The potato processing market is projected to grow at a CAGR of 5.3% from 2017, to reach a projected value of USD 30.85 Billion by 2022. Easy availability, convenient packaging, rapid urbanization, change in eating habits, and improvement in the standard of living are the major factors that have driven the global market in recent years. Other factors such as the growth in consumer preferences for convenience foods to save time and efforts, coupled with the rise in demand for applications such as snack foods and prepared ready meals, are expected to drive the growth of the this market during the forecast period.
The years considered for the study are as follows:
1. Base year: 2016
2. Estimated year: 2017
3. Projected year: 2022
4. Forecast period: 2017–2022
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The market for potato processing is showing a significant growth due to the rise in demand for applications such as snack foods and prepared ready meals and with the increase in consumer preferences for convenience foods to save time and efforts. Increase in the number of retail channels such as hypermarkets and supermarkets, rapid growth of the fast food industry, industrialization policies (such as the FDI and the establishment of Export Processing Zones) adopted by governments of developing economies such as India and China are also expected to drive the growth of the potato processing market during the forecast period.
Frozen potato processing estimated to be the largest segment in 2017
The frozen segment is estimated to account for the largest market share in the potato processing market in 2017. Frozen potato products are considered as the most widely used potatoes owing to their prolonged shelf life and the lesser time required for meal preparation. The increasing demand for french fries in regions such as Asia-Pacific, the Middle East, and South America due to the expansion of quick service restaurants (QSRs) and retail channels is the major factor attributing in its growth. McDonalds, Burger King, Dunkin Donuts, and Subway are some of the major QSRs contributing to the growth of the frozen potato market.
Foodservice: The most widely preferred distribution channel for potato processing
The foodservice segment accounted for a larger share of the potato processing market, in terms of value and volume, in 2016. Factors such as an increase in demand for fast food, the rise in the population of working women, and growth of food delivery channels are some of the major factors driving the growth of the foodservice segment. The growing number of national and international brands in the hotel industry along with high contribution of quick service restaurants is expected to drive the demand for potato processing in the foodservice sector during the forecast period.
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Asia-Pacific is estimated to be the most lucrative market for potato processing
The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period. The most dominant factor in the region affecting the potato processing market is the dense population across most of the countries, coupled with the high production of potatoes. Government policies such as foreign direct investment (FDI) in developing economies, along with an increase in the number of business deals such as mergers, acquisitions, and investments, have assisted in the development and the growth of value-added potato processing products. The tremendous growth is majorly observed in the processed potato industry of Southeast Asia. Growing urbanization in countries such as China and India is supporting the growth of the potato chips market in this region.
This report includes a study of the product offerings and competitive benchmarking of leading companies. It includes the profiles of leading companies such as Lamb Weston Holdings, Inc. (U.S.), The Kraft Heinz Company (U.S.), McCain Foods Limited (U.S.), J.R. Simplot Company (U.S.), Agristo NV (Belgium), Farm Frites International B.V. (Netherlands), AGRANA Beteiligungs-AG (Austria), J.R. Short Milling Company (U.S.), Intersnack Group GmbH & Co. KG (Germany), Idahoan Foods, LLC (U.S.), and Aviko B.V. (Netherlands).