The global frozen sweet potato market size was valued at US$ 3,982.50 million in 2022 and is projected to reach US$ 6,105.37 million by 2030; it is expected to register a CAGR of 5.5% from 2022 to 2030.
Frozen sweet potato products offer a convenient and versatile option for incorporating these nutritious root vegetables into one meal. Whether in the form of fries, wedges, nuggets, hashbrowns, or other products, these frozen products provide a time-saving solution for busy individuals seeking a healthy addition to their diet. Changing people's lifestyles and hectic work schedules drive 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. Further, it has an extended shelf life and is easy to store. Frozen sweet potatoes are becoming popular snack items among younger populations and kids due to their versatile flavor and crispy texture. Thus, the rising demand for frozen food and the increasing popularity of frozen sweet potato products drive the market growth.
In recent years, people's lifestyles worldwide have evolved due to hectic work schedules which has resulted into people's dependency on convenience frozen food products, and a rise in demand for frozen snacks. The food industry is witnessing a surge in the consumption of high-quality convenience food. Convenience food, such as frozen meals, frozen snacks, and ready-to-cook products, saves consumers time and effort. The increasing number of smaller households and dual-income families highly impacts the development and popularity of these food items. Due to hectic work schedules, millennials prefer to be efficient with their time and avoid spending it on tedious tasks. Frozen food products have extended shelf life, are suitable for single serve, and save time on food preparation. Hence, frozen products, including frozen snacks and appetizers, are gaining huge traction among consumers.
The emergence of e-commerce has resulted in considerable changes in the way people shop and purchase food products. The rising penetration of smartphones and the internet, quick access to emerging technologies, rising purchasing power, and convenience provided by online retail shopping platforms are among the key factors bolstering e-commerce. People increasingly prefer online retail platforms for purchasing frozen foods. According to the American Frozen Food Institute, online sales of frozen food products, including frozen snacks, increased by 75% in 2020. The online sales of food and beverages grew significantly during the COVID-19 outbreak due to the shutdown of brick-and-mortar stores and the imposition of several social restrictions by governments of various countries across the globe.
Cold chain logistics are essential for the streamlined functioning and proliferation of the frozen sweet potato businesses globally. However, several developing countries in both regions still lack cold chain infrastructure and are unable to provide safe frozen food products to consumers. Although frozen food products have a long shelf life, their wastage is inevitable if not stored at specified low temperatures during handling, transportation, and storage, resulting in contaminated products. Thus, the risk of frozen food wastage due to the lack of cold chain infrastructure in developing countries hampers the growth of the frozen sweet potato market.
The COVID-19 pandemic affected almost all industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA). Various industries, including food & beverages, suffered severe disruptions due to disturbances in supply chains and shutdowns of production plants amid the COVID-19 pandemic. Many businesses announced possible delays in product deliveries and slumps in their future sales. Thus, suspended operations in various industries hindered the frozen sweet potato market growth in 2020.
In 2021, governments of various countries announced relaxations in the restrictions, such as trade bans, lockdowns, and business shutdowns. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gaps. Also, with the introduction of vaccines, the marketplace witnessed recovery, which benefitted the frozen sweet potato market.
Conagra Brands Inc, Ardo Foods NV, Aviko BV, Birds Eye Ltd, Lamb Weston Holdings Inc, Le Duc Fine Food BV, McCain Foods Ltd, Mondial Foods BV, Handy Food Innovation Ltd, and Sunbulah Food & Fine Pastries Manufacturing Co Ltd are the key players operating in the frozen sweet potato market. These market players are focusing on providing high-quality, innovative products to fulfill customers' demands and increase their frozen sweet potato market share.
The overall frozen sweet potato market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the frozen sweet potato market.