Frozen Potato Market to Surpass USD92.7bn by 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 frozen French fries segment accounted for the highest share of the global market in 2021.
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.
The commercial segment, measured by end user, is anticipated to grow at a CAGR of 4.4% to reach USD78,2bn by 2031. This is mostly owing to QSRs like McDonald's becoming more and more common in developing countries. Additionally, there is a rise in demand for frozen foods like frozen potatoes due to rising per capita income, rising spending on hotels, restaurants, and cafes, and the popularity of quick service restaurants like Domino's, KFC, Pizza Hut, Burger King, and Subway. In restaurants, frozen potatoes are frequently used to make hash browns and French fries. In commercial restaurants, frozen potatoes predominantly appear in a variety of cuisines.
Asia-Pacific and LAMEA together accounted for about half of the frozen potato market share in 2021, recording a lucrative CAGR. It is expected that they will continue to hold this position in the global frozen potato market in 2023. This is a result of the food and beverage sectors in various nations—including China, India, Brazil, and other emerging economies—growing significantly. The expansion of the frozen potato market in Asia-Pacific and LAMEA is driven by an increase in the number of commercial eateries and a fast-paced lifestyle.
By product type, the French fries segment is expected to grow at a CAGR of 4.9% from 2022 to 2031.
By end user, the frozen potato commercial segment is expected to grow at a CAGR of 4.4% from 2022 to 2031.
Europe region has been gaining a dominant share in the global frozen potato market and is expected to grow at a CAGR of 3.0% during the forecast period.
