Potato is consumed in fresh and processed form globally. Frozen potato is a type of processed potato available in a variety of product type. Majorly consumed frozen potato products are french fries, mashed, sweet potatoes, buttered, baked, stuffed and topped. These frozen potato products are already being consumed on a large scale in developed countries, however, frozen potato products are also gaining popularity developing countries.
Manufacturers are providing packed frozen potatoes in various forms, which just needs to be deep fried before consumption. The biggest benefit of frozen potato is it saves cooking time, offering convenience. Manufacturers are also using high-tech machinery to manufacture a variety of frozen potato. Innovative packaging and storing technology are also being focused on by the manufacturers. Frozen potatoes are also witnessing highest demand form quick service restaurants. Moreover, these restaurants are also expanding their business globally.
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However, the high price of frozen potato and increasing health consciousness among consumers are some of the factors hampering the growth of frozen potato market globally.
According to the latest report by Fact.MR, the global frozen potato market is expected to see moderate growth. The market is projected to register 4.0% CAGR during the forecast period 2017-2022. Owing to the growth in consumption of fast food the demand for frozen potatoes is also rising. Expansion of quick service restaurants is also resulting in the rising demand for frozen potato. Following insights show how the global frozen potato market will perform in the next five years.
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5 Forecast Highlights on Global Frozen Potato Market
Europe is expected to dominate the global frozen potato market. By the end of 2017, Europe frozen potato market is projected to account for nearly one-third of the revenue share. Increasing investment in new product development, rising consumer attraction towards fast food and presence of the major market players are some of the reasons contributing towards the growth of frozen potato market in Europe.
North America is also expected to emerge as the second most lucrative market in the global frozen potato market. Products like french fries, sweet, and cooked potatoes are some of the fastest selling products in North America.
Fries are expected to be the largest consumed frozen potato product. Fries are projected to exceed US$ 18,900 million revenue by the end of 2022. Meanwhile, wedges as a frozen potato product are also expected to witness growth during the forecast period.
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The commercial sector is expected to be the largest end-user of the frozen potato. The commercial sector is projected to account for more than half of the revenue share by the end of 2017. Meanwhile, the residential sector is projected to create an incremental opportunity of over US$ 3,500 million between 2017 and 2022.
Modern trade is expected to emerge as the largest distribution channel for frozen potato. By the end of 2022, modern trade is projected to exceed US$ 25,100 million revenue.
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