"Inclination of consumers towards convenience foods drives the market's growth."
The Frozen Potato market is expected to grow at a CAGR of 4.2% during the forecast period from 2019 to 2027, starting from US$ 52,968.16 Mn in 2018.
Frozen Potato products are gaining popularity and becoming global commodities generating billions of dollars in revenue each year. The development of new products by various manufacturers supports the growth of the market. For instance, in January 2019, Albert Bartlett launched three new frozen potato products in the U.K markets. The new product portfolio includes Homestyle fries, Parmentier Potatoes, and Rooster Homestyle Chips. The new products are available at 400-500 Sainsbury's stores.
Consumers nowadays are becoming more inclined towards convenience food such as frozen potato products. Therefore, manufacturers are focusing on providing new products in the market and to expand their geographical reach to fulfill the rising demand of consumers globally. For instance, in March 2019, Agristo, a leading potato processer, invested 200 euro in the new french fries factory situated in Wielsbeke, Belgium. Agristo's reports suggest that the new factory is the world's most innovative french fries factory. Moreover, is fully automated and requires only 15 employees at a time. Thereby supports the growth of the market.
Market Synopsis
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PRODUCT ANALYSIS
"Expansion of Quick Service Restaurants supports the market growth."
French fries are the most preferred frozen potato product, projected to increase by more than $19,000 million in revenue from 2019 to 2027. The research studies suggest that the U.S. utilized about 162 million cwt potatoes to produce frozen french fries in 2018. Thereby supports the growth of the segment.
According to a report, "China- Peoples Republic of Potato and Potato Products Annual Report by USDA Foreign Agricultural Service suggests, 15% of the total potato production is used as processed potatoes in China. The aforesaid factor is one of the key factors supporting the growth of the market. The french fries segment expected to hold over 40% of the market share during the forecast period due to the rising consumption of such fries. Moreover, the expansion of quick-service restaurants such as McDonald's, Subway, and Burger king globally supports the market's growth.
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Regional Analysis
"Asia Pacific dominated the frozen potato market."
The Asia Pacific dominated the Frozen Potato market in the year 2018 and expected to continue its dominance during the forecast period. The growth of the region is supported by changing the food consumption habits of individuals. Moreover, rapid urbanization and the inclination of consumers towards western-lifestyles are further expected to support the growth of the market. Additionally, the expansion of fast-food restaurants in the region supports the market's growth. For instance, in 2017, Mcdonald's announced to add around 200 restaurants in China by 2022. Thereby, it aims to create the largest McDonald's franchisee outside the U.S. the aforesaid factors are some of the key reasons dominating the market in the region.
"North America to grow at a significant rate during the forecast period."
North America is expected to grow at a considerable rate during the forecast period. The U.S. is the largest producer of frozen potatoes in the world. According to the USDA (United States Department of Agriculture), the U.S. exported around 450 metric tons of potatoes, and around 65% of total exported potatoes are imported to Asian markets. The report published by Global Agricultural Information Network (GAIN) suggests that the total frozen potato production in the year 2018-2019 accounts for about 1,185,300 metric tons, of which imports and exports account for about 51,000 and 1,090,000 respectively. Moreover, the reports also suggest that about 241,500 metric tons of frozen potato was domestically consumed by the country in the year 2018-2019.
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List of Companies Covered:
- Agrarfrost GmbH & Co. KG
- Agristo
- ConAgra Foods, Inc.
- McCain Foods Ltd.
- Aviko
- Lamb Weston Holdings, Inc.
- Bart's Potato Company
- Himalya International Ltd.
- 11er Nahrungsmittel GmbH
- Albert Bartlett & Sons
- Alexia Foods.
- ASTRA Food Processing Plant Company.
- Pa & Pa Procesadora Andina De PAPA SRL
- Bem Brasil Alimentos.
- The Kraft Heinz Company
- J.R. Simplot Company
Key Industry Developments:
- In December 2019, Himalaya Food entered into an agreement with B.K Dist. Co-Operative Milk producer and AMUL for frozen potato processing products at the company's Vadnagar Plant in India.
- In June 2016, ConAgra Foods, Inc. announced to expand its operation in the plant situated in Richland. Moreover, The company also announced increasing its french fries processing line product portfolio.
- In June 2016, ConAgra Foods announced a partnership with Meijer Frozen Food, a Netherlands-based company. Moreover, both companies have signed an agreement with Belaya Dacha to capture the market in Russia. The partnership aims to combine knowledge and skills, fulfilling rising demand in Russian markets.
- In July 2019, McCain inaugurated and invested in its first frozen french fries factory situated in Brazil. McCain Foods is a leading producer of french fries and potato specialties. The company aims to expand in Brazil's markets by investing in a new factory.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Segmentation Product (2017–2027; US$ Mn)
- Frozen French Fries
- Frozen Wedges
- Frozen Mashed Potatoes
- Diced Frozen Potatoes
- Frozen Chunks
- Frozen Stuffed Potatoes
- Frozen Slice
- Others
End-User (2017–2027; US$ Mn)
Distribution Channel (2017–2027; US$ Mn)
- Hypermarket & Supermarket
- Grocery Stores
- Convenience Stores
- Others (Online, etc.)
Geography (2017–2027; US$ Mn)
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (Japan, China, India, Rest of Asia Pacific)
- Rest of the World (Latin America, Middle East & Africa)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall frozen potato market. In addition, the global report also comprises a graphical representation of the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
