Frozen potato market by product growing at a CAGR of 3.9% from 2017 to 2023. to reach at $66,649 million by 2023 from $50,762 million in 2016.
Portland, OR -- (SBWIRE) -- 07/13/2017 -- Frozen Potato Market Report, published by Allied Market Research, projects that the frozen potato market is projected to reach at $66,649 million by 2023 from $50,762 million in 2016, growing at a CAGR of 3.9% from 2017 to 2023. The frozen french fries product type accounted for almost half of the global market in 2016.
Frozen potatoes and its different product types are obtained via processing of fresh potatoes by using variety of advanced machineries and very low temperature. Its various kinds are either consumed via quick service restaurants (QSRs) or through retail stores at home by customers. The global frozen potato market is segmented based on product type, end user, and geography. The different product types of frozen potato include French fries, hash brown, shapes, mashed, sweet potatoes/yam, battered/cooked, twice baked, topped/stuffed, and others.
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The rapid development of quick service restaurants (QSRs), such as McDonald's, Burger King, Subway, & more in the emerging economies, such as China, India, Argentina, and others is the key driver for global frozen potato market. Apart from that, growth in demand of processed food in the different developing and the developed nations, owing to their remarkable taste & flavor and high disposable income of people have further boosted the global frozen potato market. However, high cost associated with the products and constant need for very-low temperature are expected to impede the market growth. The developing economies of Asia-Pacific and LAMEA are expected to present growth opportunities for various players in the market.
The commercial end-user share is expected to grow at the highest CAGR, in terms of revenue, during the analysis period, due to the growing popularity of QSRs, such as McDonalds and others in the developing regions. Frozen potatoes are widely served as French fries and hash brown in the restaurants.
In 2016, the frozen French fries product segment occupied major market, in terms of revenue, with almost half of the share. However, this trend is expected to decline to some extent during the forecast period, owing to growth in acceptance of other frozen potato products in the market. Frozen potatoes are majorly consumed in commercial restaurants in form of different cuisines. The hash brown segment accounted for second highest market share in 2016, and is expected to grow at a decent CAGR during the forecast period. Asia-Pacific dominates the global frozen potato market due to the huge consumption of frozen potato products in the region.
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Key Findings of the Frozen Potato Market
-Frozen French fries product type is projected to witness the highest CAGR in revenue terms during the forecast period.
-Asia-Pacific is expected to be the dominant shareholder in 2023, due to high growth rate of population and frozen potato products demand over there.
-Frozen French fries occupied the highest market with almost half of the value share in 2016, and is expected to grow at a decent CAGR during forecast period.
-Commercial segment is leading in terms of demand for frozen potato products with lucrative CAGR of 4% in the forecast period.
-Hash brown is anticipated to be the second highest growing product segment at a lucrative CAGR from 2017 to 2023, in value terms.
In 2016, Asia-Pacific and LAMEA collectively accounted for almost half of the market share, registering a lucrative CAGR and is anticipated to retain their position in the global frozen potato market in 2023. This is attributed to the significant growth of the food & beverage industries in different countries, such as China, India, Brazil, and the other developing economies. Increase in number of commercial restaurants and improving lifestyle of the population drive the market growth in Asia-Pacific and LAMEA.
Major companies profiled in the report include McCain Foods, Lamb-Weston, J.R. Simplot Company, Aviko, Bart's Potato Company, Agrarfrost GmbH & Co. KG, Agristo NV, H.J. Heinz Company, Himalya International Ltd., and TaiMei Potato Industry Limited.