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2024 Global Sweet Potatoes Market Growth and Trends
Sweet Potatoes Market Drivers
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According to The Business Research Company's, The sweet potatoes market size has grown steadily in recent years. It will grow from $48 billion in 2023 to $49.34 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to growth in world population, growing awareness of sweet potatoes' health benefits, government initiatives and strong economic growth in emerging markets.
The sweet potatoes market size is expected to see steady growth in the next few years. It will grow to $54.22 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The growth in the forecast period can be attributed to global population growth and urbanization, shift towards vegan eating, increasing investments and growing demand for plant-based products . Major trends in the forecast period include growing organic food crops, product innovations, technological advancements, strategic partnerships, increasing investments..
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Market Drivers and Trends:
The increasing demand for plant-based food is expected to propel the growth of the Sweet potatoes market going forward. Plant-based foods can be incorporated into millet-based dishes in various ways to create nutritious and delicious meals. Sweet potatoes are a nutritious and versatile root vegetable, and incorporating plant-based foods into your diet that complement sweet potatoes can provide a range of health benefits. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Therefore, the increasing demand for plant-based food is driving the growth of the Sweet potatoes market.
Technological advancements are a key trend gaining popularity in the sweet potatoes market. Major companies operating in the sweet potatoes market are developing innovative products with advanced technologies to strengthen their position in the market. For instance, in September 2022, researchers at the University of Pretoria (UP) boosted the nutritive benefits of sweet potatoes with novel drying technology. The technology involves combining microwave and infrared applications, which results in higher retention of beta-carotene. The orange-fleshed sweet potatoes flour that is produced is a strong source of vitamin A.
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Major Key Players of the Market:
BASF SE, Evonik Industries AG, UPL Limited, Saint-Gobain Group, Solvay S.A., Omnia Holdings Limited, Mangalore Chemicals & Fertilizers Limited, Nufarm, Novozymes A/S, Southern Petrochemical Industries Corporation Ltd (SPIC), Weifang Hanhe Fertilizer Co. Ltd, Qingdao Haidelong Biotechnology Co. Ltd, Changsha Richfield Agri Tech Co. Ltd, Eco Sustainable Solutions, Halcyon Environmental, RMB Hydroseeding, Advance Grass Solutions, Amenity Land Solutions, Angus Horticulture, Boughton Loam Ltd, Edagum Sm Rus LLC, Norofert Group, AGRO CS, VitaFer.pl, Intermag, PhosAgro, Acron Group, Bioera-Moscow LLC, Lignohumatate, Nutrien Ltd, Mosaic Co, Rooted Leaf Agritech, Polyorganic Technologies Corporation, North American Kelp, CoastBio, Cargill Inc, ExcelAg Corp, Monty's Plant Food, Technes Agrícola Ltda - Sede Adm, Brazilian Agricultural Research Corporation, Volza, Tradecorp Brazil, Wasit General Trading LLC, Agrotar, Haifa Group, GrowGroup Israel, ICL Israel Chemicals Ltd, Awam Group LLC, Dow AgroSciences, Eastman Chemical Company, Nutri-Crop Agro, TerraCottem, Kamasol Aqua
Sweet Potatoes Market 2024 Key Insights:
• The sweet potatoes market size is expected to see steady growth in the next few years. It will grow to $54.22 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%.
• Sweet Potatoes Market Driven By Rising Demand For Plant-Based Foods
• Enhanced Nutritional Value Of Sweet Potatoes Through Advanced Drying Technology
• Asia-Pacific was the largest region in the sweet potatoes market in 2023
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