Rockville, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The frozen potato market reached a valuation of US$ 57.8 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 109.72 Billion. The increased consumption of ready-to-eat and ready-to-cook foods has had a huge impact on the market for frozen potatoes around the world. According to new studies, frozen vegetables have more nutrients than fresh vegetables. Consumers are gradually becoming aware of this reality, which has begun to reflect in the demand for frozen vegetables, especially frozen potatoes.
Sales in the frozen food sector are being driven by an increase in the number of women in the workforce, as well as the resulting time constraints and socializing at home. The growing acceptance of western culture in emerging nations and a rise in demand for freshly prepared food are expected to be the primary drivers for the expansion of the convenience foods category, which, in turn, is expected to support the frozen potato products industry in the forecast period.
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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. The demand for frozen potatoes is witnessing a rapid rise across the world. The increasing number of fast-food joints, bolstering demand for processed food, urbanization, and rising export and import of frozen potatoes are some of the key factors, boosting the growth of this market.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 5.0% was recorded for the Frozen Potato market from 2017-2021
- In FY 2021, the Frozen Potato market reached a valuation of US$ 57.8 Billion
- The market is likely to register a Y-o-Y growth rate of 5.0% in 2022
- By product type, the Frozen Potato Fries Segment is expected to dominate the market, documenting an 5.8% value CAGR
- As per Fact.MR’s projections, the market for Frozen Potato in India will likely expand at an 5.9% CAGR
- The Frozen Potato market in Germany is expected to expand at an 5.8% CAGR
“Rapid urbanization and inclination of consumers towards western-lifestyles and expansion of fast-food restaurants are the major factors that are expected to support the growth of the frozen potato market over the analysis period”, comments an analyst at Fact.MR.
Which Sector Will Remain the Leader in the End-User Category?
A staggering 5.7% value CAGR is anticipated for the Commercial segment between 2022 and 2032, according to forecasts made public by Fact.MR. The principal end-user of frozen potatoes is the commercial sector, which has a large market for investment potential as a result of increased demand and the growth of QSRs internationally. Commercially, quick-service restaurants, fast food franchises, and hotels all employ frozen potatoes and similar items (QSRs).
These goods are well-liked on a commercial scale because of their shortened preparation time and simplicity of usage. Additionally, due of the convenience these items offer, many caterers choose to use frozen meals. Fact. According to MR, the sector will generate an additional US$ 3.5 billion in sales.
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Competitive Landscape
Prominent players in the Frozen Potato Industry are taking advantage of the rapidly increasing demand for the Frozen Potato in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- 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.
- In December 2021, Himalaya Food entered into an agreement with B.K Dist. Co-Operative Milk producer and AMUL for frozen potato processing products at the company’s Vadnagar Plant in India.
- In April 2021, McCain Foods Limited announced that the company 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.
Prominent Frozen Potato Service Players
- McCain Foods Limited
- Bart’s Potato Company
- Lamb Weston Holdings Inc.
- J.R Simplot Company
- Aviko Holding B.V
- Kraft Heinz Company
- Himalaya Food International Ltd.
- Agrarfrost Holding GmbH & Co. KG
- Pohjolan Peruna Oy
- Agristo N.V
- American Lorain Corp.
- Farm Frites International B.V
- Greenyard Group
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Key Segments Covered in the Frozen Potato Industry Survey
- Frozen Potato by Product Type :
- Frozen Potato Fries
- Frozen Potato Wedges
- Frozen Stuffed Potatoes
- Frozen Potato Chunks
- Frozen Potato Slices
- Frozen Potato Dices
- Frozen Baked Potato
- Other Frozen Potato Types
- Frozen Potato by End-User :
- Frozen Potato for Commercial Use
- Frozen Potato for Residential Use
- Frozen Potato by Distribution Channel :
- Frozen Potato Sales via Modern Trade
- Frozen Potato Sales via Grocery Stores
- Frozen Potato Sales via Convenience Stores
- Online Frozen Potato Sales
- Frozen Potato Sales via Other Distribution Channels
- Frozen Potato by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East Africa
Check out more related studies published by Fact.MR Research:
Frozen Bakery Products Market: Fact.MR, a market research and competitive intelligence provider, surpassed a market value of US$ 28.1 Bn by the end of 2021. Increasing inclination towards instant food is leading to a growth in sales of frozen bakery products. The market is expected to witness a positive growth by registering a 6.3% CAGR by garnering a market value of US$ 51.6 Bn through the forecast period 2021-2031.
Frozen Soup Market: The global demand for frozen soup has increased in recent years. According to the study, the market reached US$ 107.2 Mn by 2020. The overall frozen soup market is expected to reach US$ 212.9 Mn by 2031, growing at a CAGR of 6.5% for 2021-2031.
Frozen Smoked Salmon Market: Frozen smoked salmon is a kind of salmon prepared predominantly from a fillet that has been cured and smoked. Smoked salmon is often considered a delicacy due to its relatively high price. Despite the fact that smoked salmon is sometimes referred to as lox, the two are distinct things.
Potato Flakes Market: The global potato flakes market, the market is set to surpass a valuation of US$ 12.39 Bn by the end of 2031. The potato flakes market size is expected to grow at a CAGR of 7% during the period of assessment. By 2021-end, the industry is anticipated to be valued at US$ 6.3 Bn, as per the report.
Non-Potato Veggie Chips Market: High consumption of carbohydrate-rich snacks with low nutritional value have posed health threats such as rise in the blood sugar level and obesity among consumers. As a result, consumers have made a paradigm shift towards healthy food products. Non-potato veggie chips are snacks, rich in vitamins and dietary fibers with low sodium content.
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