(I-BusinessNews.Com, February 07, 2020 ) The potato processing market is projected to grow at a CAGR of 5.3% from 2017, to reach a projected value of USD 30.85 Billion by 2022. Easy availability, convenient packaging, rapid urbanization, change in eating habits, and improvement in the standard of living are the major factors that have driven the global market in recent years. Other factors such as the growth in consumer preferences for convenience foods to save time and efforts, coupled with the rise in demand for applications such as snack foods and prepared ready meals, are expected to drive the growth of this market during the forecast period.
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On the basis of type, the market has been segmented into frozen, chips & snack pellets, dehydrated, and others (canned potato, potato granules, flour, and starch). The frozen segment dominated the global potato processing market, and this trend is expected to continue through the forecast period. Frozen potato products are highly consumed owing to the increase in demand for french fries, served in restaurants and fast-food chains, worldwide. The expansion of Quick Service Restaurants (QSRs) such as KFC, Pizza Hut, and McDonald’s in countries such as India and China, is expected to fuel the demand for frozen potato products during the forecast period. The chips & snack pellets segment was the second-largest due to the growing popularity of potato chips among the young population and ease of availability.
Based on application, the market is segmented into snacks, ready-to-cook & prepared meals, and others (food additives in soups, gravies, bakery, and desserts). The consumption of processed potato products in ready-to-cook & prepared meals applications is estimated to account for the largest market share in 2017. Processed potato products used in ready-to-cook & prepared meals is a booming market due to the increase in consumer preference for convenience food products, busy work schedules, and on-the-go consumption habits. Apart from ready-to-cook & prepared meals, processed potato products also find applications in the snacks segment, such as potato-based snacks with low carbs, low salt, air-dried, baked products with a number of flavors, which also drives the demand for the potato processing market.
The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period. The most dominant factor in the region affecting the potato processing market is the dense population across most of the countries, coupled with the high production of potatoes. Government policies such as foreign direct investment (FDI) in developing economies, along with an increase in the number of business deals such as mergers, acquisitions, and investments, have assisted in the development and the growth of value-added potato processing products. The tremendous growth is majorly observed in the processed potato industry of Southeast Asia. Growing urbanization in countries such as China and India is supporting the growth of the potato chips market in this region.
This report includes a study of the product offerings and competitive benchmarking of leading companies. It includes the profiles of leading companies such as Lamb Weston Holdings, Inc. (U.S.), The Kraft Heinz Company (U.S.), McCain Foods Limited (U.S.), J.R. Simplot Company (U.S.), Agristo NV (Belgium), Farm Frites International B.V. (Netherlands), AGRANA Beteiligungs-AG (Austria), J.R. Short Milling Company (U.S.), Intersnack Group GmbH & Co. KG (Germany), Idahoan Foods, LLC (U.S.), and Aviko B.V. (Netherlands).
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