Thursday, 21 September 2017

 

The global potato processing market was valued at USD22.74bn in 2016 and is projected to reach USD30.85bn by 2022, at a CAGR of 5.3% during the forecast period, according to the report "Potato processing market by type (frozen, chips and snack pellets, dehydrated), application (snacks, ready-to-cook & prepared meals), distribution channel (foodservice and retail), and region - global forecast to 2022", published by MarketsandMarkets. 

The market for potato processing is showing significant growth due to the rise in demand for applications such as snack foods and prepared ready meals and with the increase in consumer preferences for convenience foods to save time and efforts. 

Increase in the number of retail channels such as hypermarkets and supermarkets, rapid growth of the fast food industry, industrialization policies adopted by governments of developing economies such as India and China are also expected to drive the growth of the Potato Processing Market during the forecast period.

The frozen segment is estimated to account for the largest market share in the Potato Processing Market in 2017. Frozen potato products are considered as the most widely used potatoes owing to their prolonged shelf life and the lesser time required for meal preparation. The increasing demand for French fries in regions such as Asia-Pacific, the Middle East, and South America due to the expansion of quick service restaurants (QSRs) and retail channels is the major factor attributing in its growth. McDonald's, Burger King, Dunkin' Donuts, and Subway are some of the major QSRs contributing to the growth of the frozen potato market. 

The foodservice segment accounted for a larger share of the Potato Processing Market, in terms of value and volume, in 2016. Factors such as an increase in demand for fast food and the growing number of national and international brands in the hotel industry, along with high contribution of quick service restaurants are expected to drive the demand for potato processing in the foodservice sector during the forecast period.

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.  

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