Frozen Potato Fries to Remain Top-Selling, accumulating over 3/5th of Total Market Revenue: Fact.MR
Published : 26 Nov 2021 Industry: Food & Beverage
As per Fact.MR’s recently published report, the market for frozen potatoes is anticipated to reach US$ 103.5 Bn, growing at a CAGR of 6% across the 2021-2031 forecast period. Growth is majorly reliant on the growing popularity of fast food joints and quick service restaurants across major geographies.
From 2016-2020, demand accelerated at a CAGR of 5%, reaching US$ 55.5 Bn by the end of the said historical period. Furthermore, demand experienced a y-o-y growth of 3.9% in 2021 over 2020. Sales further spiked during the height of the COVID-19 pandemic, as people stocked up on frozen foods, apprehending potential shortages during the lockdown.
Globally, there is an increasing migration towards consuming more plant-based and vegan diets. Studies reveal that nearly 8 billion animals are slaughtered annually for their meat. Moreover, animal agriculture has led to the destruction of more than 90% of critical rain forests such as the Amazon. Hence, people are opting for more natural alternatives, a trend which is likely to impel sales of frozen potatoes and potato-based foods in the long run.
Key Takeaways from the Market Study
- Global market for frozen potato to be valued at US$ 57.8 Bn by 2021
- By product, frozen potato fries to generate US$ 19 Bn in value, yielding 41% revenue
- 3 out of 5 frozen potato sales to occur across the commercial sector
- By distribution channel, modern trade is likely to account for 33% revenue
- India to be the fastest growing market for frozen potatoes, clocking a CAGR of 7%
- Germany to be the most lucrative market across Europe, growing at 5% CAGR
“Rising prevalence of fast-paced lifestyles has augmented demand for fast food, with a significantly large proportion of global population opting for vegetarian alternatives, widening growth prospects for frozen potatoes,” comments a Fact.MR analyst.
Prominent manufacturers of frozen potato products emphasize on augmenting their regional manufacturing and distribution capabilities by expanding their production units in lucrative regions. Furthermore, certain players offer a diverse range of products to cater to specific requirements.
- In April 2021, McCain Foods Limited announced it had decided to localize production in Russia to supply customers with processed French Fries and other specialty potato appetizers, for which the company has announced US$ 150 million in investment. The objective is to reduce Russia’s dependence on frozen food imports
- Bart’s Potato Company is a prominent frozen potato products manufacturers. The company offers four distinct categories of frozen French Fries- Shoestring, Straight Cut, Steakhouse and Crinkle Cut respectively
More Insights Available
Fact.MR, in its new offering, provides an unbiased analysis of the frozen potato market, presenting historical demand data (2016-2020) and forecast statistics for the period (2021-2031).
The study divulges compelling insights on the frozen potato market based on product type (fries, wedges, stuffed, chunks, slices, dices, bakes and others), end user (commercial and residential) and distribution channel (modern trade, grocery stores, convenience stores, online and other distribution channels) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Nandini Roy Choudhury
Sr. Consultant – Food and Beverages