New York, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Growing demand for processed foods, increasing consumer inclination towards vegetarian food and snacks, an expanding food retail industry along with the improving global potato crop over the years are key factors contributing to high CAGR of Potato `Processing market during the forecast period.
According to the current analysis of Reports and Data, the global Potato Processing market was valued at USD 24.83 Billion in 2018 and is expected to reach USD 37.41 Billion by year 2026, at a CAGR of 5.2%. The global potato-based consumption is going up due to heavy demand from end consumers across the globe due to the ease of meal preparations with processed potatoes. This in turn is also pushing forwards the demand for processed potato products, which are being heavily demanded with a change in the consumers’ consumption patterns, growing consumer base in the developing nations and a deeper market penetration. The growth of the global food retail sector is also uplifting the growth of the potato processing market. The market is witnessing mergers, acquisitions and partnerships recently to utilize the available resources and specializations in the most optimal manner.
Potato is considered to be the most favourite food in the diets of various countries. The ingredients extracted from potatoes such as starch, protein, and flour are used in various processed food preparations. Processed potato products such as frozen, dehydrated, and other prepared foods and snacks are among the top-selling products globally. Easy availability and low prices drive the demand for this root vegetable. China, Russia, India, and the U.S. are the largest producer and consumers of potato and potato-based products, according to the Food and Agriculture Organization.
Europe is the largest per capita consumer of potato products, followed by Asia, North America and Latin America. On the other hand, Canada is among the world leaders in producing processed potato products such as chips, frozen French fries, dehydrated products, and other processed products. The country boasts major potato processing facilities that aid the country to produce tons of processed products to be exported across various countries of the world. Despite the favourable growth scenario, seasonal fluctuations in production in the key producing countries, volatility of input prices, and the health issues associated with the over consumption of processed potato foods pose a significant challenge to the growth of this market.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Potato Processing market on the basis of type, distribution channel, application, and region:
Type (Revenue, USD Million; 2016–2026)
Distribution Channel (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
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