Portland, OR, April 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Frozen Potato Market by Product (French Fries, Hash Brown, Shapes, Mashed, Sweet Potatoes/Yam, Battered/Cooked, Topped/Stuffed, Others), by End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global frozen potato market size was valued at $60.3 billion in 2021 and is projected to reach $92.7 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.
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Prime determinants of growth
The availability of a broader variety of frozen potato products, changing lifestyles, rapid urbanization, and the rising preference of the millennial population for ready-to-eat and ready-to-cook food drive the growth of the global frozen potato market. On the other hand, several health hazards associated with consuming frozen food products restrain the market growth to some extent. However, new product launches and acquisitions by the market players are expected to create lucrative opportunities in the industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $60.3 billion |
| Market Size in 2031 | $92.7 billion |
| CAGR | 4.2% |
| No. of Pages in Report | 310 |
| Segments covered | End User, Product Type, and Region. |
| Drivers | Frozen potatoes offer convenience to consumers as they are pre-cut, pre-washed, and can be cooked easily without any hassle. Frozen potatoes have a longer shelf life as compared to fresh potatoes, which reduces food waste. With busy lifestyles and a rise in the number of working women, there has been a growing demand for convenience foods. |
| Opportunities | There is a growing demand for organic frozen potatoes, which presents an opportunity for manufacturers to cater to this niche market. The increasing popularity of plant-based diets presents an opportunity for manufacturers to develop new frozen potato products. The frozen potato market has immense growth potential in emerging markets, such as Asia-Pacific, Latin America, and the Middle East, where there is a growing demand for convenience foods. |
| Restraints | The consumption of frozen potato products has been linked to health concerns, such as obesity, diabetes, and heart diseases. This has led to a decline in the consumption of frozen potato products. Fresh potatoes are a major competitor to frozen potatoes, as they are perceived to be healthier and have a shorter supply chain. The prices of raw materials, such as potatoes, oil, and salt, are subject to fluctuations, which can affect the profit margins of frozen potato manufacturers. |
Covid-19 Scenario
- The frozen potato market experienced both advantageous and disadvantageous impacts due to the COVID-19 pandemic. There was a rise in demand for frozen food products, including frozen potatoes, as people were stocking up on items with a longer shelf life during lockdowns and social distancing measures.
- On the other hand, the pandemic created disruptions in the global supply chain, resulting in shortages of raw materials like potatoes and impeding the manufacturing and distribution of frozen potato products.
The commercial segment to maintain its leadership status throughout the forecast period
Based on end user, the commercial segment held the highest market share in 2021, accounting for more than four-fifths of the global frozen potato market, and is estimated to maintain its leadership status throughout the forecast period. This is because frozen potatoes and related products are used at a commercial level in hotels, fast food chains, and quick service restaurants (QSRs). Also, these products are commercially accepted on a large scale, owing to their reduced preparation time and ease of use.
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The french fries segment to maintain its leadership status throughout the forecast period
Based on product type, the french fries segment held the highest market share in 2021, accounting for more than one-third of the global frozen potato market revenue, and is expected to dominate throughout the forecast period. The increasing demand for fast food, particularly in developing countries, is driving the french fries segment. Consumers are increasingly looking for quick and convenient food options, which has led to the popularity of fast food chains that serve french fries.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the major market share in 2021, accounting for nearly two-fifths of the global frozen potato market revenue, and is likely to dominate the market during the forecast period. The same region would also portray the fastest CAGR of 5.3% from 2022 to 2031. With rapid urbanization and changing lifestyles, there has been a shift toward fast and convenient food options. This, in turn, has led to a surge in the demand for frozen potato products such as french fries and potato wedges in the Asia-Pacific region.
Leading Market Players: -
- Agristo NV (Agristo)
- Bart’s Potato Company
- J.R. Simplot Company
- McCain Foods Limited
- Farm Frites International B.V.
- Greenyard N.V.
- Cosun
- Himalya International Limited
- Agrarfrost GmbH & Co. KG. (Agrarfrost)
- Lamb Weston Holdings, Inc.
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The report provides a detailed analysis of these key players in the global frozen potato market. In order to enhance their market share, boost profitability, and maintain market competition, the companies in the market have employed a variety of developmental tactics.
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