Frozen Potato Market is projected to be worth USD 111.11 billion by 2033 and is anticipated to surge at a CAGR of 6.2%.
Changing lifestyles and increasing urbanisation are two key factors driving market development. As a result of changing lifestyles and urbanisation, there is a greater demand for processed and convenience meals. Frozen potatoes are included in this trend since they are frequently utilised as a component in many processed foods such as snacks, appetisers, and ready-to-eat meals. Frozen potatoes are becoming increasingly popular in international markets. Potato-producing countries often export and freeze extra supplies to reduce waste and increase revenue. This proclivity has resulted in an increase in global demand for frozen potatoes. Frozen potatoes are more durable than fresh potatoes.
Frozen Potato Market Driving Factors and Challenges
Demand for frozen food is increasing due to rising purchasing power and growing consumer preference for ready-to-eat convenience foods. Ready-to-eat, microwaveable, and ready-to-prepare food products are becoming increasingly popular since they are convenient for on-the-go consumption and require little preparation time. Fast food restaurants will expand their need for frozen potatoes globally due to the significant expansion in domestic and international demand for frozen potato products. Because of its enormous market potential and rising consumer demand, the commercial sector is the primary end-user of frozen potatoes.
The Difficulties of the Frozen Potato Industry The rising incidence of obesity and cardiac problems associated with excessive junk food consumption is one of the key factors expected to impede the growth of the frozen potato market during the forecast period. Furthermore, the high cost of Ramped skills is expected to hinder business growth. The market is likely to be challenged over the analysis period by high machinery costs and broad availability of healthier alternatives. Furthermore, the high cost of transportation and storage is projected to stymie industry expansion in the foreseeable future.
Impact of COVID-19 on Global Frozen Potato Market
Due to rigorous lockdowns that prevented consumers from often visiting supermarkets or grocery stores to stock up on consumables as the COVID-19 virus progressed, demand for frozen food goods and snacks grew significantly. This was good news for a variety of frozen potato product categories, including frozen potato chips and nuggets. As people throughout the world prefer plant-based fast foods due to concerns about the environmental impact of meat consumption, sales of frozen potato products will climb even more.
Frozen Potato Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Agra Frost GmbH & Co. KG., Agristo NV, Bart’s Potato Company, Coson, Himalya International Limited, Farm Frites International B.V., Green yard N.V., J.R. Simplot Company, Lamb Weston Holdings, Inc., McCain Foods Limited, The Kraft Heinz Company.
Global Frozen Potato Market Segmentation:
By Product Type: Based on the Product Type, Global Frozen Potato Market is segmented as Battered/Cooked, French Fries, Hash Brown, Mashed, Shapes, Sweet Potatoes/Yam, Topped/Stuffed, Others.
By End Use: Based on the End Use, Global Frozen Potato Market is segmented as; Commercial, Residential.
By Distribution Channel: Based on the Distribution Channel, Global Frozen Potato Market is segmented as; Offline, online.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.