(I-BusinessNews.Com, August 23, 2019 ) The latest report by IMARC Group, titled “Indian Frozen Potato Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the Indian frozen potato products market size reached US$ 804 Million in 2018. Frozen potato products refer to potato-based snacks, including fries, wedges, patties and hash browns, which are usually baked or fried for consumption. They can be eaten as an accompaniment with lunch or dinner or can be consumed as elaborate dishes. They are extremely quick and convenient to cook, while requiring minimal effort for preparation. In addition to this, they offer the same taste and quality as their fresh counterparts. They are also easy to store, assist in portion control and offer a relatively longer shelf life. Consequently, these products form an essential part of meals prepared across households and restaurants. Inflating per capita income levels in India, along with the easy availability of convenience foods, have bolstered the sales of frozen potato products across the country.
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Indian Frozen Potato Products Market Trends:
Rapid urbanization, shifting dietary preferences and cost-effective food options have impelled the demand for fast foods, thereby boosting the sales of frozen potato products. Along with this, the proliferation of fast food chains, such as KFC, McDonald’s and Burger King across India is acting as a major growth-inducing factor. Furthermore, hectic working schedules in confluence with the growing popularity of western cuisines in the country are also contributing to the burgeoning product demand. Manufacturers are continually launching innovative variants with a wide array of shapes, sizes and flavorings to cater to the diversified taste preferences of the consumers. For instance, several manufacturers, including Canada-based McCain Foods, have launched frozen aloo tikki, a typical blend of mashed potatoes and Indian spices, which is gaining immense popularity among the consumers. Rapid expansion of online food delivery services is another major factor creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to reach a value of around US$ 1,631 Million by 2024, growing at a CAGR of 12.5% during 2019-2024.
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Market Summary:
Breakup by Product Type:
On the basis of the product type, the market has been divided into French fries, tikkis, potato wedges, potato bites, smileys and others. Amongst these, French fries represent the most preferred segment.
Breakup by End Use:
Based on the end use, the market has been bifurcated into food service and retail, wherein food service exhibits a clear dominance in the market.
Breakup by Distribution Channel:
On the basis of the distribution channel, business-to-business accounts for the majority of the total market share. Other major segments include supermarkets and hypermarkets, convenience stores, departmental stores, online and others.
Regional Insights:
On the geographical front, North India holds the leading position in the market. Other major regions include West and Central India, South India, and East India.
Competitive Landscape:
The competitive landscape of the market has also been analyzed with some of the key players operating in the market being McCain Foods (India) Private Ltd., Hyfun Frozen Foods Private Ltd., Iscon Balaji Foods Private Limited, Golden Fries Limited and Bhanu Farms Limited.
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