Frozen Potato Market to exceed US$ 98.02 billion by 2031

    Published on 21-Jun-2024
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    Report : Frozen Potato Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (French Fries, Hash Brown, Shaped, Mashed, Battered/Cooked, Topped/Stuffed, and Others), End User (Residential and Commercial), and Geography

    The scope of our recent study titled "Frozen Potato Market Forecast to 2031 -Global Analysis - by Product Type and End Use," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of major market players and their key developments. The report also provides a market share analysis.

    The frozen potato market size is projected to grow from US$ 67.46 billion in 2023 to reach US$ 98.02 billion by 2031; it is expected to register a CAGR of 4.8% from 2023 to 2031.

    Frozen potatoes include various products such as French fries, hash brown, potato gems/shots, mashed potatoes, battered/cooked potatoes, and topped/stuffed potatoes. Frozen potato market is witnessing significant growth owing to rising snacking trend. People are looking for delicious treats to indulge. Moreover, they are preferring food products that help them save preparation efforts and cooking time. Potatoes are widely consumed as fresh or in processed forms. Frozen potatoes are easy to cook and require minimal preparation. All these factors are driving the frozen potato market growth.

    There is a surge in 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 in developed countries such as the US, China, Germany, and the UK is rising substantially. 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 effort.

    However, one of the major challenges that the frozen potato market is facing is the rising preference for fresh and natural products. Many consumers believe that frozen potato products are highly processed and do not retain the same nutritional benefits as fresh potatoes. People believe that food that has been processed or frozen for quite some time may not be as nutritious as fresh products.

    Nevertheless, the lifestyle of consumers in emerging 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 counties. Also, the frozen potato industry has started to use innovative and advanced technologies to provide better quality to consumers. Manufacturers are increasingly using advanced refrigeration techniques in the frozen potato industry.

    Based on product type, the frozen potato market is segmented into French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. In 2023, the French fries segment held the largest share of the frozen potato market. Frozen French fries are high in calories and contain certain vitamins and minerals including vitamin B6, vitamin C, and vitamin K. They are usually prepared by cutting potato strips from fresh potatoes and deep-fat frying them. Frozen French fries have a lot of variety in terms of coatings and seasonings which enhances the flavor. They are a popular side dish in burger joints, fast-food restaurants, and in homes. According to National Geographic, the average American eats nearly 30 pounds of french fries each year. Frozen French fries are available in various sizes and shapes, including thin shoestring fries, curly fries, waffle fries, wedge-cut fries, crinkle-cut fries, and thick steak-cut fries. They can be added to numerous cuisines including burgers or hamburgers, green chile adobado poutine, waffle potato appetizers, tater tots, sandwiches, etc. Leading frozen potato companies operating in the market include McCain Foods Limited, Hungritos, Ore-Ida, Keventers, Lamb Weston, J.R. Simplot, Aviko, Farm Frites International, etc. Strategic initiatives by these market players boost the frozen potato market growth. For instance, in 2023, McCain announced a substantial investment in Coaldale, which will double the size of its facility and output in Coaldale, Alberta. This will enhance the supply side of the market and help the company to fulfill the growing demand for frozen potato in the region. Various such initiatives by the market players play a significant role in the market growth.

    The frozen potato market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America held the largest share of the market in 2023, and Asia Pacific is expected to register the highest CAGR during the forecast period. North America is one of the major markets for frozen potatoes due to the presence of a well-established food processing industry, rising trends of takeaway, dine-in, and on-the-go consumption, and string retail as well as the foodservice sector. Many significant frozen potato manufacturers including H.J. Heinz Company, J.R. Simplot Company, and McCain Foods Limited, among others are operating actively in the region. These companies have expanded their business across the region and hold significant market share as well. They have a widespread distribution network in the region which help them to cater to a large number of audiences. These factors are driving the growth of the frozen potato market in North America.

    Asia Pacific is expected to be the fastest growing region in the frozen potato market during the forecast period. The frozen food industry in Asia Pacific has experienced a huge shift over the years. The development of cold chain infrastructure such as logistics and warehouses is providing strong growth potential to the manufacturers of frozen food to expand their footprints in Asia Pacific. According to National Centre for Cold Chain Development (NNCCD), currently, there are total of 7,645 cold storages in India with 34 million metric tonnes of capacity. Thus, the presence of robust cold storage facilities in the developing Asia Pacific countries is driving the growth of the frozen potato market.

    The report segments the frozen potato market as follows:

    Based on product type, the frozen potato market is segmented into French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. Based on end-user, the frozen potato market is segmented into residential and commercial. Based on geography, the frozen potato market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The tonic water market in Europe is sub-segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific tonic water market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.

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