Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Frozen Potato Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, End User, and Geography,” the frozen potato market is expected to grow from $65.06 billion in 2022 to $92.63 billion by 2030; it is estimated to grow at a CAGR of 4.6% from 2023 to 2030.
Bart’s Potato Company, Aviko B.V., Agristo NV, Lamb Weston Holdings Inc, Mccain, Farm Frites International B.V., Greenyard, Himalaya Food International Ltd, J.R. Simplot Company, and The Kraft Heinz Co. are among the key players operating in the global frozen potato market. These players adopt merger & acquisition, collaboration, and partnership strategies to expand their footprints across various geographies and cater to a larger customer base. In 2022, Lamb Weston Holdings, Inc. entered into an agreement to purchase the remaining equity interests in its European joint venture Meijer Frozen Foods. The key players in the market also launch innovative products to attract a large number of consumers. For instance, in 2019, Lamb Weston Holdings, Inc introduced waffled hash browns.
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There is a surge in the demand for frozen food due to the rising purchasing power and growing consumer preference toward ready-to-eat convenience food items. The preference for ready-to-eat, microwavable, and ready-to-prepare food products is rising significantly as they are highly suitable for on-the-go consumption and require minimal preparation time. The number of dual-income families is rising substantially in developed countries, such as the US, China, Germany, and the UK. People find it hard to manage work as well as household chores due to lack of time. Therefore, they prefer to eat out or consume ready-to-eat products that require minimal preparation and cooking efforts. In addition, the number of single or two-person households are growing in various developed nations such as the US, Canada, and some European countries such as the UK and Germany. According to the 2020 Current Population Survey, there were 36.1 million single-person households in the US, accounting for 28% of all households. As a result of the growing number of one or two-person families, the demand for ready-to-eat, portion-controlled foods has risen. The rising consumption of convenience food is driving the demand for frozen potato products. Frozen potato satisfies this need of consumers and is readily available in retail outlets or stores as well as various fast-food chains, hotels, and quick-service restaurants. Foods such as French fries and wedges are becoming increasingly popular globally, particularly among children and youth, which is catalyzing the frozen potato market growth.
Increasing Demand from Asia Pacific to Provide Lucrative Opportunities to Frozen Potato Market Players
Emerging economies in Asia Pacific are contributing to the growth of the frozen potato market and are providing a huge growth opportunity. China and India are one of the leading markets in the region. Many food companies and food service outlets have expanded their selling and distribution of frozen hash browns, French fries, wedges, and many more frozen potato products in the region. The rise in the quick service restaurants and food service outlets in Asia Pacific has been one of the major opportunities for the frozen potato market to grow in the region. The lifestyle of consumers in Asia Pacific countries is changing, and people are moving to a busy and hectic lifestyle. There has been an increase in the per capita disposable income, employment of women, and a shift from rural to urban areas, which, in turn, has led to an increase in the demand for convenient and ready-to-eat food. Another factor is the rise in the purchasing power of consumers in the lower and middle-level countries of Asia Pacific.
Frozen Potato Market: Segmental Overview
Based on end use, the frozen potato market is segmented into residential and commercial. There has been a significant increase in the consumption of frozen potato products across the residential sector. Frozen potatoes are considered a convenient food and are used in the household sector due to less preparation time and ease of cooking. Factors such as changing lifestyles and increasing population of working women globally have triggered the consumption of ready-to-cook foods such as frozen potato products. Benefits apart from easier preparation methods, higher shelf life has also boosted the demand for frozen potato products among household consumers. Further, the widescale availability of frozen potato products in supermarkets and hypermarkets, along with the popularity of online retail, will further enhance the frozen potato product sales among residential end users. High per capita consumption of frozen potato products in the US and European countries will further boost the frozen potato demand among the residential end users, thereby driving the frozen potato market growth.
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Impact of COVID-19 Pandemic on Frozen Potato Market
Before the COVID-19 pandemic, the frozen potato market was mainly driven by the rising demand for convenience food products. However, a severe disruption in the supply chain, including the distribution of food products, was witnessed after the onset of COVID-19 pandemic. The disruption in the supply chain created a significant shortage of raw materials, hampering the production activities of various sweet potato product manufacturers worldwide. The foodservice industry was badly hit by the pandemic as governments of various countries mandated the foodservice operators to remain shut.
According to the report released by the Organization for Economic Cooperation and Development in 2021, the food service sector (including cafes, fast-food chains, and restaurants) was severely hit by the pandemic in 2020. These factors hampered the demand for various snacking items including sweet potato hash brown and tater shots. However, due to work from home mandates, people started investing more time in home cooking. The “Power of Frozen” report published by The American Frozen Food Institute and Food Industry Association in 2021 stated that frozen food sales in North America rose by 21% and 13.3% in terms of value and volume, respectively, in 2020 compared to 2019. Additionally, the sales of the appetizer category of frozen food increased by 28.9% in 2020, owing to increased home cooking. These factors had a positive impact on the frozen potato market growth.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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