The global frozen potato market size is estimated to reach $72.34 Bn in 2024, growing at a CAGR of 4.1% during the forecast period 2019–2024. Growing nuclear families, coupled with increasing demand for convenience food, are some of the most prominent factors contributing to the frozen potato market growth. Moreover, rising acceptance of western culture is further driving the frozen potato market growth.
Report Coverage
The report: “Frozen Potato Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the Frozen Potato Market.
•By Product
•Whole Frozen Baked
•Frozen Wedges
•Frozen Mashed Potatoes
•Frozen French Fries
•Lattice/Basket Weave Cuts
•Hash Brown Patties
•Others
•By End-User
•Household
•Commercial
•By Sales Channel
•Hypermarket/Super Market
•Traditional Grocery Stores
•Convenience Stores
•Others
Key Takeaways
· Frozen fries stood as the largest segment and expected to continue its dominance throughout the forecast period from 2019 to 2014.
· The rising demand for convenience food is influencing the frozen potato market growth positively.
· It is evaluated that Asia Pacific is expected to record the fastest CAGR over the forecast period
Product – Segment Analysis
In 2018, the frozen French fries product segment dominated the frozen potato market in terms of revenue and accounted for a share of about 40% of the global market. Frozen potato products are made from fresh potatoes. There are various types of frozen fries, such as baked potato chips, crinkle fries, curly fries, etc. Growing adoption of western-style cuisine is one of the most prominent factors aiding the demand growth of frozen fries. In recent years, numerous companies have entered into this segment to capitalize on the huge opportunity existing in the market. According to USDA Foreign Agricultural Service, China’s frozen French fries production is expected to increase by 15% in 2018/19 as compared to 2017/18.
Application – Segment Analysis
In 2018, the commercial segment held the largest share of the overall market. One of the most prominent factors aiding the segment growth can be attributed to the rapid surge in the number of quick-service restaurants (QSRs). Frozen potato products have gained wide acceptance among consumers owing to various factors such as less preparation time and delicious taste. In the commercial sector, frozen potatoes are increasingly finding application across hotels, restaurants, QSRs, and fast food chains.
Geography – Segment Analysis
In 2018, Asia Pacific accounted for the largest share of the worldwide frozen potatoes market in terms of revenue. Growth of the Asia Pacific frozen potatoes market can be mainly attributed to the changing food consuming habits. The per capita consumption of frozen potatoes is increasing rapidly across the region, and there lie healthy growth opportunities for the companies operating in the business to flourish. Rapid urbanization and rising preference for western-style cuisine are expected to drive the growth of the market in the Asia Pacific region.
Frozen Potato Industry Outlook
Drivers – Frozen Potato Market
· Increasing number of fast-food restaurants and Quick Service Restaurants
The number of fast-food and quick-service restaurants has increased a rapid rate across the globe. A developing region such as the Asia Pacific and the Middle East have remained at the forefront in this context. Changing food habits has been an important factor contributing to the growth of these restaurants, a factor complimenting the demand for frozen potato products.
· Increasing Demand for Convenience Food
The increasing demand for frozen potatoes has been mostly the result of consumer’s nutrition habits and attitude toward meals. Taste is another crucial factor in influencing consumption. Busy lifestyle has led to the increasing popularity of convenience foods such as frozen fries, frozen mashed potatoes, frozen wedges among others. These products are increasingly being preferred as a side dish or snack during a day.
Challenges – Frozen Potato Market
· Harmful for Heart Health
Many brands offering frozen fries use trans fats and palm oil, which isn’t ideal for heart health. It also increases the risk of contracting heart disease and contributes to clogged arteries. Moreover, some brands also have at least 15% of the daily recommendation of sodium per serving.
Market Landscape
Product development is one of the key strategies adopted by the players in the frozen potato market. The major players in the frozen potato market include Bart’s Potatoo Industry, Agrarfrost GmbH & Co. KG, Coöperatie Koninklijke Cosun U.A., Agristo NV, Greenyard NV, J.R. Simplot Company, Farm Frites, Himalaya International Ltd., Lamb-Weston (TaiMei Potato Industry Limited), McCain Foods, and The Kraft Heinz Company. The frozen potato market report provides frozen potato market share analysis wherein the frozen potato top 10 companies have been covered.
Frozen Potato Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the frozen potato market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types, end-user, and sales channel.