Frozen Potato Market to 2023: Expeditious growth recorded in next five years
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The rapid development of quick service restaurants (QSRs), such as McDonald's, Burger King, Subway, & more in the emerging economies, such as China, India, Argentina, and others is the key driver for global frozen potato market. Apart from that, growth in demand of processed food in the different developing and the developed nations, owing to their remarkable taste & flavor and high disposable income of people have further boosted the global frozen potato market. However, high cost associated with the products and constant need for very-low temperature are expected to impede the market growth. The developing economies of Asia-Pacific and LAMEA are expected to present growth opportunities for various players in the market.
The commercial end-user share is expected to grow at the highest CAGR, in terms of revenue, during the analysis period, due to the growing popularity of QSRs, such as McDonalds and others in the developing regions. Frozen potatoes are widely served as French fries and hash brown in the restaurants.
In 2016, the frozen French fries product segment occupied major market, in terms of revenue, with almost half of the share. However, this trend is expected to decline to some extent during the forecast period, owing to growth in acceptance of other frozen potato products in the market. Frozen potatoes are majorly consumed in commercial restaurants in form of different cuisines. The hash brown segment accounted for second highest market share in 2016, and is expected to grow at a decent CAGR during the forecast period. Asia-Pacific dominates the global frozen potato market due to the huge consumption of frozen potato products in the region.
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In 2016, Asia-Pacific and LAMEA collectively accounted for almost half of the market share, registering a lucrative CAGR and is anticipated to retain their position in the global frozen potato market in 2023. This is attributed to the significant growth of the food & beverage industries in different countries, such as China, India, Brazil, and the other developing economies. Increase in number of commercial restaurants and improving lifestyle of the population drive the market growth in Asia-Pacific and LAMEA.
Major companies profiled in the report include McCain Foods, Lamb-Weston, J.R. Simplot Company, Aviko, Bart's Potato Company, Agrarfrost GmbH & Co. KG, Agristo NV, H.J. Heinz Company, Himalya International Ltd., and TaiMei Potato Industry Limited.
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