New York, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Potato Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06221848/?utm_source=GNW
The lockdown also increased the demand for fresh potatoes in developing countries. The industry is trying to divert the potatoes to the market directly instead of processing them, as the demand for fresh potatoes is currently relatively higher than the processed ones.
Potato is the third most important food crop globally after rice and wheat in terms of human consumption. There are over 4,000 edible varieties of potato, mostly found in the Andes of South America. There are also over 180 wild potato species, though they are too bitter to eat. Their important biodiversity includes natural resistance to pests, diseases, and climatic conditions. The growth in potato production areas has rapidly overtaken all other food crops in developing countries. It is a fundamental element in the food security for millions of people across South America, Africa, and Asia, including Central Asia. More than a billion people globally eat potatoes. Compared to other food crops, potatoes have the advantages of easy storage, high yield, low planting requirement, wide planting area, and high nutritional value. This quality makes potatoes a suitable crop in the processed food industry.
Fresh and chilled potatoes are the two main categorizations in the global potato market. Fresh potatoes are used for daily consumption, whereas chilled potatoes are exported or imported and used in the food processing industry. Even in traditionally non-potato-consuming countries, potatoes have become popular due to their long shelf-life. In the processed food industry, where processed products constitute the bulk of potato consumption, the demand for fresh potatoes has skyrocketed worldwide. According to the International Trade Map in 2020, France, Germany, China, Netherlands, Canada and The United States were the major exporters of fresh potatoes worldwide. China, India, Russia, the United States, and Germany were the largest potato-producing countries globally in 2020, with 78.2 million metric ton, 51.3 million metric ton, 19.6 million metric ton, 18.8 million metric ton, and 11.7 million metric ton, respectively. Therefore, the increased demand for potatoes and rise in global production reflect a positive trend for the potato market during the forecast period.
Key Market Trends
Increased Demand from the Processing Industry
Potatoes are used for a variety of purposes, and not only as a vegetable for cooking at home. Less than 50% of potatoes grown globally are likely consumed fresh. The rest are processed into potato food products and food ingredients, fed to cattle, pigs, and chickens, processed into starch for the industry. According to the Food and Agriculture Data (FAOSTAT), countries such as China, India, Russia, the United States, and Germany were the major potato producers, which accounted for 78.2 million metric ton, 51.3 million metric ton, 19.6 million metric ton, 18.8 million metric ton, and 11.7 million metric ton respectively in 2020. Global consumption of potatoes is shifting from fresh potatoes to added value, processed food products. One of the main items in that category is frozen potatoes, including most French fries, served in restaurants and fast-food chains globally. The potato crisp is another processed product, the long-standing king of snack foods in many developed countries. Dehydrated potato flakes are used in retail mashed potato products, as ingredients in snacks, and even as food aid. Potato flour, another dehydrated product, is used by the food industry to bind meat mixtures and thicken gravies and soups. A fine, tasteless powder with “excellent mouth-feel,” potato starch provides higher viscosity than wheat and maize starches and delivers a tastier product. It is used as a thickener for sauces and stews and a binding agent in cake mixes, dough, biscuits, and ice cream. In eastern Europe and Scandinavia, crushed potatoes are heated to convert their starch to fermentable sugars used in the distillation of alcoholic beverages, such as vodka and akvavit. Therefore, the rising production and consumption of potatoes across various countries are anticipated to bolster the market’s growth during the forecast period.
Asia-Pacific Dominates the Market
China is currently the world’s largest producer of potatoes. Based on the data from FAOSTAT, potato production in the country was reported to be 75,657,850 metric tons in 2019, which increased to 78,236,596 metric tons in 2020. The area harvested was found to be 4,038,885 ha in 2019, which increased to 4,218,188 ha in 2020. Multiple reasons account for the rapid increase in Chinese potato production. The short growth period and wide adaptability of potato makes them suitable for the diverse areas and climate types in China and allow potatoes to be planted year-round. The majority of China’s fresh potatoes are used for table consumption. Industry contacts estimate 60% of Chinese potatoes are consumed fresh in households and restaurants. There is an increasing middle-class population due to rapid urbanization, which has resulted in the popularity of potato products, as this population is attracted more to Westernized cuisine. Moreover, Chinese shun potatoes, aside from French fries, which are popular in Western fast-food restaurants. India is the largest producer of potatoes in the world after China.
Potato production in India has seen steady growth over the year 2020. This is because of the potato consumption that has been accelerating in the country due to increasing industrialization and participation of women in the job market that created demand for processed, ready-to-eat convenience food, particularly in urban areas.
Therefore, the production and consumption is expected to rise and is anticipated to increase in the forecast period, as potato has become one of the staple foods in the region, and also the favorable conditions present help in getting higher produce each year.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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