PUBLISHER: Bonafide Research | PRODUCT CODE: 1108003
PUBLISHER: Bonafide Research | PRODUCT CODE: 1108003
Growing population base all around the globe is one of the major factor fostering the growth of the market. With the rising population, there is a subsequent rise in the demand and consumption of food items and cultivation of food crops and grains. Moreover, potato is a highly consumed food items in countries such as India, Pakistan, Bangladesh and others. The availability of various forms of frozen potatoes such as French- fries, hash brown, shapes, mashed sweet potatoes, and others has increased its popularity among the consumers. The frozen potato product consumption has majorly increased because of the attraction towards the fast-food segment, expansion of quick-service restaurants, etc. However, factors such as improved packaging formats, high-end manufacturing equipment with an increase in investment, and the emergence of new players in this dynamic market will lead the market to grow big. 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.
The report titled "Global Frozen Potato Products Market Outlook, 2027" provides a detailed insight into the historical and forecasted analysis of global frozen potato products, including the top profile companies. Globally the consumers are getting more and more attracted to convenient meals, frequent small meals, on-the-go meals, etc. Frozen or processed potato has been viewed as one of the largest revenue generators among all the other frozen foods products. This market has crossed the revenue of USD 50 Billion in 2021. The North America and Asia-Pacific region then follow it, which is listed in the top three highest revenue generators. Furthermore, the revenue generation has been equally assisted by the expansion of foodservice outlets, fast-food chains, etc. 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. The majority of the frozen potato companies have a very short supply chain, and they deliver the produce almost regularly to convenience stores and supermarkets, including Walmart and Whole Foods. Retail stores such as hypermarkets and supermarkets have high customer traffic. Therefore, companies distribute their products through different retail channels to enhance sales.
Rising expenditure for research and development proficiencies especially in the developed and developing economies will further create lucrative market growth opportunities. Research and development proficiencies being conducted to study the nutritional composition of potatoes is also bolstering the market growth rate. Additionally, rising personal disposable income, introduction of new flavor and products and rising demand of processed potato along with availability of various products will further expand the market's growth rate in the future.
Nowadays, consumers have become more health conscious and increasingly getting aware about the benefits of potato based products. Potato-based foods are high in fiber, which helps customers maintain a healthy weight by lowering cholesterol and blood sugar levels. Plant-based cuisine is creating buzz around the world. Over the last few years, at least 2% of the global population has been identified as vegan, according to the Vegan Society. This is partly due to the increasing public awareness regarding animal welfare issues. According to statistics, an estimated 8 billion animals are murdered each year, and animal agribusiness is responsible for 91% of the devastation of the Amazon rain forest. As a result, people are increasingly leaning toward plant based quick foods and plant based snacks, creating enormous prospects for frozen potato manufacturers. Furthermore, a number of consumers have expressed concerns that their current plant-based food intake is insufficient to meet their nutrient needs, with some believing that they are consuming more calories and salt than nutrients.
Fast-food franchises such as Wendy's, McDonald's, KFC, Burger King, Subway, and Dominos, among others, have had a huge impact on the Indian fast-food business, which has grown by 18% in the last five years. KFC and McDonald's both indicate that French Fries are their most popular selling fast food items, with the former claiming that 50% of its burger meals sold include a dish of French Fries. Furthermore, retail outlets such as Big Bazaar and Spencer Retail say that the snack is the most popular RTE item. Furthermore, international players such as McCain Foods have reported an increase in the selling of French Fries in India. Apart from French Fries, demand for other potato-based cuisines like Aloo Tikki and Aloo Chaat is boosting frozen potato sales across the country. Further, in January 2022, The Tolochin Cannery has opened a line to manufacture frozen semi-finished French fries in Belarus. This is the country's first manufacture of such items. Also, McCain Foods Limited announced in April 2021 that it has decided to localize production in Russia in order to supply customers with processed French Fries and other specialty potato snacks, with a US$ 150 million investment. The goal is to decrease Russia's reliance on frozen food imports.
The changes which are going on in the worldwide lifestyle have been creating many opportunities for growth in the markets across the verticals. The increase in the workforce of women in addition to the resultant constraints with regard to time and the socializing culture have been offering a lot of growth opportunities for the market. Further, the dependence of the people who are young and living alone or in nuclear families on the processed foods is a major reason for the expansion of the global frozen potatoes market as these avenues were not present earlier.
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.
Major companies in the market
General Mills Inc., Kraft Heinz Company, McCain Foods Limited, Conagra Brands Inc, Nomad foods, Iceland food, Al Kabeer group
Considered for the report:
Historic year: 2016
Base year: 2021
Estimated year: 2022
Forecasted year: 2027
Aspects covered in this report
Global frozen Potato Products market with its value and forecast along with its segments
Region and Country-wise fruits and vegetable foods market analysis
Various divers and challenges
Ongoing trends and developments
Top profiled companies
Regions covered in the report
North America (USA, Canada, Mexico)
Europe (UK, Germany, Spain, France, Italy, Russia)
South America (Brazil, Argentina, Chile, Columbia)
Asia-Pacific (China, Japan, Australia, India)
Middle-East & Africa (UAE, Saudi Arabia, Israel)
Africa (South Africa)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to potato products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.