The frozen potato market was valued at US$ 52,968.16 Mn in 2018 and expected to grow at a CAGR of 4.2% during the forecast period from 2019 to 2027.
“Rising number of fast food and quick service restaurants drives the growth of the market”
The rapid growth of the fast-food industry supports the growth of the frozen potato market. The U.S is considered the largest producer of frozen potato in the world. Moreover, rising domestic and international demand for frozen potato products increases the processing capacity of the U.S. thereby, increases the demand for frozen potato globally. Busy lifestyles of consumers around the globe coupled with rising demand for convenience food such as fries, wedges among others support the growth for frozen potato market. On the other hand, the frozen potato food industry demands huge amount of capital, with low margins and high volumes. Thereby, expected to hinder the growth of the market over the forecast period.
Growing food and beverage sector globally also expects to drive the growth of the market during the forecast period. For instance, the global food and beverage market expected to reach around US$ 9,000 by 2020. Thereby, increases the demand for frozen potato market.
Top manufacturers of frozen potato are focusing to increase their frozen potato product portfolio by launching new products in the market.
• In August 2019, McCain Foods, in Canada, announced to invest US$ 12 million in its potato processing facility. Through the investment company aims to fulfill the rising consumer demand for french fries shortly and plans for a sustainable future.
• In December 2019, Albert Bartlett purchased 40% of the stakes of frozen food brand Kiddyum. Through the investment, Albert Bartlett aims to support Kiddyum’s growth plans by accelerating the retail, service sector and funding in the development of new products.
Key Market Movements:
• Globally, the frozen potato market is rising at a CAGR of 4.2% for the estimated period from 2019 to 2027
• The Asia Pacific dominated the global frozen potato market in the year 2018 and expected to continue its dominance during the forecast period. A rising number of fast-food restaurants in the region and changing consumer lifestyles supports the growth of the market.
• The product segment sub-divided into frozen french fries, frozen wedges, frozen mashed potatoes, diced frozen potatoes, frozen chunks, frozen stuffed potatoes, frozen slice, and others. Frozen french fries hold the largest share in the overall frozen potato market and expected to continue its dominance during the forecast period.
• The end-user segment subdivided into household and commercial. The commercial segment expected to grow at a considerable rate during the forecast period due to the rising number of restaurants. The commercial segment expected to hold around 60% of the share in the overall frozen potato market during the forecast period.
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