Rising Disposable Incomes Fuel Global Frozen Potato Market Growth to 2031

DUBLIN, Aug. 25, 2023 /PRNewswire/ — The “Frozen Potato Market By Product (French Fries, Hash Brown, Shapes, Mashed, Sweet Potatoes/Yam, Battered/Cooked, Topped/Stuffed, Others), By End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

The frozen potato market, valued at $60.30 Billion in 2021, is primed to expand to $92.70 Billion by 2031, boasting a steady CAGR of 4.2% from 2021 to 2031.

China’s surging purchasing power is propelling an expansive boom in the Chinese market, fueling a surge in fast-food eateries and coffee shops offering a diverse array of frozen potato delights in developing nations. Major players in the fast-food and hotel sectors have strategically invested to expand their presence in the Asia-Pacific and other burgeoning regions.

Latin American markets, such as Brazil and Argentina, are also witnessing rapid expansion due to heightened spending on premium food products. A crescendo of fast-food restaurants, augmented food processing capacities, growing disposable incomes, urbanization, and eased import/export taxes on frozen potatoes are collectively fuelling the global demand for these products.

However, in developed economies, growing health concerns have reshaped consumer preferences, shifting the focus towards healthier alternatives. With increasing cases of childhood obesity, the allure of fresh, non-vegetarian options has grown stronger, challenging the growth of frozen potato products. The evolving demand for healthier foods like low-cholesterol desserts, organic high-fiber breads, and fresh fruits and vegetables is anticipated to curtail the market for frozen foods, including potato products.

With an upswing in global per capita income, especially in emerging economies, the demand for food, particularly from restaurants, is witnessing a pronounced surge. Forecasts suggest that the per capita income growth in the coming decade will outpace that of developed countries, notably impacting the frozen potato industry’s growth.

The surge in disposable incomes, especially in developing economies, is expected to be a pivotal driver of market growth. Quick-service restaurants (QSRs), often offering frozen potato products, serve as budget-friendly options for individuals seeking convenient away-from-home dining.

Market Dynamics:

Drivers:

Increase in the number of quick-service restaurants
High disposable income of people

Restraints:

Lack of storage and transport facility
High cost associated with frozen potato products

Opportunities:

Growth in demand in emerging economies
The rapid growth of the retail sector

Key Benefits for Stakeholders:

Quantitative analysis of market segments, trends, estimations, and dynamics to identify prevailing opportunities.
Insight into key drivers, restraints, and opportunities, bolstered by Porter’s five forces analysis.
In-depth segmentation analysis to pinpoint market opportunities.
Mapping of major countries’ revenue contributions in each region.
Enhanced understanding of market player positions for benchmarking.

Key Market Segments:

By End User:

Residential
Commercial

Full Service Restaurants
Quick Service Restaurants
Others

By Product Type:

French Fries
Hash Brown
Shapes
Mashed
Sweet Potatoes/Yam
Battered/Cooked
Topped/Stuffed
Others

By Region:

North America

U.S.
Canada
Mexico

Europe

UK
Germany
France
Italy
Spain
Russia
Netherlands
Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Australia
Thailand
Rest of Asia-Pacific

LAMEA

Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA

Key Market Players:

Agristo NV (Agristo)
Bart’s Potato Company
J.R. Simplot Company
McCain Foods Limited
Farm Frites International B.V.
Greenyard N.V.
Cosun
Himalya International Limited
Agrarfrost GmbH & Co. KG. (Agrarfrost)
Lamb Weston Holdings, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/a24p2o

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