According to Stratistics MRC, the Global Potato Processing market is expected to grow from $19.74 billion in 2016 to reach $32.45 billion by 2023 with a CAGR of 7.3%.
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Rapid urbanization, progress in the standard of living, easy availability, consumer preferences for convenience foods and favorable packaging are the major factors propelling the market growth. In addition factors such as soaring demand for applications such as snack foods and prepared ready meals, increase in the number of retail channels such as hypermarkets and supermarkets and rapid growth of the fast food industry are driving the market growth. However, high costs incurred for storage and transportation and health issues associated with the consumption of processed potatoes such as obesity and diabetes are the factors hindering the market growth.
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By Product, the frozen segment commanded the largest market share during the forecast period due to the frozen potato being consumed on a large scale owing to rise in demand for French fries across the globe. Also with the expansion of foreign Quick Service Restaurants (QSRs) such as KFC, Pizza Hut, McDonald’s, Burger King, Dunkin’ Donuts and Subway in countries such as India and China contribute to the growth of the market. These products are gaining significance due to properties such as prolonged shelf life and the lesser time required for meal preparation. French fries, Smiles, Chilli Garlic Potato Bites, Super Wedges, Veggie Burger and Aloo Tikki are some of the famous frozen potato products.
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Geographically, Asia Pacific is expected to grow at a fastest CAGR due to high production of potatoes for its vast growing population across its countries. In addition, Government policies such as FDI (Foreign Direct investment) being adopted by developing economies, increase in the number of hotels and restaurants serving frozen potato products have led to the growth of potato processing products in this region.
Some of the key players in the Potato Processing market are Intersnack Group GmbH & Co. Kg, The Kraft Heinz Company, Idahoan Foods LLC, Aviko B.V., Leng-D’or, The Little Potato Company Ltd, Limagrain Céréales Ingrédients, Agrana Beteiligungs-AG, Farm Frites International B.V., Mccain Foods Limited, Agristo NV, J.R. Short Milling Company, Lamb Weston Holdings, Inc and J.R. Simplot Company.
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Distribution Channels covered:
• Ready-To-Cook & Prepared Meals
• Other Applications
• Chips & Snack Pellets
• Other Products
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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