Sweet potatoes are basically root vegetable which is rich in starch, vitamins, potassium, fiber and higher source of beta carotene. They primarily considered as a staple food as have significant proportion in form of daily routine intake food products. Nowadays the product has become more popular due to its wide application in ethnic cuisines, culinary uses, everyday meal and many other food products. This has insist the food manufacturers and companies to offer different varieties of snacks, meals, syrups etc. to cater the growing demand of consumers in global level food market. Production of sweet potatoes has increased substantially over the past decade and majority of demand accounts from North America, Europe and countries from Asia-pacific region.
Market Dynamics of Sweet Potato Market:
Market of sweet potatoes is expected to drive by its greater demand from food manufacturer’s as companies are offering innovative everyday meal products, snacks, meals made with sweet potatoes. On the other side, market of sweet potato market is also gaining traction from demand side drivers as it is mostly consumed in everyday meal and also from the side of health conscious consumers who are seeking for food products with health benefits. Moreover, the demand of sweet potato is also growing as it used as a taste enhancer and to increase the texture in food recipes.
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Market Segmentation of Sweet Potato Market:
Market segment of sweet potato in food and beverage industry is segmented on different basis such as by application, by form, by type and by end use. On the basis of application, its market segmented in food, beverage and animal feed. In food, sweet potatoes market is sub-segmented into culinary food, snacks and meals and in beverage, the sub-segment of product includes alcoholic and non-alcoholic beverages. Market segment as per the form, is segmented as flour, paste and as a whole product. Another segment of sweet potatoes market is on the basis of type which includes canned, frozen and puree and as per end use market segment, it includes commercial use and residential use. On analyzing the demand of sweet potatoes on pie chart, it assessed that food industry acquires majority of market share in terms of both volume and value. In terms of consumption, the demand of sweet potatoes has increased in past decade due to its higher demand in preparing culinary dishes, snacks, everyday meals and in many other food products. Furthermore, demand of sweet potatoes is also growing in international market due to its high nutritional value as it is good source of vitamins and minerals such as Vitamin A, C, B1, B2, and B6, fiber, phosphorous, potassium and many other minerals.
Key Market Players in Sweet Potatoes Market:
Major players in sweet potatoes market are: Bright Harvest Sweet Potato Company, ConAgra Foods, Inc., Nash Produce, The Sweet Potato Spirit Co., Ham Farms, Dole Food Company Inc., McCain Foods Limited, Carolina Innovative Food Ingredients, H.J. Heinz Company Brands LLC., and Wayne Bailey Produce Company.
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Regional Outlook of Sweet Potatoes Market:
On the basis of regional outlook, market segment of sweet potatoes is segmented in five different regions which include North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. On the analyzing the market of sweet potatoes at global level, it is expected that North America and Asia-Pacific is the largest producer of sweet potatoes. On the other side in terms of consumption, European region has the largest consumption of sweet potatoes.