iCrowdNewswire Oct 30, 202010:40 AM ET
Potato Processing Market size in 2019 is estimated to be $26.135 billion, growing at a CAGR of 5.3% during the forecast period 2020-2025. Potatoes is considered as the most versatile vegetable in various cuisines around the world. Processed potato products such as frozen potato and frozen French fries are used in the quick-service restaurant industry in a large scale. Potatoes are used for a variety of purpose that are used for making various recipes such as mashed potatoes, potato pancakes, potato dumplings, twice-baked potatoes, potato soup, potato salad, and many more. Growing demand of snack food like potato chips and increasing convenience diets among consumers are the major factors driving the growth of the market. Moreover, rise in the living standards, rapid growth in fast-food sector and increasing investment in R&D activities further enhance the overall market demand for Potato Processing during the forecast period 2020-2025.
Type – Segment Analysis
Based on the Type, Potato Processing Market is segmented into Frozen, Dehydrated, Chips & Snack Pellets, and Others. The frozen segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.86% during the forecast period 2020-2025. Consumption of frozen potato products like French fries is increasing owing to the increasing number of fast food chains and restaurants. Moreover, it increases shelf life and required less time for cooking that are contributing to the growth of this segment.
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Application – Segment Analysis
Based on the Application, Potato Processing Market is segmented into Snacks, Ready-To-Cook and Prepared Meals, and Others. In 2019, ready-to-cook and prepared meals held the largest share in the potato processing market. This is mainly owing to rapid changing lifestyle and busy schedule which increases the demand for ready to cook meals that save time and efforts. Moreover, availability in variety of flavors, fried, baked and air fried forms is also contributing to the growth of this segment.
Geography – Segment Analysis
Europe dominated the Potato Processing market share accounting for 37% of the market in 2019. This is mainly owing to increasing consumer demand in processing food and early establishment in food processing plants. According to European Potato Processor’s Association, more than 90% of potatoes used for processing in Europe that has main production area for potato processing where fries (chips), potato chips (crisps) and multiple other potato specialties are prepared.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing awareness among people about health and high consumption of snack foods.
Drivers – Potato Processing Market
Growing demand of Snack Foods
Growing demand of snack food like potato chips and increasing trade of frozen potato items are some factors driving the growth of Potato Processing Market. Moreover, the increasing popularity of ready to eat food along with an increase in supply chain activities and rapid growth in fast-food sector are set to increase the growth of this market.
Increasing Adoption of Healthy Eating Habits
Increasing convenience diets among consumer and growing health concerns such as obesity & diabetes are some factors driving the growth of the market. Moreover, rise in the living standards, easy product availability and attractive packaging further contributing to the growth of potato processing market.
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Challenges – Potato Processing Market
Increasing health problems with the consumption of processed potatoes and the presence of high amounts of acrylamide in processed potato which causes cancer. Moreover, High cost for storage and transportation which increases the investment requirement are challenging the growth of the market are further restraining its market growth during the forecast period 2020-2025.
Potato Processing Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Potato Processing Market. Potato Processing top 10 companies are J.R. Simplot Company, Burts Potato Chips Ltd, AGRANA Beteiligungs-AG, The Kraft Heinz Company, McCain Foods Limited, Lamb Weston Holdings, Inc., Agristo NV, Pepsico, Farm Frites International B.V., Herr Foods, J.R. Short Milling Company, Calbee, Inc., Idahoan Foods, LLC., and Aviko B.V.
On 29 July 2018, Kraft Heinz launches a new product for the ultimate food hacker that helps the consumers who have committed to eating better and easy cooking.
On 22 November 2019, Lamb Weston launches new product Waffled Hash Brown that provides customer makes easy to add to any menu as a creative breakfast item.
In 2019, Europe dominates the potato processing market owing to increasing consumer demand in processing food and early establishment in food processing plants.
Growing demand of snack food like potato chips and increasing convenience diets among consumers is driving the market growth of potato processing.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the potato processing market report.
Increasing health problems with the consumption of processed potatoes and increasing cost for storage and transportation are challenging the growth of the market.
Related Reports :
A. Sweet Potatoes Market
B. Frozen Potato Market
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