The Potato Snacks Market to show a fetish for growth in the next 10 years

The potato snacks market was valued at around US$ 80.6 Bn in 2020, and is set to witness growth at a CAGR of 4.4% over the forecast period of 2021 to 2031, as per detailed industry analysis by Persistence Market Research. Potato snacks, nowadays, are increasingly used in the foodservice sector for creating various dishes and as a snack item across households. Different types of potatoes are used in the making of potato-based snacks, which gives a unique taste and makes the dish more attractive for consumers. Consumers are also preferring the addition of cauliflower, rice, mushroom, and spaghetti in potato-based products, which makes it beneficial and also reduces the amount of carbohydrates. Since consumers are preferring low-carb diets, manufacturers are developing new potato processed products with low fat and salt. Vegetable-based alternatives are mainly utilized in potato processed products. These potato-based snacks also serve as appetizers, potato-based titbits, and potato munchies for consumers.

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Many manufacturers of potato-based snacks are increasingly seeking ways to cut through the competition to gain a competitive edge. Major players are focusing on acquisitions and mergers to expand their product portfolios and increase their regional as well as international presence.

In May 2019, McCain Foods acquired 70% of stake of Serya, a Brazilian food company that is specialized in the pre-formed potato specialty market. The investment will thrive the company's potato business in Brazil as well as provide it the opportunity to expand its presence in South America.

In June 2019, Lamb Weston Holdings completed the expansion of a new potato processing line in Hermiston, Oregon. The company invested US$ 250 Mn in 2017 for the expansion. The new processing line will increase its production capacity of frozen French fries.

Key Takeaways from Market Study

The market for potato snacks is expected to expand at CAGRs of 5.8% and 6.1% in countries of Latin America and the Middle East & Africa, respectively, through 2031.

Market shares of South Asia and East Asia are 9.1% and 26.7%, respectively, in 2021.

The European potato snacks market is currently pegged at 13,261 '000 tons.

Growing consumer preference for healthy snack items is driving the sales of potato-based snacks across the world. Based on product type, demand for canned potatoes is expected to increase at a CAGR of 4%.

Ready-to-cook products hold the highest market share.

Germany and Mexico in the European and Latin American regions, respectively, are set to experience the highest growth rate at CAGRs of 4.2% and 6.5%.

The outbreak of COVID-19 had a profound impact on the global market due to the closure of many businesses, restaurants, and hotels. However, the market is expected to witness significant growth with increasing consumer demand for healthy and nutritious snacking options.

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Competitive Landscape

Manufacturers of potato snacks are expected to continue to invest in the expanding of their facilities and equipment in order to enhance production to cater to growing demand.

In June 2019, Lamb Weston Holdings acquired Ready meals Pty Ltd., an Australian frozen potato processor. The acquisition will further strengthen the company's position at the international level.
In December 2018, McCain Foods Canada made an infrastructure investment of US$ 56 Mn for its Manitoba production facility. The investment will further strengthen the company's potato processing presence in Western Canada.

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