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The increasing consumption of convenience and processed food products attributed to rapid urbanization and changing eating habits of consumers and increase in number of vegetarian population factors are expected to support the growth of the global potato processing market during the forecast years. Rapid growth in the HoReCa sector is further projected to fuel the demand for processed potato during the forecast period.
Key companies operating in the global potato processing market are focusing on expanding their processing and production bases across domestic and international markets, along with launching innovative and exotic products to maintain their market significance. Lamb Weston Holdings Inc, The Kraft Heinz Company, and McCain Foods Limited are some of the key companies operating in the global potato processing market.
Key Market Driver -
Growing demand for convenience food
Key Market Restraint -
High storage and transportation cost of processed potato
Potato processing involves a number of methods to produce desired end products. For the processing of potato, there are specially designed potato processing plants that are equipped with tools and devices such as enzyme reactors, potato coolers, heating equipment, potato washers, and others. The potato processing industry in Asian countries are witnessing a steep rise due to the growing production of potato in prominent emerging economies.
An increase in number of potato processing plants across developed economies, coupled with increased interest of global market players in developing economies (with higher potato producing capacities) is projected to impact the global potato processing market significantly during the forecast years. Higher demand for processed potato products, such as frozen potato from restaurants, hotel chains, and retail sectors is anticipated to aid the growth of the market during the forecast years. Furthermore, the adoption of technically advanced potato growing techniques by major potato producing countries is further expected to drive the growth of global potato processing market.
The high cost of storage and transportation associated with processed potato, coupled with health issues associated with consumption of processed food products are expected to restrain the growth of potato processing market during the forecast years.
Some of the major companies that are present in the global potato processing market are AGRANA Beteiligungs-AG, McCain Foods Limited, The Kraft Heinz Company, Farm Frites International B.V., J.R. Short Milling Company, Lamb Weston Holdings Inc., Intersnack Group GmbH & Co. KG, Idahoan Foods, LLC, and Agristo NV among the other players operating in the global potato processing market.
On the basis of product type, the global potato processing market has been segmented into the frozen potato, potato chips and wafers, dehydrated potato, and others. Among these, the frozen potato segment dominated the market in previous years and is expected to dominate during the forecast years, due to high demand of frozen potato from foodservice, retail, and other industrial sectors, such as schools, military, and others. According to Colorado State University Potato Program, 6 billion pounds of frozen potato products are exported each year. Expansion of the foodservice industry in major economies of the world, coupled with an increase in a number of quick-service restaurants is anticipated to fuel the demand for frozen potato during the foreseeable years.
On the basis of application, the global potato processing market has been segmented into ready-to-cook, snacks, and others. The application of processed potato is expected to be the highest in ready-to-cook meals as their demand is growing rapidly across the globe, especially in developing economies. The demand for potato snacks is expected to increase in the forthcoming years, due to the increased launch of potato chips and wafers by market players. Increased launch of exotic chips flavors is further expected to strengthen the market demand for potato snacks.
Europe is projected to dominate the global potato processing market, followed by North America, owing to the presence of large potato processing facilities in these regions, coupled with the presence of major market players, such as Farm Frites International B.V., McCain Foods Limited, and others. High consumption of processed potato in developed economies due to busy lifestyles and higher inclination towards convenience food is further projected to boost the growth of potato processing market in Europe and North America.
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Asia Pacific is anticipated to register significant growth in the potato processing market during the forecast years, due to rising consumption of processed food products in emerging economies such as China, India, Japan, and others. Rising interest of international companies in Asian potato processing industry due to the presence of highest potato growing countries such as India and China is expected to further drive the growth of Asia potato processing market.
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