The market for frozen potatoes is becoming more stable on a yearly basis. Frozen french fries or wedges are becoming an increasingly popular option for a side dish or snack to have throughout the day. In terms of their selection, frozen potatoes are continually being diversified in order to develop new flavours and forms in support of the foodservice sector as well as the consumer who is increasingly interested.
The value of the global market for frozen potatoes was estimated to be USD62.75bn in 2021 and is expected to reach USD83.88bn by 2028. Because of this, its growth is anticipated to accelerate to a CAGR of 4.2% between the years 2021 and 2028. Over the course of the projection period, the Asia-Pacific region is anticipated to experience the highest CAGR growth rate.
In 2021, the region had a market share of more than 15% based on the volume of sales that it generated. Changing customer tastes in terms of flavor, increasing demand for processed foods, and the availability of a wide variety of product variants are the primary forces driving the market’s expansion. Additionally, the expanding demand for frozen potatoes in the snack category because of the growing preference for convenience foods or on-the-go light snacks is anticipated to drive the growth of the market over the forecast period. This is due to the rising preference for on-the-go light snacks.
In addition, the growing populations of rising economies such as India, China, and Japan provide a large consumer base for the market for frozen potatoes in the Asia-Pacific region. Because consumers in developed and developing Asian countries like Australia, China, and India lead busy professional lives, they are gradually adjusting their preference toward convenience food, which decreases the amount of time they need to spend cooking and provides them with instant food.
The commercial sector was responsible for a greater proportion of the market in the year 2020 and is anticipated to record a higher CAGR over the course of the forecast period. The commercial sector is the primary consumer of potatoes that have been frozen. Many companies that produce frozen potatoes have very short supply chains, and as a result, they can make nearly consistent deliveries of their products to convenience stores as well as supermarkets like Walmart and Whole Foods.
Customers frequent retail establishments like supermarkets and hypermarkets, which see a large volume of foot traffic. To increase their overall number of sales, corporations, therefore, sell their items through a variety of retail channels.
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