New York, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Growing demand for processed foods, increasing consumer inclination towards vegetarian food and snacks, an expanding food retail industry along with the improving global potato crop over the years are key factors contributing to high CAGR of Potato `Processing market during the forecast period.
According to the current analysis of Reports and Data, the global Potato Processing market was valued at USD 24.83 Billion in 2018 and is expected to reach USD 37.41 Billion by year 2026, at a CAGR of 5.2%. The global potato-based consumption is going up due to heavy demand from end consumers across the globe due to the ease of meal preparations with processed potatoes. This in turn is also pushing forwards the demand for processed potato products, which are being heavily demanded with a change in the consumers’ consumption patterns, growing consumer base in the developing nations and a deeper market penetration. The growth of the global food retail sector is also uplifting the growth of the potato processing market. The market is witnessing mergers, acquisitions and partnerships recently to utilize the available resources and specializations in the most optimal manner.
Potato is considered to be the most favourite food in the diets of various countries. The ingredients extracted from potatoes such as starch, protein, and flour are used in various processed food preparations. Processed potato products such as frozen, dehydrated, and other prepared foods and snacks are among the top-selling products globally. Easy availability and low prices drive the demand for this root vegetable. China, Russia, India, and the U.S. are the largest producer and consumers of potato and potato-based products, according to the Food and Agriculture Organization.
Europe is the largest per capita consumer of potato products, followed by Asia, North America and Latin America. On the other hand, Canada is among the world leaders in producing processed potato products such as chips, frozen French fries, dehydrated products, and other processed products. The country boasts major potato processing facilities that aid the country to produce tons of processed products to be exported across various countries of the world. Despite the favourable growth scenario, seasonal fluctuations in production in the key producing countries, volatility of input prices, and the health issues associated with the over consumption of processed potato foods pose a significant challenge to the growth of this market.
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Further key findings from the report suggest
- By type, the chips & snacks segment is expected to register the highest CAGR. This is a result of the change in consumer’s lifestyles and resultant food consumption patterns. The segment is also focusing on introducing nutritionally enhanced and healthy snacks for consumers willing to spend on the respective products.
- The frozen category holds the largest market share because of a huge demand and a growing trade in related products. The incremental growth opportunities in the commercial retail sector are also contributing to the large market share.
- High costs have to be incurred for the transportation and storage of raw materials. Therefore, the investment requirements for this market are significantly large. These can be challenging as they take a toll on overall profits.
- The availability of substitute products is a serious challenge to the growth of the potato processing market.
- By distribution channel, the food service segment occupies the largest share. The improvement of food delivery channels and a massive demand from a dense consumer base are major contributing factors to this share.
- By application, ready-to-cook meals and prepared food hold the largest share because of factors like changing consumer lifestyles, increasing demand for convenience foods and an increase in disposable incomes.
- By region, Europe is the largest market for potato processing due availability of advanced manufacturing capacities and a huge consumer base for processed potato products. People are readily opting for vegetable-based snacks in this region, which is further adding to the growth of the market.
- Asia Pacific is expected to witness the fastest rate of growth of the potato processing market due to westernization of diets and a shift towards potato-based snacks and foods. India and China are expected to be major contributors to this demand.
- Acquisition is a crucial strategy frequently witnessed in this market. In January 2019, The Kraft Heinz Company acquired Primal Nutrition, LLC whose production is focused on condiments, sauces and dressings.
- Major companies in the market are making strategic investments to strengthen their global footprints. Lamb Weston Holdings, Inc. expanded its operations in Hermiston, Oregon by making an investment of USD 250 million, which was announced in 2017. This development has added to the company’s processing capacity for making frozen French fries.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Potato Processing market on the basis of type, distribution channel, application, and region:
Type (Revenue, USD Million; 2016–2026)
- Frozen
- Chips & Snack Pellets
- Dehydrated
- Others
- Canned
- Granules
- Flour
- Starch
Distribution Channel (Revenue, USD Million; 2016–2026)
- Food Service
- Retail
Application (Revenue, USD Million; 2016–2026)
- Snacks
- Ready-To-Cook and Prepared Meals
- Others
- Soups
- Gravies
- Bakery
- Desserts
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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