expansion of the Chinese market. The number of fast-food restaurants and coffee shops selling a variety of frozen products including frozen potato food items has rapidly increased in developing countries. In order to expand in Asia-Pacific and other developing regions, major fast-food businesses and hotel networks have made significant investments. Furthermore, Latin American markets such as in Brazil and Argentina are expanding quickly as consumer spending on upscale food items rises. Global demand for frozen potatoes is expanding as a result of a rise in fast food restaurants, an expansion of the world's capacity for food processing, rising disposable incomes, rapid urbanization, and decreased import and export taxes on frozen potatoes.
Growing health concerns in developed economies have increased consumer awareness of health and fitness. Fast food meal sales have fallen as a result of the increased incidence of childhood obesity in North America. This has led to consumers who are concerned about their health favoring fresh non-vegetarian items over frozen potato food, which is a key factor restricting the market's growth. It is anticipated that demand for healthy foods, such as yogurt, low-cholesterol desserts, fruits, vegetables, and organic high-fiber bread products is anticipated to rise in developed regions such as North America, which is likely to suppress the demand for frozen food items including frozen potato products.
Global per capita income has witnessed a healthy growth rate over the past few years, particularly in emerging economies. The increased purchasing power among consumers in these economies has led to higher demand for food, in general, and restaurant food, in particular. According to estimates, the per capita income in the next decade is expected to increase twice as fast in developing countries relative to developed countries. This has significant implications for the growth of the frozen potato industry in these markets. The surge in disposable incomes among individuals, particularly in developing economies, is expected to drive market growth. QSRs, often selling frozen potato products, are typically a relatively inexpensive source of away-from-home food, and therefore, frequently attract consumers with more restrictive budgets.
The frozen potato market is segmented into product type, end-user, and region. On the basis of product type, the market is categorized into French fries, hash brown, shapes, mashed, sweet potatoes/yam, battered/cooked, topped/stuffed, and others. By end user, it is bifurcated into residential and commercial. The commercial segment is further segregated into full-service restaurants, quick-service restaurants, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, the Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA)
The major players operating in the frozen potato industry are include: Agrarfrost GmbH & Co. KG. (Agrarfrost), Agristo NV (Agristo), Bart's Potato Company, Co-Operative Royal Cosun U.A. (Aviko B.V.), Farm Frites International B.V., Greenyard N.V., Himalya International Limited, J.R. Simplot Company, McCain Foods Limited, and Lamb Weston Holdings, Inc.