Global Sweet Potato Market is Anticipated to Gather US$ 58,470.0 million by 2027, says The Insight Partners

According to The Insight Partners' research, the global sweet potato market was valued at US$ 48,628.8 million in 2018 and is projected to be worth US$ 58,470.0 million by 2027, expanding at 2.1% CAGR between 2019 and 2027. Health advantages of consuming sweet potatoes, surging demand for plant-based products, and growing demand for sweet potatoes are the leading factors credited for this expansion.

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Sweet potato is an abundant source of potassium, fiber, and vitamin A. It also contains vitamin B6, vitamin C, manganese, and various other nutrients. Sweet potatoes contain fiber and antioxidants, which help improve gut health. The soluble and insoluble fiber cannot be digested and remain in the digestive tract, and further provides various digestive health benefits and promote healthy weight loss. The consumption of sweet potato also offers vision benefits. Sweet potato also contains a high amount of β-carotene, which is an antioxidant and is converted to vitamin A in the body. Vitamin A is required for the formation of light-detecting receptors present in the eyes. Some research studies have found that sweet potato also enhances brain functioning. The anthocyanin pigments present in sweet potato helps decrease the damage caused by the free radicals and also reduce inflammation.

In the past few years, there has been an enormous change in consumer perception due to the increased transparency and growing concerns regarding health. The consumers are aware of the harmful effects of synthetic products. The increasing awareness about the side effects of antibiotics and hormones present in the animal-based products is one of the critical factors escalating the demand for plant-based products, and thus aiding sweet potato market expansion.

Based on type, the market is arrayed into fresh, frozen, and dried. Among these, the fresh segment captured 46.4% of the market share in 2018. The segment was assessed at US$ 22,585.6 million in 2018 and is expected to expand at 2.1% CAGR during the forecast period to reach US$ 27,206.7 million by 2027.

Speaking of form, the global sweet potato market is split into whole wheat, paste, flour, and others. Among these, the whole product segment held 40.8% of the market share in 2018. The segment was appraised at US$ 19,864.1 million in 2018 and is slated to garner US$ 23,925.8 million by 2027, growing at 2.1% CAGR over 2019-2027.

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As per application scope, the market is divided into food, beverage, and animal feed. Among these, the food segment accounted for 65.2% of the market share in 2018. The segment was estimated at US$ 31,721.5 million in 2018 and is anticipated to accrue US$ 38,930.1 million by 2027, augmenting at 2.3% between 2019 and 2027.

Regionally speaking, Asia Pacific held a significant share in the global sweet potato market in 2018. The regional market was valued at US$ 18,946.2 million in 2018 and is projected to amass US$ 22,510.9 million by 2027, growing at 2% CAGR throughout. Meanwhile, Europe is predicted to register a stellar growth rate of 3% between 2019 and 2027 and accrue US$ 13,448.1 million by 2027.

Leading players profiled in the global sweet potato market report are AV Thomas Produce; Dole plc; Ham Farms, Inc.; Jackson Farming Co.; Lamb Weston Holdings, Inc.; McCain Foods Limited; Nash Produce, LLC; Simplot Food Group; The Kraft Heinz Company; and Yantai China Pet Foods Co.,Ltd.

In June 2019, Lamb Weston Holdings, Inc. entered into an agreement to acquire Ready Meals Pty Ltd. The latter used to sell frozen potato products under the Harvest Choice brand.

In February 2019, Jackson Farming Company acquired and retained the Wayne Bailey Produce sales team which is expected to help the company expand its presence in the sweet potato industry.
In October 2015, McCain diversified its range of frozen potato products in the UK by launching microwaveable baby baked potatoes and the UK's first branded retail sweet potato fries.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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