The global potato processing market size is likely to register high growth backed by rising export of potatoes and increasing number of potato processing plants. According to Colorado State University Potato Program, it is estimated that about 6 billion pounds of frozen potato products are manufactured every year. Fortune Business Insights, in its report, titled “Potato Processing Market Size, Share and Industry Analysis, By Product Type (Frozen Potato, Potato Chips and Wafers, Dehydrated Potato, Others), By Application (Ready-to-cook, Snacks, Others) Others and Regional Forecast, 2019-2026.” Predicts growth for the market during the forecast period.
Potato is widely used as a vegetable in the household across several regions. However, the use of potatoes are not only limited to cooking. Potatoes are also processed to further manufacture several food products, as well as fed to animals. Additionally, potatoes are processed to obtain potato starch that is extensively used in pharmaceutical, wood, and paper industry. For instance, potato starch being 100% biodegradable and an able substitute for polystyrene is used to manufacture dishes, disposable plates, and several knives.
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What does the Market Report Include?
The market report includes qualitative and quantitative assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, it contains an exhaustive study of the landscape comprising of key players, strategies used by them, and recent product launches for the market growth between 2019 and 2026.
Drivers and Restraints:
Increasing Consumption of Ready-to-Eat Snacks to Favor Growth
Rising trend of people consuming processed foods is driving the growth of the market during the forecast period. For instance, the global consumption of French fries is estimated to be a staggering 7 million tons each year. Moreover, potato chips has been a dominant processed food commodity in several developed as well as developing countries. Additionally, dehydrated potato flakes are used as ingredients in mashed potato products across various retails. For instance, according to a report by International Food Information Council Foundation, 51% people among those who were surveyed said that they snack at least once every day. Moreover, increasing preference for processed foods is expected to drive the growth of the market during the projected horizon.
Among the regions, Europe is expected to be at the forefront during the forecast period. This is ascribable to factors such as presence of major companies such as McCain Foods Limited, and others. Furthermore, large potato processing establishments in Europe will bode well for the growth of the market in the forthcoming years. North America, on the other hand, is anticipated to be the second-most leading region during the projected horizon. Factors such as high consumption of processed foods and high inclination for convenience food in North America are the driving factors for the growth of the market during the forecast period.
The market in Asia-Pacific will register high growth owing to rising consumption of processed food products by countries such as India, Japan, and China. Moreover, huge production of potato in countries such as India, and China will contribute to the growth of the market in Asia-Pacific between 2019 and 2026.
McCain Foods Limited Launching New Products to Aid Growth
On May 2018, McCain Foods Limited, a leading processed foods company, announced its launch of new seasoning “Shake Shake” for its frozen food range. The seasoning is available in three flavors such as Cheese and Onion, Salt and Vinegar, and Chicken. These flavors will add up to the taste of its frozen products. Companies operating in the market are adopting strategies such as product innovations, and product launches to maintain their presence for the market. Moreover, the key players are striving to gain maximum from the potato processing market revenue by either merging or acquiring other companies in the fiercely competitive market during the forecast period.
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