USD 29.28 billion
Report ID: SQMIG30C2068 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 88 | Figures: 76
Global Potato Processing Market size was valued at USD 29.28 billion in 2021 and is poised to grow from USD 38.74 billion in 2022 to USD 46.99 billion by 2030, growing at a CAGR of 5.42% in the forecast period (2023-2030).
The global vegetable industry has undergone several changes in the last few years as new trends have emerged. Demand for processed products have been high as e-commerce industry has facilitated the supply-chain in the vegetable industry. Potato products are all time high in the consumer market since adding potato to diet is suitable for almost all demographics. The population in tropical countries have moderate to high demand for processed potato products. Potato processing involves several methods to produce desired end products. The processing plants are specially designed and equipped with tools and devices such as enzyme reactors, potato coolers, heating equipment, potato washers, and others. The Asian market is experiencing rapid growth because of rising potato production in major emerging economies. The increase in the number of potato processing plants across developed economies, combined with increased interest from global market players in developing economies (with higher potato producing capacities) is expected to have a significant impact on the global market during the forecast years.For example, potatoes are used to produce various ingredients like potato flakes, potato granules, potato flour that are used in culinary and food processing.
Increased demand for processed potato products, such as frozen potatoes, from restaurants, hotel chains, and retail sectors is expected to drive market growth in the forecast years. Furthermore, major potato-producing countries' adoption of technically advanced potato growing techniques is expected to drive the growth of the global market. In today's sports and wellness environment, where people are always conscious of their health, the use of dietary supplements, such as potato processing, to increase efficiency and strengthen activity modifications is gaining enormous popularity.
Global Market Size
USD 29.28 billion
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The market is segmented based on type, application, distribution channel and region. Based on type potato processing market is categorized into frozen, chips & snack pellets, dehydrated. Based on application potato processing market is categorized into snacks, ready-to-cook & prepared meals, based on distribution channel potato processing market is categorized into foodservice and retail, &. based on region potato Processing Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The frozen segment dominated the global market, a trend that is expected to continue throughout the forecast period. Frozen potato products are in high demand due to the increased demand for French fries served in restaurants and fast-food chains around the world. During the forecast period, the expansion of Quick Service Restaurants (QSRs) such as KFC, Pizza Hut, and McDonald's in countries such as India and China are expected to fuel demand for frozen potato products. The chips and snack pellets segment were the second largest, owing to the growing popularity of potato chips among young people and the ease with which they can be obtained.
Analysis by Application
The consumption of processed potato products in ready-to-cook and prepared meals is expected to account for the largest market share in 2021. Processed potato products used in ready-to-cook & prepared meals are a thriving market due to rising consumer preference for convenience foods, hectic work schedules, and on-the-go consumption habits. Aside from ready-to-cook & prepared meals, processed potato products find applications in the snacks segment, such as potato-based snacks with low carbs, low salt, air-dried, baked products in a variety of flavors, which drives the demand of the potato processing products.
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Europe is expected to hold the largest Global Potato Processing Market share in terms of value and volume in 2021, owing to a thriving food processing industry and the presence of major companies in countries such as Germany, the United Kingdom, France, the Netherlands, and Belgium. During the forecast period, the Asia-Pacific region is expected to grow the fastest. Key players in Europe and the United States are focusing on the Asian potato processing market, which is expected to grow rapidly in the coming years.
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Increased demand for processed foods and rapid urbanization
High costs of storage and transportation, and high consumption linked with ailments is likely to impede the market growth
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Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by the global players. Major firms are shifting their focus to introducing new products into the market. The increasing adoption of vegetarian and vegan food items in developed regions as a result of rising health consciousness and concern for animal welfare is expected to drive demand for processed potato products during the forecast period. Furthermore, ready-to-cook potato products like fries, soups, and snacks are being marketed with labels like vegan or 'organic' to increase sales. This has triggered the market and is expected to give a positive impact over the forecast period.
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According to potato processing market analysis report, the expansion and recovery of restaurant chains and quick-service restaurants are expected to increase demand for potato processing, as these food services rely heavily on French fries, potato snacks, and other ready-to-cook meals. Annual sales grew at commercial foodservice establishments in Canada. For example, the sales increased from USD 54,900 Million in 2020 to USD 61,400 Million in 2021, according to Restaurants Canada estimates. The expansion is aided further due to the increasing penetration of online food delivery services that enable the restaurants to deliver food even when restrictions were imposed due to the COVID-19 pandemic.
|Market size value in 2021||USD 29.28 billion|
|Market size value in 2030||USD 38.74 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||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
Market Size by Region
KEY COMPANY PROFILES
For the Global Potato Processing 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 Potato Processing 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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