Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Frozen Sweet Potato Hash Brown and Tater Shots Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, End Use, and Geography,” the frozen sweet potato hash brown and tater shots market is expected to grow from $ 113.33 million in 2022 and is projected to reach $ 171.66 million by 2030; it is estimated to grow at a CAGR of 5.4% from 2023 to 2030.
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Frozen Sweet Potato Hash Brown and Tater Shots Market: Competitive Landscape
Lamb Weston Holdings Inc, J.R. Simplot Company, Handy Food Innovation Ltd, Dr. Praeger's Sensible Foods LLC, B&G Foods Inc, and Conagra Brands Inc are among the key players operating in the frozen sweet potato hash brown and tater shots market. These players are adopting various strategies such as merger & acquisition, collaboration, and partnerships to expand their footprints across various geographies and cater to a larger customer base. For instance, in December 2021, McCain Foods acquired a small stake in Strong Roots. The investment has enabled Strong Roots to expand its footprint in existing markets, including the UK, Ireland, and the US, and enter new markets. The deal allowed Strong Roots to expand into the food service market through McCain's out-of-home channel. Such strategies by key market players are expected to open new opportunities in the frozen sweet potato hash brown and tater shots market during the forecast period.
Sweet potato is a nutritious superfood with a variety of health benefits. It is rich in carotenoids which help lower the risk of cancers. It supports healthy vision due to its high vitamin A and C content. It helps for better digestion due to its high fiber content. Changing lifestyles of people and hectic work schedules are driving the demand for convenience food. People are shifting toward products that provide them convenience and help them save time. These factors are driving the demand for frozen food. Frozen food is easy to prepare at home with no time. Moreover, it has an extended shelf life and is easy to store. Sweet potato hash brown and tater shots are becoming popular snack items among the younger population and kids due to their versatile flavor and crispy texture. Moreover, they are healthier alternatives to white potatoes. Thus, the rising demand for frozen food, along with the increasing popularity of frozen sweet potato products, is driving the market growth.
Increasing Demand for Healthy Alternatives to Potato Products to Provide Lucrative Opportunities to Frozen Sweet Potato Hash Brown and Tater Shots Market Players
Health-conscious consumers prefer consuming sweet potato products over regular potato products, owing to the lower glycemic index of sweet potatoes than potatoes. Low glycemic index foods provide sustained energy and help stabilize blood sugar levels, thus beneficial for diabetic patients. Sweet potatoes are a rich source of fiber, vitamins, minerals, and antioxidants and are a preferred choice of starchy food in many regions. According to a report published by the CBI Ministry of Foreign Affairs (Europe) in 2023, product promotion and diversification pertaining to sweet potatoes drive the demand for sweet potatoes and associated value-added products in Europe. The report also revealed that the marketing strategies conducted by American organizations, such as American Sweet Potato Marketing Institute, have further boosted the utilization of sweet potatoes in quick-service restaurants and fast-food chains. Also, manufacturers are promoting processed sweet potato products in the US and Europe. The UK is a mature market for sweet potatoes in terms of consumption and import volume. Further, the UK and other major sweet potato-producing countries such as China and the US hold ample opportunities in the sweet potato processing industry for the production of frozen fries, crisps, hash browns, and tater shots. Thus, the increasing demand for healthy alternatives to potato products is expected to create lucrative opportunities for the frozen sweet potato hash brown and tater shots market in the coming years.
Frozen Sweet Potato Hash Brown and Tater Shots Market: Segmental Overview
Based on end use, the frozen sweet potato hash brown and tater shots market is bifurcated into residential and commercial. The commercial segment held a larger share of the market in 2022. People visit various places to socialize and eat delicious food. Fast food restaurants, quick service restaurants (QSRs), and cafes are filled with customers, especially on weekends. Food service operators prefer using frozen sweet potato hash brown and tater shots as they are easy to make and help them save cooking time. Due to the rising fast-food trend, food service operators face challenges related to rapid turnaround time. Frozen snacks require minimal preparation as they need to be fried or baked. Moreover, they have a high shelf life when stored at optimum temperature conditions. Thus, all the factors mentioned above are driving the frozen sweet potato hash brown and tater shots market worldwide.
Impact of COVID-19 Pandemic on Frozen Sweet Potato Hash Brown and Tater Shots Market
Before the onset of the COVID-19 pandemic, the frozen sweet potato hash brown and tater shots market was mainly driven by the rising demand for healthy and nutritious frozen food, owing to the high content of fibers, vitamins, and minerals in sweet potatoes compared to other potato products. However, a severe disruption in the supply chain, including the distribution of food products, was witnessed after the onset of the pandemic. The disruption in the supply chain also created a significant shortage of raw materials, hampering the production activities of various sweet potato product manufacturers worldwide. The food service industry was also adversely affected by the pandemic as governments of various countries mandated the food service 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 in 2020, frozen food sales in North America grew by 21% and 13.3%, in terms of value and volume, respectively, 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 sweet potato hash brown and tater shots market growth.
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