USD 51.76 Billion
Report ID: SQMG30C2004 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Potato Processing Market was valued at USD 51.76 Billion in 2021, and it is expected to reach a value of USD 72.34 Billion by 2028, at a CAGR of 4.90 % over the forecast period (2022-2028).
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.
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 51.76 Billion
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The Global Potato Processing Market is segmented Based on Type, Application, Distribution Channel and Region. Based on Type it is categorized into Frozen, Chips & Snack Pellets, Dehydrated, Based on Application it is categorized into Snacks, Ready-to-cook & Prepared Meals, Based on Distribution Channel it is categorized into Foodservice and Retail, &. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The frozen segment dominated the Global Potato Processing 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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Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Potato Processing Market. Major firms are shifting their focus to the introduction of 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.
Top Players Company Profiles
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According to our Potato Processing Market analysis, 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 at commercial foodservice establishments in Canada, for example, increased from USD 54,900 Million in 2020 to USD 61,400 Million in 2021, according to Restaurants Canada estimates. By 2023, the market is expected to reach pre-pandemic levels, with a total value of USD 78,600 Million. The expansion is aided further by the increasing penetration of online food delivery services, which allow restaurants to deliver food even when restrictions are imposed due to the COVID-19 pandemic.
|Market size value in 2021||USD 51.76 Billion|
|Market size value in 2028||USD 72.34 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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