A 4.2% CAGR Rise For the Frozen Potato Market Until 2031

The frozen potato market was valued at USD60.3bn in 2021 and is projected to reach USD92.7bn by 2031, rising at a CAGR of 4.2% from 2022 to 2031, according to a new study from Allied Market Research titled, “Frozen Potato Market.”

The hash brown sector, which grew significantly in market share in 2021 based on product type, is predicted to expand at a CAGR of 3.5% throughout the projected period. In terms of revenue, the frozen French fry product group held a sizable market share with about half of the share. Due to the increased market acceptability of other frozen potato products, this trend is anticipated to level out during the projected period.

Based on end users, the commercial segment is expected to reach USD78,29bn by 2031, with a CAGR of 4.4%.

“This is majorly attributed to the increasing popularity of QSRs, such as McDonald‘s, in developing regions. Furthermore, the rise in per capita income, growth in expenditure on hotels, restaurants & cafes, and surge in popularity of quick service restaurants such as Domino, KFC, Pizza Hut, Burger King, and Subway contribute to generating more demand for frozen food such as frozen potato,” according to the report’s executive summary.

Region-wise, in 2021, Asia-Pacific and LAMEA collectively accounted for almost half of the frozen potato market share, registering a lucrative CAGR, and are anticipated to retain their position in the global frozen potato industry in 2023.

“This is attributed to the significant growth of the food & beverage industries in different countries, such as China, India, Brazil, and other developing economies. An increase in the number of commercial restaurants and a fast-paced lifestyle drive the market frozen potato market growth in Asia-Pacific and LAMEA,” the analysts summed up.