USD 22.64 billion
Report ID: SQMIG30I2142 | Region: Global | Published Date: February, 2024 | Pages: 265 | Tables: 34 | Figures: 74
Frozen Finger Chips Market size was valued at USD 22.64 billion in 2021 and is poised to grow from USD 23.3 billion in 2022 to USD 29.36 billion by 2030, growing at a CAGR of 2.93% in the forecast period (2023-2030).
Potatoes are cut into tiny strips and either fried or baked to make finger chips. They are eaten all around the world as snacks or as a side dish with fast food. Frozen finger chips largely replaced freshly cut potatoes in the 1940s because they were more practical and provided consistent quality and flavour. The food service industry holds a significant share of the frozen finger chips, while the retail industry holds the remaining share. Both white and sweet potatoes can be used in their preparation. Frozen finger chips are more practical than their fresh counterparts since they cook and serve more quickly while maintaining a similar level of taste and quality. Additionally, these items have a longer shelf life, are simple to store, and absorb less oil when being fried. On account of these properties, frozen finger chips are extensively used across the foodservice and household sectors.
US Frozen Finger Chips Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.64 billion
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Global Frozen Finger Chips Market is segmented based on end-use as food service and household. Based on the region Frozen Finger Chips Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. Based on the end-use, food service segment is projected to hold the most substantial share in the market. This market segment is anticipated to increase as a result of the increasing demand for frozen french fries in quick-service restaurants, cafes, and other foodservice establishments. Over 60% of the market for frozen french fries in general was accounted for by the food service industry in 2015. Due to an expansion in fast food restaurants throughout numerous regions, including North America and Europe, the market is predicted to develop at a CAGR of 2.8% from 2022 to 2028.
During the forecast period, the household application sector is anticipated to grow at a comparatively high CAGR. This market's growth can be due to people's changing eating patterns and rising health consciousness. Additionally, people's busy lifestyles have led to a rise in the desire for convenience foods.
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Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The North America accounted for the largest market share and is expected to remain the leader in Frozen Finger Chips in the coming years. The regional growth of the market is attributed to the region's high level of consumer knowledge of the advantages of such vegetables. The FDA has implemented a number of restrictions that reduce the use of dangerous compounds like trans fats. Food that has been prewashed, precut, and frozen reduces the amount of cooking required because it is more portable and has a longer shelf life. These elements are promoting market expansion in the area.
Due to consumer use of digital retailing platforms, Asia Pacific experiences considerable growth in the global market. The expansion of the regional market is also aided by the rising number of cold chain facilities in various emerging nations. Additionally, developing nations like India, Japan, and China are benefiting from an increase in refrigeration facilities in retail stores and an increase in the availability of frozen finger chips through online retailers. Urbanization is anticipated to result in significant market expansion across several Southeast Asian nations.
Further, aatributing to the region's growing vegan population, which is predicted to increase frozen vegetable sales, Europe is predicted to hold the largest market share. High consumer spending power, economic stability, and changes in food preferences are some of the key growth factors in the area. Additionally, the demand for ready-to-eat breakfast products has skyrocketed in popularity due to hurried lives. In addition, Europe is one of the most alluring marketplaces in the world, where baked goods and potato products have significant room for expansion. Sales of frozen finger chips soared in the early months of COVID-19's unexpected breakout, but they sharply declined in the months that followed.
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The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Frozen Finger Chips Market Top Players' Company Profiles
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As per our analysis, based on the end-use, the food service segment of the market is projected to hold the most substantial share in the market. While, based on the region, the North America region of the market is projected to hold the most substantial share in the market.
|Market size value in 2021
|USD 22.64 billion
|Market size value in 2030
|USD 29.36 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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KEY COMPANY PROFILES
For the Global Frozen Finger Chips Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Frozen Finger Chips Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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