Frozen Potato Market Size to Hit $ 98.02 Billion, Globally, by 2031 Growing at 4.8% CAGR | Exclusive Report by The Insight Partners

Frozen Potato Market Share was valued at US$ 67.46 billion in 2023 and is expected to reach US$ 98.02 billion by 2031; it is estimated to register a CAGR of 4.8% from 2023 to 2031.

US & Canada, Oct. 10, 2024 (GLOBE NEWSWIRE) -- According to The Insight “Frozen Potato Market to Forecast 2031 –Global Analysis – by Product Type, End User, and Geography”. The frozen potato market growth is attributed to the rising demand for convenience snacking products. The frozen potato market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing demand for convenience. Consumers are busy and looking for quick and easy meal solutions, and frozen potatoes fit this need perfectly. Products like French fries, hash browns, mashed potatoes, and potato wedges require minimal preparation, often just heating or frying, which makes them ideal for busy lifestyles. Additionally, frozen potato products are widely consumed as snacks, which is another growing trend. Many people are snacking more frequently and prefer tasty, easy-to-prepare options. Frozen potatoes, such as potato gems, tater tots, and wedges, are popular choices due to their convenience and satisfying flavors.

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Frozen Potato Market: Competitive Landscape and Key Developments

Bart’s Potato Company, Aviko B.V., Agristo NV, Lamb Weston Holdings Inc, Mccain, Farm Frites International B.V., Greenyard, Himalaya Food International Ltd, J.R. Simplot Company, and The Kraft Heinz Co., Agrarfrost GmbH & Co KG, Rairandev Golden Fries Pty Ltd, Albert Bartlett & Sons (Airdrie) Ltd, Godrej Agrovet Ltd, Kipco Damaco NV, are among the key players operating in the global frozen potato market. These players adopt merger & acquisition, collaboration, and partnership strategies to expand their footprints across various geographies and cater to a larger customer base. In 2022, Lamb Weston Holdings, Inc. entered into an agreement to purchase the remaining equity interests in its European joint venture Meijer Frozen Foods. The key players in the market also launch innovative products to attract a large number of consumers. For instance, in 2019, Lamb Weston Holdings, Inc introduced waffled hash browns.

Moreover, the versatility of potatoes contributes to their popularity in frozen form. They can be prepared in many different ways, from crispy fries to creamy mashed potatoes, making them appealing to a wide range of tastes. This versatility allows frozen potato products to cater to diverse consumer preferences. At the same time, there is a growing demand for healthier food options, and the frozen potato market is evolving to meet this need. Some companies are offering healthier versions of frozen potatoes, with less oil or added nutrients like sweet potatoes, to cater to more health-conscious consumers.

The frozen potato market is also benefiting from its global appeal. Potatoes are a staple food in many countries, and frozen potato products are now available in more regions, including developing markets, where consumer bases are expanding. The availability of frozen potatoes in restaurants and fast-food chains around the world further boosts their popularity. Additionally, the rise of online grocery shopping has made it even easier for consumers to purchase frozen potato products from the comfort of their homes, driving retail growth. Retailers are responding by expanding their frozen food sections to meet this growing demand, offering a broader range of options.

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In 2023, North America dominated the frozen potato market. The region 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. The demand for frozen potatoes in North America has surged owing to the increasing consumption of convenience food due to a busy lifestyle and hectic work schedule. The high purchasing power of consumers results in rising demand for premium frozen potato products. Further, frozen potatoes, such as French fries, are highly popular among the young population in the US, and this trend offers new opportunities for market growth in the country. Advancements in food processing and supply chain management have helped in the procurement of frozen potatoes across food units. With the surging demand for frozen potatoes, many manufacturers in the food and beverage industry are incorporating frozen potatoes into their food products. This is expected to bolster the growth of the frozen potato market in the region.

There is a surge in the 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 is rising substantially in developed countries, such as the US, China, Germany, and the UK. 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 efforts. In addition, the number of single or two-person households are growing in various developed nations such as the US, Canada, and some European countries such as the UK and Germany. According to the 2020 Current Population Survey, there were 36.1 million single-person households in the US, accounting for 28% of all households. As a result of the growing number of one or two-person families, the demand for ready-to-eat, portion-controlled foods has risen. The rising consumption of convenience food is driving the demand for frozen potato products. Frozen potato satisfies this need of consumers and is readily available in retail outlets or stores as well as various fast-food chains, hotels, and quick-service restaurants. Foods such as French fries and wedges are becoming increasingly popular globally, particularly among children and youth, which is catalyzing the frozen potato market growth.

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Emerging economies in Asia Pacific are contributing to the growth of the frozen potato market and are providing a huge growth opportunity. China and India are one of the leading markets in the region. Many food companies and food service outlets have expanded their selling and distribution of frozen hash browns, French fries, wedges, and many more frozen potato products in the region. The rise in the quick service restaurants and food service outlets in Asia Pacific has been one of the major opportunities for the frozen potato market to grow in the region. The lifestyle of consumers in Asia Pacific 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 countries of Asia Pacific.

Frozen Potato Market: Segmental Overview

Based on end use, the frozen potato market is segmented into residential and commercial. There has been a significant increase in the consumption of frozen potato products across the residential sector. Frozen potatoes are considered a convenient food and are used in the household sector due to less preparation time and ease of cooking. Factors such as changing lifestyles and increasing population of working women globally have triggered the consumption of ready-to-cook foods such as frozen potato products. Benefits apart from easier preparation methods, higher shelf life has also boosted the demand for frozen potato products among household consumers. Further, the widescale availability of frozen potato products in supermarkets and hypermarkets, along with the popularity of online retail, will further enhance the frozen potato product sales among residential end users. High per capita consumption of frozen potato products in the US and European countries will further boost the frozen potato demand among the residential end users, thereby driving the frozen potato market growth.

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The frozen potato market is segmented based on product type, end-user, and geography. Product types include French fries, hash brown, shaped, mashed, battered/cooked, topped/stuffed, and others. End-users are divided into residential and commercial segments. Geographically, the 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 divided into the US, Canada, and Mexico. The European market includes sub-segments such as Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa segment includes South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. South & Central America is further broken down into Brazil, Argentina, and the Rest of South & Central America.

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