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Frozen Potato Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033
Frozen Potato Market Size
According to The Business Research Company's, The frozen potato market size has grown strongly in recent years. It will grow from $62.68 billion in 2023 to $66.32 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to changing consumer lifestyles, rise in fast food restaurants, globalization of the frozen potato business,urbanization and rising demand for convenience foods.
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Market Drivers and Trends:
The growing fast food industry is expected to propel the growth of the frozen potato market going forward. The fast food industry refers to the segment of the food service sector that focuses on providing quick-service meals and snacks to customers. Frozen potatoes are widely used in the fast food industry due to their convenience, consistency, and longer shelf life compared to fresh potatoes, catering to those seeking a perceived healthier or less processed choice. For instance, in 2023, according to Budget Branders, a US-based food and beverage company, an estimated $200 billion was spent on fast food each year, and that is expected to increase to $931.7 billion by 2027 in the US. Moreover, 50 million Americans eat fast food daily. Therefore, the growing fast food industry is driving the growth of the frozen potato market.
Major companies operating in the frozen potato market are focusing on the development of innovative potato products, such as frozen potato products, to stay ahead of consumer trends, meet evolving consumer demands, and capitalize on new market opportunities. Frozen potato products refer to a variety of potato-based food items that have been processed, frozen, and packaged for convenient storage, distribution, and consumption. For instance, in November 2022, Amul, an India-based dairy company, launched frozen potato products in India, including French fries, potato wedges, hash browns, and burger patties. This product line, with its efforts to reduce overdependence on dairy and explore new opportunities in the food space, In addition to its traditional dairy products, Amul has also ventured into other food categories, such as butter cookies and frozen potatoes, aiming to leverage its existing infrastructure and distribution network to expand its product offerings.
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Major Key Players of the Market:
Mondelez International Inc., The Kraft Heinz Company, General Mills Inc., J.R. Simplot Company, Lamb Weston Holdings Inc., Greenyard Group, Koninklijke Cosun U.A., Coöperatie Koninklijke Cosun U.A., The Hain Celestial Group, Inc., McCain Foods Limited, Farm Frites International B.V., Simplot Australia Pty Ltd., Cavendish Farms, Riviana Foods Inc., Alexia Foods , Aviko Holding B.V., Agristo N.V, Kronos Foods Corp, Keybrand Foods Inc., Bart's Potato Company, Himalaya Food International Ltd., AGRARFROST GMBH & CO. KG, Pizzey Ingredients Ltd., 11er Nahrungsmittel GmbH, Bannisters' Farm Ltd., Linwood Crops Ltd., Mainland Frozen Foods Ltd., Joy Wing Mau Agricultural Products Processing Factory
Frozen Potato Market 2024 Key Insights:
• The frozen potato market is expected to grow to $81.37 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Fast Food Industry Boosts the Frozen Potato Market
• Expansion Beyond Dairy Launching Innovative Frozen Potato Products
• Asia-Pacific was the largest region in the frozen potato market in 2023
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