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Potato Processing Market Insights, Size, Forecast, Growth, Trends 2024-2033
Potato Processing Market Insights
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According to The Business Research Company's, The potato processing market size has grown strongly in recent years. It will grow from $30.41 billion in 2023 to $32.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to rise in demand for ready-to-cook meals and frozen products, increased demand for convenience food in line with changing lifestyles and busy schedules, rise in the number of hotels and restaurants, increase in promotional activities and social media marketing for potato processing products, availability of a wider range of potato processing products.
The potato processing market size is expected to see strong growth in the next few years. It will grow to $40.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to growing demand for healthy potato products such as sweet potato chips and baked potato chips, increasing global food trade and globalization, upsurge in health consciousness, growing global population, sustainability and eco-friendly practices. Major trends in the forecast period include innovating new processing technology and advanced systems, development of new products, emergence of potato-based snack products, gluten-free and allergen-free products, clean label and natural ingredients.
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Market Drivers and Trends:
Growing consumer preferences for convenience foods to save time and effort are driving the potato processing market. The lifestyle, tastes, and preferences of consumers are rapidly changing. Consumers are increasingly shifting toward convenience foods due to a lack of time to prepare home-cooked food and a willingness to experiment and explore different tastes. As a source of daily nourishment and a time-saving option, processed potato products are used in most convenience food. According to the study conducted by OnePoll in partnership with Farm Rich on 2,000 Americans in 2021, more than 69% of respondents preferred to continue with comfort food in the post-pandemic era. Due to an increase in customer preferences for convenience foods, there has been an increase in the growth of the potato processing market.
Major companies operating in the potato processing market are innovating new technologies such as E²E SteamClosure to increase their profitability in the market. The E²E SteamClosure is a method that just concentrates on taking the moisture out of potatoes and turning it into reusable water. For instance, in July 2023, Tummers - Food Processing Solutions, a Netherland-based food processing company launched E²E SteamClosure. Specifically for the processing of potatoes, E²E SteamClosure provides a more efficient and sustainable option for the food processing sector. This ground-breaking technology may help conserve energy, cut emissions, and enhance the production process overall by concentrating on moisture extraction and energy conversion.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Lamb Weston Holdings Inc., The Kraft Heinz Co., McCain Foods Ltd., John Richard Simplot, Agristo NV, Key Technology Ltd., Urschel Laboratories Inc., Sormac B.V., The Little Potato Company Ltd., J.R. Short Milling Company, Agrana Beteiligungs-AG, Aviko B.V., Farm Frites International B.V., Idahoan Foods LLC, Pepsico Inc., Intersnack Group GmbH & Co KG, Calbee Inc., Kellanova Co., Old Dutch Foods Inc., Burts Potato Chips Ltd., Herr Foods Inc., Kettle Foods Inc., Snyder's-Lance Inc., Utz Quality Foods LLC, Wise Foods Inc., Ballreich Snack Food Company, Cape Cod Potato Chips, Gibble's Foods Inc., Zapps - Utz Quality Foods., Avure Technologies Inc., Idaho Pacific Corporation
Potato Processing Market 2024 Key Insights:
• The potato processing market size is expected to see strong growth in the next few years. It will grow to $40.61 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Consumer Demand For Convenience Foods Spurs Growth In The Potato Processing Market
• Leading Potato Processing Companies Embrace Innovation With E²E Steamclosure Technology
• Western Europe was the largest region in the potato processing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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